Emami Ltd

Emami Ltd

₹ 394 -0.23%
06 Jun 2:07 p.m.
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 17,377 Cr.
  • Current Price 394
  • High / Low 525 / 341
  • Stock P/E 27.7
  • Book Value 52.2
  • Dividend Yield 2.03 %
  • ROCE 28.5 %
  • ROE 28.6 %
  • Face Value 1.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 31.5%
  • Company has been maintaining a healthy dividend payout of 58.5%

Cons

  • Stock is trading at 7.57 times its book value
  • The company has delivered a poor sales growth of 6.12% over past five years.
  • Tax rate seems low
  • Promoters have pledged 40.1% of their holding.
  • Debtor days have increased from 36.8 to 44.4 days.

* 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

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023
533 481 735 934 731 661 787 971 770 773 814 983 836
437 359 479 594 569 493 514 633 612 604 621 689 636
Operating Profit 96 122 256 339 161 168 273 338 158 169 193 294 199
OPM % 18% 25% 35% 36% 22% 25% 35% 35% 21% 22% 24% 30% 24%
7 7 8 9 46 11 38 17 25 6 42 7 14
Interest 2 5 2 1 5 1 1 2 2 2 2 2 1
Depreciation 85 75 115 94 83 83 84 84 83 88 48 47 64
Profit before tax 15 49 147 253 120 95 226 269 98 85 186 251 148
Tax % -48% 19% 19% 17% 27% 18% 18% 18% -262% 14% 3% 7% 4%
Net Profit 23 40 118 209 88 78 185 220 354 73 180 233 142
EPS in Rs 0.51 0.87 2.66 4.70 1.97 1.75 4.17 4.95 8.07 1.67 4.17 5.38 3.27
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
1,370 1,595 1,700 2,076 2,358 2,488 2,531 2,695 2,655 2,881 3,192 3,406
1,096 1,252 1,255 1,536 1,670 1,729 1,812 1,970 1,970 2,000 2,254 2,550
Operating Profit 274 343 445 541 688 759 719 725 685 880 938 855
OPM % 20% 22% 26% 26% 29% 31% 28% 27% 26% 31% 29% 25%
58 54 53 91 44 31 19 25 46 69 90 69
Interest 15 7 5 5 54 58 34 21 21 13 5 7
Depreciation 19 22 35 34 255 309 311 325 336 367 335 247
Profit before tax 299 369 457 592 423 424 393 403 374 569 688 670
Tax % 13% 15% 12% 18% 14% 20% 22% 25% 19% 20% -22% 6%
Net Profit 259 315 402 485 363 340 306 303 302 455 837 627
EPS in Rs 5.70 6.93 8.87 10.70 8.00 7.50 6.77 6.68 6.67 10.23 19.02 14.50
Dividend Payout % 47% 38% 39% 33% 44% 47% 52% 60% 60% 78% 42% 55%
Compounded Sales Growth
10 Years: 8%
5 Years: 6%
3 Years: 9%
TTM: 7%
Compounded Profit Growth
10 Years: 7%
5 Years: 11%
3 Years: 29%
TTM: -21%
Stock Price CAGR
10 Years: 5%
5 Years: -5%
3 Years: 26%
1 Year: -7%
Return on Equity
10 Years: 27%
5 Years: 25%
3 Years: 32%
Last Year: 29%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
15 15 23 23 23 23 23 45 45 44 44 44
Reserves 692 762 909 1,208 1,589 1,732 1,991 2,031 1,778 1,718 2,032 2,259
156 115 38 36 671 473 326 110 210 101 282 91
315 324 333 410 409 376 458 633 644 656 692 717
Total Liabilities 1,177 1,216 1,302 1,676 2,692 2,603 2,798 2,819 2,678 2,520 3,050 3,110
408 397 396 453 1,918 1,994 1,802 1,680 1,459 1,132 1,344 1,246
CWIP 77 47 12 29 67 22 30 36 8 6 3 6
Investments 80 163 296 501 104 128 314 187 156 255 303 293
612 609 599 693 604 460 652 915 1,055 1,126 1,400 1,565
Total Assets 1,177 1,216 1,302 1,676 2,692 2,603 2,798 2,819 2,678 2,520 3,050 3,110

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
343 323 428 534 562 730 588 554 531 922 644 749
-133 -130 -140 -237 -1,313 -306 -276 -26 -231 -224 -234 -113
-145 -188 -301 -215 502 -496 -324 -428 -405 -688 -402 -608
Net Cash Flow 65 5 -13 82 -249 -72 -12 100 -106 9 8 28

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 27 26 17 18 20 14 22 29 42 29 37 44
Inventory Days 65 58 76 59 68 83 87 88 102 118 121 100
Days Payable 61 52 77 90 112 85 109 115 135 138 138 126
Cash Conversion Cycle 31 32 16 -13 -24 12 1 2 9 10 19 18
Working Capital Days -7 -7 -6 -13 3 -37 15 9 36 9 31 49
ROCE % 35% 42% 50% 61% 30% 23% 22% 19% 18% 28% 31% 28%

Shareholding Pattern

Numbers in percentages

Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023
53.38 53.86 53.86 53.86 53.86 53.86 53.86 54.27 54.27 54.27 54.27 54.27
5.71 8.95 9.62 10.52 12.49 12.71 12.52 12.72 11.47 11.25 11.14 11.01
31.36 28.61 27.37 26.39 24.48 24.17 25.49 24.32 26.47 27.02 27.02 26.92
9.55 8.59 9.16 9.24 9.17 9.26 8.14 8.69 7.80 7.47 7.58 7.81

* 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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