Emami share price rises over 9% after Q1 results; experts see more upside; here's what they say
Emami share price witnessed a gap up opening backed by strong volumes on Tuesday's trade. Emami share price today surged over 9% following company's positve Q1 results that surpassed street's estimates. Emami share price opened at ₹463.75 apiece on BSE.
Emami stock price today opened in green but it suddenly spiked after 13:00 IST and increased by more than 9%. At 14:05 IST, Emami share price was trading at ₹491.30 apiece on BSE, up 6.40%. On Monday, the company reported an 86.5% on year rise in its consolidated net profit (profit attributable to equityholders of the parent) for the fiscal's first quarter ended June (Q1FY24) to ₹137.72 crore.
Sequentially, consolidated net profit was down 4.6% from ₹144.43 crore in Q4FY23. The company's consolidated revenue from operations rose 6.8% on year to ₹825.66 crores during the quarter ended June from ₹773.31 crore in Q1FY23. The company reported in an exchange filing that the quarter's gross margins increased by 240 basis points to 65.4% due to a decrease in the pressure from rising raw material costs.
"“We are happy to report a 7% 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%. International business also continued its growth trajectory with 11% constant currency growth.
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