Emami Ltd

Emami Ltd

₹ 640 1.37%
03 Dec - 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 450+ products based on ayurvedic formulations.

  • Market Cap 27,923 Cr.
  • Current Price 640
  • High / Low 860 / 417
  • Stock P/E 36.2
  • Book Value 60.2
  • Dividend Yield 1.25 %
  • ROCE 31.7 %
  • ROE 30.0 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 32.8%
  • Company has been maintaining a healthy dividend payout of 48.5%

Cons

  • Stock is trading at 10.6 times its book value
  • The company has delivered a poor sales growth of 5.84% over past five years.
  • Tax rate seems low

* 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
787 971 770 773 814 983 836 826 865 996 891 906 891
514 633 612 604 621 689 636 636 632 682 682 692 645
Operating Profit 273 338 158 169 193 294 199 190 233 314 209 214 246
OPM % 35% 35% 21% 22% 24% 30% 24% 23% 27% 32% 24% 24% 28%
38 17 25 6 42 7 14 8 11 11 11 10 22
Interest 1 2 2 2 2 2 1 2 2 3 3 2 2
Depreciation 84 84 83 88 48 47 64 46 46 46 48 44 45
Profit before tax 226 269 98 85 186 251 148 150 196 276 169 178 220
Tax % 18% 18% -262% 14% 3% 7% 4% 9% 8% 6% 13% 16% 4%
185 220 354 73 180 233 142 137 180 261 147 151 211
EPS in Rs 4.17 4.95 8.07 1.67 4.17 5.38 3.27 3.14 4.09 5.92 3.41 3.50 4.87
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
1,595 1,700 2,076 2,358 2,488 2,531 2,695 2,655 2,881 3,192 3,406 3,578 3,684
1,252 1,255 1,536 1,670 1,729 1,812 1,970 1,970 2,000 2,254 2,550 2,632 2,701
Operating Profit 343 445 541 688 759 719 725 685 880 938 855 946 984
OPM % 22% 26% 26% 29% 31% 28% 27% 26% 31% 29% 25% 26% 27%
54 53 91 44 31 19 25 46 69 90 69 41 54
Interest 7 5 5 54 58 34 21 21 13 5 7 10 10
Depreciation 22 35 34 255 309 311 325 336 367 335 247 186 183
Profit before tax 369 457 592 423 424 393 403 374 569 688 670 791 844
Tax % 15% 12% 18% 14% 20% 22% 25% 19% 20% -22% 6% 8%
315 402 485 363 340 306 303 302 455 837 627 724 769
EPS in Rs 6.93 8.87 10.70 8.00 7.50 6.77 6.68 6.67 10.23 19.02 14.50 16.58 17.70
Dividend Payout % 38% 39% 33% 44% 47% 52% 60% 60% 78% 42% 55% 48%
Compounded Sales Growth
10 Years: 8%
5 Years: 6%
3 Years: 8%
TTM: 5%
Compounded Profit Growth
10 Years: 6%
5 Years: 19%
3 Years: 18%
TTM: 12%
Stock Price CAGR
10 Years: 5%
5 Years: 15%
3 Years: 5%
1 Year: 26%
Return on Equity
10 Years: 27%
5 Years: 28%
3 Years: 33%
Last Year: 30%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Sep 2024
Equity Capital 15 23 23 23 23 23 45 45 44 44 44 44 44
Reserves 762 909 1,208 1,589 1,732 1,991 2,031 1,778 1,718 2,032 2,259 2,403 2,585
115 38 36 671 473 326 110 210 101 282 91 94 74
324 333 410 409 376 458 633 644 656 692 703 728 891
Total Liabilities 1,216 1,302 1,676 2,692 2,603 2,798 2,819 2,678 2,520 3,050 3,096 3,269 3,594
397 396 453 1,918 1,994 1,802 1,680 1,459 1,132 1,344 1,245 1,114 1,039
CWIP 47 12 29 67 22 30 36 8 6 3 6 8 9
Investments 163 296 501 104 128 314 187 156 255 303 293 442 624
609 599 693 604 460 652 915 1,055 1,126 1,400 1,551 1,706 1,922
Total Assets 1,216 1,302 1,676 2,692 2,603 2,798 2,819 2,678 2,520 3,050 3,096 3,269 3,594

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
323 428 534 562 730 588 554 531 922 644 749 779
-130 -140 -237 -1,313 -306 -276 -26 -231 -224 -234 -122 -210
-188 -301 -215 502 -496 -324 -428 -405 -688 -402 -608 -563
Net Cash Flow 5 -13 82 -249 -72 -12 100 -106 9 8 19 6

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 26 17 18 20 14 22 29 42 29 37 44 50
Inventory Days 58 76 59 68 83 87 88 102 118 121 100 102
Days Payable 52 77 90 112 85 109 115 135 138 138 124 143
Cash Conversion Cycle 32 16 -13 -24 12 1 2 9 10 19 20 9
Working Capital Days -7 -6 -13 3 -37 15 9 36 9 31 37 38
ROCE % 42% 50% 61% 30% 23% 22% 19% 18% 29% 31% 28% 32%

Shareholding Pattern

Numbers in percentages

3 Recently
Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
53.86% 54.27% 54.27% 54.27% 54.27% 54.27% 54.52% 54.84% 54.84% 54.84% 54.84% 54.84%
12.52% 12.72% 11.47% 11.25% 11.14% 11.01% 11.46% 11.90% 12.86% 13.46% 14.02% 14.38%
25.49% 24.32% 26.47% 27.02% 27.02% 26.92% 26.22% 25.21% 23.94% 22.06% 21.61% 21.50%
8.14% 8.69% 7.80% 7.47% 7.58% 7.81% 7.81% 8.05% 8.35% 9.63% 9.53% 9.28%
No. of Shareholders 83,25786,24289,97185,46090,28597,04389,95579,21682,15191,33497,2581,27,897

* 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.

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