essel propack (Emkay) Subdued Quarter, Retain BUY

EPL's Q4FY11 performance muted; misses revenue & PAT estimates; FY11 revenues grew 17%, led by strong volume growth; non-oral care in India and China report robust growth; Management guides 14% revenue growth - Americas & Europe to post recovery; rise in non-oral care share to also aid revenue growth; Eyeing Ebidta margin expansion of 200 bps - Quicker price pass through and Poland breakeven to be key drivers
Date Rating Target Price Recommendation Price Broker house
5 May 2011 buy 72 46 Emkay Report

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