Emami Limited on Monday announced its results for the quarter ended June 30, 2023, the company announced through an exchange filing.
Financial Highlights Q1FY24
The Company’s consolidated Revenues at Rs 826 crore grew by 7 percent during the quarter.
Excluding the sales of summer portfolio, Domestic business grew strongly by 16 percent, while the overall growth of Domestic Business in Q1FY24 stood at 7 percent. The summer portfolio declined by 5 percent during the quarter due to the impact of unseasonal rains.
Modern Trade and eCommerce grew by 45 percent and 47 percent respectively over previous year. Both Modern Trade and eCommerce contributed 9.7 percent each to Domestic business increasing their saliency by 250 basis points and 260 basis points respectively.
International business grew by 8 percent during the quarter with a constant currency growth of 11 percent led by strong growth in SAARC, GCC & CIS regions.
“We are happy to report a 7 percent growth in domestic business despite challenging operating environment. While erratic summer & unseasonal rains impacted summer product offtakes, our non-summer portfolio grew strongly by 16 percent. International business also continued its growth trajectory with 11percent constant currency growth," said r Harsha V Agarwal, Vice Chairman and Managing Director, Emami Limited.
The quarter witnessed an expansion of Gross margins by 240 basis points at 65.4 percent during the quarter. Despite investments in brand building and integration of subsidiaries which are in investment phase, EBIDTA at Rs 190 crore grew by 10 percent with margins at 23.0 percent expanding by 60 basis points. Profit after Tax at Rs 138 crore grew by 87 percent with PAT margins at 16.7 percent expanded by 720 basis points.
The Company also concluded Buyback of its shares amounting to Rs 185.3 crore (excluding brokerage, taxes & levies). Following the Buyback, share capital reduced from 44.12 crore to 43.65 crore equity shares and promoter stake increased from 54.27 percent to 54.84 percent.
Emami Limited shares
The shares of Emami Limited on Monday at 3:30 pm IST were at Rs 460.05, up by 2.19 percent.