Investors hope for Emami glow in the second half of FY23
The bright spot is that Emami’s valuations are not demanding.
Emami Ltd’s results for the three months ended September (Q2FY23) are far from inspiring. The consolidated Ebitda margin drop was more than expected at a whopping 1,120 basis points (bps) year-on-year (y-o-y) to 24%. One basis point is 0.01%. A key factor that dragged Ebitda margin down sharply was the 34% spike in advertising and sales promotion expenses. The drop in gross margin was much smaller at 229 bps. Higher input costs and inferior product mix hurt gross margin.
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