Although they don’t give a split of their international revenues, I guess Bangladesh sales won’t be more than 2-3 pc of total company sales. They export to ME, North Africa, CIS countries, SE Asia and Bangladesh. All this combined forms 15 pc of sales. 85 pc of sales are from domestic business
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Strange! So you must have had faith in their winning products. But test I understand the growth it a bit slow
Emami Ltd -
Q4 and FY 25 results and concall highlights -
Q4 outcomes -
Revenues - 954 vs 881 cr, up 8 pc
EBITDA - 219 vs 211 cr, up 4 pc ( margins @ 22.8 vs 23.7 pc )
PAT - 162 vs 146 cr, up 10 pc ( helped by higher other income )
Domestic volume growth @ 7 pc
International constant currency growth @ 5 pc
FY 24 outcomes -
Revenues - 3809 vs 3578 cr, up 6.5 pc
EBITDA - 1025 vs 949 cr, up 8 pc ( margins @ 26.9 vs 26.5 pc )
PAT - 802 vs 724 cr, up 11 pc ( amortisation costs iro acquired brands stood @ 92 cr for full FY )
Domestic volume growth @ 5 pc
International constant currency sales growth @ 5 pc
Net Cash on books @ 744 cr
Dividend per share for full FY @ Rs 10 ( @ 49 pc of PAT )
Brand wise performance for FY 25 -
Navratna + Dermicool - grew by 18 pc
Boroplus range - grew by 14 pc
Healthcare range - grew by 12 pc
Pain management - grew by 1 pc
Male grooming - de-grew by 4 pc
Kesh King - de-grew by 9 pc
Helios + Brillaire - de-grew by 5 pc ( led by management changes and business transitions ). These two brands have grown by 4X in last 4 yrs
Organised channels ( like E-Comm, Modern trade ) witnessed a sales growth of 13 pc. They now contribute to 27 pc of company’s total sales
Rural mkts performed well. Urban demand remains tepid
Male grooming grew 7 pc and Kesh King de-grew by 1 pc in Q4 - indicating towards a recovery in these 2 brands. Company has been investing heavily behind these two brands
Zairus Master has been onboarded as COO @ Helios + Brillaire. He was previously heading the operations @ MamaEarth
Company expects a very strong bounce back @ Helios + Brillaire in near term ( as most of the management re-structuring is now behind )
Summers in Q1 have been weak ( with higher than expected rains ). This is likely to have an impact on the sales of their summer portfolio
Smart and Handsome re-launch ( completely new packaging and new brand ambassador ) happened in second week of Jan. Should see a better Q1 wrt this brand
Have launched a new brand - Pure Glow Skin cream ( opposite HUL’s Glow and Lovely ). Will be test marketing it in South India in Q1
**Looking at high double digit growth in Brillaire + Helios for FY 26. Already seeing green shoots in Apr/May. Helios owns the brand - ‘The Man Company’. These two brands clocked revenues of 150 cr ( Man Company ) + 50 cr ( Brillaire ) in FY 26 **
Have also launched a no of new brands under the Zandu Healthcare range. Zandu’s products like - Nityam, Cough Syrups, Health Juices did well in FY 25
Pain management contributes to 25 pc of company’s sales. It’s a high margin segment. Company is going to focus on new product developments to accelerate growth in this category
Looking @ 2-3 kind of price growth for FY 26
Despite the weak summer, should be able to grow in mid single digits in Dermicool + Navratna ( summer portfolio )
Disc: hold a small tracking position, not SEBI registered, not a buy/sell recommendation, posted for information purposes
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