Glaxosmithkline Consumer - Strong Pricing Power 'Reassuring'; Retain ACCUM - Emkay

- Revenue surprises, but PAT below estimates – a) Revenues at Rs 7.1bn, up ~18% YoY b) EBITDA at Rs 764mn (down 3% YoY) and c) APAT at Rs 697mn (up ~18% YoY)

- Underlying volume growth at circa 7% is well above our estimates of 4%

- Probably, one-off expenses could have impacted Ebidta performance; Earnings forecasts for CY13E unchanged

- Strong brand image of Horlicks with pricing capability is reassuring; Maintain ACCUMULATE with price target of Rs3900/Share

Source : Equity Bulls

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