Emami is a very aggressive FMCG company with products in under-penetrated and growth segments of the industry. The large brands of the company are Boroplus, Kesh King, Navratna, Seven Oils etc. Post Covid, new launches in the health category may drive revenues and profits. Past few quarters performance has been disappointing due to weather and transient factors and then the lockdown led to sharp sales decline. However, many of these challenges are being addressed and the management has delivered solid double digit revenue growth in recent quarters. Excluding amortization of brands acquired, the valuation is very attractive. We have an over weight rating as growth should pick up in a sustainable manner due to consumer preference for health products. Risk associated with high promoter pledge have been addressed – 25-05-2021 Price : 499.75 Rating : Over Weight Recommendation: Buy
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