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Emami
Reco: NOT RATED
CMP: Rs 404
Target Price: NA
Amidst Price Hike & Acquisition, Not Rated
We met the management of Emami during our Kolkata visit with institutional clients
· Moderation in growth momentum is getting addressed; eyeing normalcy in international business and reviving sales in seasonal brands
· Cost pressures retain; mainly led by mentha oil contributing 20% of raw materials; but implemented price hikes in core portfolio ranging from 2% to 16% in March 2012
· Retain market shares, despite challenges in cooling oil and antiseptic category; Also, managed operating lever (A&P spends) to offset reduction in gross margins
· Few overhangs - Continues to explore new segments within ‘Beauty and Health’, despite few failures; Also open to large acquisition risking the balance sheet
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