Brokerage house Firstcall Research is bullish on Emami and has recommended buy rating on the stock with a target price of Rs 1030 in its research report dated February 02, 2015.
For Q3 FY15, Emami Ltd net profit after tax, Minority Interest and Share of Profit or (loss) of Associates of Rs. 1837.00 million a growth of 21.91% y-o-y as compared to Rs. 1506.80 million in Q3 FY14. Total Income has increased from Rs. 5968.70 million for the quarter ended Dec 31, 2013 to Rs. 7260.20 million for the quarter ended September 30, 2014.
Net sales grew by 20.98% of Rs 16635.90 million for 9M FY15 when compared to Rs. 13750.60 million for 9M FY14. For the nine months ended of FY15, Net profit jumps to 19.21% of Rs. 3472.70 million against Rs. 2913.20 million for the nine months ended of FY14. The Company focused countries, including Bangladesh, has its own plant performed exceedingly well. Kingdom of Saudi Arabia and Oman in West Asia, Kenya and Uganda in Africa, and Russia were the star performers. All its power brands such as Navratna, Fair and Handsome, BoroPlus and Zandu and Mentho Plus products continues to witness strong growth and market share gains.
"The Company's brands and their extensions are expected to continue to do well along with international business. The outlook for the Indian FMCG industry appears bright amid higher income levels and the expansion of the model retail format. Moreover, rise in disposable incomes of rural dwellers may bolster the sector's performance. Overall, the FMCG sector has a great opportunity for growth marked by rising disposable incomes, increasing rural consumption, growing population, education, urbanisation, modern retail formats and a consumption-driven society. We expect that the company surplus scenario is likely to continue for the next three years, will keep its growth story in up coming quarters. Hence, we recommend 'BUY' for the stock with a target price of Rs 1030 on the stock", says Firstcall Research Report.
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