Dear Sir/Madam,
Below is the first cut analysis on Emami Ltd Result analysis.
| Emami Ltd. Quarterly-Trend-Consolidated- [INR-Crore] | |||||
| DESCRIPTION | Mar-12 | Dec-11 | Mar-11 | QOQ | YOY |
| Net Sales | 404 | 450 | 350 | -10% | 15% |
| Total Expenditure | 296 | 319 | 275 |
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| PBIDT (Excl OI) | 107.78 | 143 | 79 | -25% | 36% |
| EBITDA (%) | 26.7% | 31.8% | 22.7% |
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| Other Income | 20 | 12 | 12 |
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| Forex Gain / Loss | -8 | -5 | 6 |
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| Operating Profit | 120 | 150 | 98 |
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| Interest | 3 | 6 | 6 |
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| PBDT | 118 | 144 | 92 |
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| Depreciation | 31 | 30 | 28 |
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| PBT | 87 | 113 | 63 |
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| Tax | 14 | 19 | 9 |
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| Profit After Tax | 72 | 94 | 55 |
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| Minority Interest | 0 | 0 | 0 |
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| Consolidated PAT | 72 | 94 | 55 | -23% | 33% |
| PAT (%) | 17.9% | 21.0% | 15.6% |
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| Equity Capital | 15.13 | 15.13 | 15.13 |
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| Face Value (In Rs) | 1 | 1.00 | 1.00 |
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| No. of shares | 15.13 | 15.13 | 15.13 |
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| EPS | 4.78 | 6.25 | 3.61 | -23% | 33% |
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| Emami Ltd. Quarterly-Trend-Consolidated- [INR-Crore] | ||||
| DESCRIPTION | FY13E | FY12 | FY11 | YOY |
| Net Sales | 1715 | 1454 | 1247 | 17% |
| Total Expenditure | 1243 | 1055 | 892 |
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| EBIDTA (Excl OI) | 472 | 399 | 356 | 12% |
| EBITDA (%) | 27.5% | 27.4% | 28.5% |
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| Other Income | 50 | 54 | 33 |
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| Forex Gain / -Loss | 0 | -18 | 12 |
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| Operating Profit | 522 | 435 | 400 |
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| Interest | 15 | 15 | 15 |
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| PBDT | 507 | 420 | 385 |
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| Depreciation | 125 | 121 | 116 |
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| PBT | 382 | 299 | 269 |
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| Tax (25% in FY13) | 95 | 40 | 40 |
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| Profit After Tax | 286 | 259 | 229 |
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| Minority Interest | 0 | 0 | 0 |
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| Consolidated PAT | 286 | 259 | 229 | 13% |
| PAT (%) | 16.7% | 17.8% | 18.3% |
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| Equity Capital | 15.13 | 15.13 | 15.13 |
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| Face Value (In Rs) | 1 | 1 | 1.00 |
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| No. of shares | 15.13 | 15.13 | 15.13 |
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| EPS | 18.93 | 17.11 | 15.12 | 13% |
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| ROE (%) (Div 8/ shr vs 4) | 36.2 | 37.1 | 34.7 |
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| EPS FY12 | 18.93 | 17.1 |
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| CMP 09 May 12 |
| 446 |
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| P/E FY12 |
| 26.1 |
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Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
--
CA. Rajesh Desai
--
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