Emami Q2 Results Review - Seasonal Volatility Comes To Fore: HDFC Securities

The brokerage maintains 'Add' rating on the stock with a target price of Rs 750 as visibility around delivering double-digit growth in the coming quarters of FY25 remains strong.

Range of products manufactured by Emami Ltd. (Source: Company website)

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HDFC Securities Institutional Equities

Emami Ltd.’s Q2 FY25 results were marginally ahead of our estimates due to an increased focus on high-margin product portfolios (Healthcare and Pain Management) and a reduction in ad spends (down 6% YoY). Management remains confident in achieving mid to high single-digit volume growth in H2 FY25, driven by the intense winter season, revival in Kesh King, re-launch of the male grooming range, and growth in the international business.

Additionally, expanded distribution in rural areas is expected to benefit the company in H2, as rural recovery gains momentum. We continue to maintain an Add rating with a target price of Rs 750 (30 times Dec-26 earnings per share).

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HDFC Securities Institutional Equities Emami Q2 FY25 Results Review.pdf
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Also Read: SBI, Tata Motors, Ashok Leyland, Oil India, Gujarat Gas, Aarti Industries Q2 Results Review: HDFC Securities

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