Emami Ltd

₹ 439 4.54%
27 Jan - close price
About

Emami is engaged in manufacturing & marketing of personal care & healthcare products with an enviable portfolio of household brand names such as BoroPlus, Navratna, Fair and Handsome, Zandu Balm, Kesh King, Zandu Pancharishta, Mentho Plus Balm and others.(Source : 201903 Annual Report Page No: 193)

Key Points

Leadership in Niche segments:[1] Emami is one of the leading companies in the personal and healthcare segment with leadership in the niche Ayurvedic segment. The Company has a portfolio of 300+ products based on ayurvedic formulations.

  • Market Cap 19,384 Cr.
  • Current Price 439
  • High / Low 525 / 393
  • Stock P/E 23.3
  • Book Value 52.9
  • Dividend Yield 1.82 %
  • ROCE 30.6 %
  • ROE 41.6 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 27.0%
  • Company has been maintaining a healthy dividend payout of 60.0%

Cons

  • Stock is trading at 8.31 times its book value
  • The company has delivered a poor sales growth of 5.11% over past five years.
  • Tax rate seems low
  • Promoters have pledged 36.5% of their holding.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: FMCG Industry: Personal Care - Indian

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
660 813 533 481 735 934 731 661 787 972 770 773 814
468 550 437 359 479 594 569 493 514 634 612 604 621
Operating Profit 192 262 96 122 256 339 161 168 273 338 158 169 193
OPM % 29% 32% 18% 25% 35% 36% 22% 25% 35% 35% 21% 22% 24%
16 12 7 7 8 9 46 11 38 17 25 6 42
Interest 9 5 2 5 2 1 5 1 1 2 2 2 2
Depreciation 82 86 85 75 115 94 83 83 84 84 83 88 48
Profit before tax 117 184 15 49 147 253 120 95 226 269 98 85 186
Tax % 18% 22% -48% 19% 19% 17% 27% 18% 18% 18% -262% 14% 3%
Net Profit 96 144 23 40 118 209 88 78 185 220 354 73 180
EPS in Rs 2.11 3.18 0.51 0.87 2.66 4.70 1.97 1.75 4.17 4.95 8.07 1.67 4.17
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
1,190 1,370 1,595 1,700 2,076 2,358 2,488 2,531 2,695 2,655 2,881 3,192 3,329
926 1,096 1,252 1,255 1,536 1,670 1,729 1,812 1,970 1,970 2,000 2,254 2,471
Operating Profit 264 274 343 445 541 688 759 719 725 685 880 938 858
OPM % 22% 20% 22% 26% 26% 29% 31% 28% 27% 26% 31% 29% 26%
34 58 54 53 91 44 31 19 25 46 69 90 90
Interest 15 15 7 5 5 54 58 34 21 21 13 5 8
Depreciation 14 19 22 35 34 255 309 311 325 336 367 335 304
Profit before tax 269 299 369 457 592 423 424 393 403 374 569 688 637
Tax % 15% 13% 15% 12% 18% 14% 20% 22% 25% 19% 20% -22%
Net Profit 229 259 315 402 485 363 340 306 303 302 455 837 826
EPS in Rs 5.04 5.70 6.93 8.87 10.70 8.00 7.50 6.77 6.68 6.67 10.23 19.02 18.86
Dividend Payout % 23% 47% 38% 39% 33% 44% 47% 52% 60% 60% 78% 42%
Compounded Sales Growth
10 Years: 9%
5 Years: 5%
3 Years: 6%
TTM: 7%
Compounded Profit Growth
10 Years: 12%
5 Years: 16%
3 Years: 38%
TTM: 49%
Stock Price CAGR
10 Years: 8%
5 Years: -7%
3 Years: 11%
1 Year: -10%
Return on Equity
10 Years: 28%
5 Years: 23%
3 Years: 27%
Last Year: 42%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
15 15 15 23 23 23 23 23 45 45 44 44 44
Reserves 675 692 762 909 1,208 1,589 1,732 1,991 2,031 1,778 1,718 2,032 2,288
224 156 115 38 36 671 473 326 110 210 101 282 97
184 315 324 333 410 409 376 458 633 644 656 692 743
Total Liabilities 1,098 1,177 1,216 1,302 1,676 2,692 2,603 2,798 2,819 2,678 2,520 3,050 3,173
485 408 397 396 453 1,918 1,994 1,802 1,680 1,459 1,132 1,344 1,335
CWIP 6 77 47 12 29 67 22 30 36 8 6 3 4
Investments 7 80 163 296 501 104 128 314 187 156 255 303 333
600 612 609 599 693 604 460 652 915 1,055 1,126 1,400 1,502
Total Assets 1,098 1,177 1,216 1,302 1,676 2,692 2,603 2,798 2,819 2,678 2,520 3,050 3,173

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
127 343 323 428 534 562 730 588 554 531 922 644
25 -133 -130 -140 -237 -1,313 -306 -276 -26 -231 -224 -234
-102 -145 -188 -301 -215 502 -496 -324 -428 -405 -688 -402
Net Cash Flow 49 65 5 -13 82 -249 -72 -12 100 -106 9 8

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 33 27 26 17 18 20 14 22 29 42 29 37
Inventory Days 86 65 58 76 59 68 83 87 88 102 118 121
Days Payable 48 61 52 77 90 112 85 109 115 135 138 138
Cash Conversion Cycle 71 31 32 16 -13 -24 12 1 2 9 10 19
Working Capital Days 41 -7 -7 -6 -13 3 -37 15 9 36 9 31
ROCE % 32% 35% 42% 50% 61% 30% 23% 22% 19% 18% 28% 31%

Shareholding Pattern

Numbers in percentages

2 recently
Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
52.74 53.38 53.86 53.86 53.86 53.86 53.86 53.86 54.27 54.27 54.27 54.27
7.00 5.71 8.95 9.62 10.52 12.49 12.71 12.52 12.72 11.47 11.25 11.14
31.47 31.36 28.61 27.37 26.39 24.48 24.17 25.49 24.32 26.47 27.02 27.02
8.80 9.55 8.59 9.16 9.24 9.17 9.26 8.14 8.69 7.80 7.47 7.58

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

Documents

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