CLSA ON EMAMI : 26.05.2021

CLSA ON EMAMI : 26.05.2021

* MAINTAIN OUTPERFORM TARGET:520
* CLSA maintains OUTPERFORM call on Emami, target Rs 520/sh
* Focus On Topline Recovery, Near-term Margin Pressure Expected
* We Cut FY22 EPS Estimates By 5% & Keep Unchanged For FY23