GSK Consumer - Demonstrates Pricing; Retain Accumulate - Emkay

Reco: ACCUMULATE
CMP: Rs 4191
Target Price: Rs 4200

- Meets expectation - 1) Revenues at Rs 9.4bn, up 16% yoy b) EBITDA at Rs 2.1bn, up 12% yoy and c) APAT at Rs 1.6bn, up 19% yoy

- MFD volume grew 8% yoy led by Boost (10% yoy) and Horlicks (7% yoy); Blended volume growth of 8% yoy

- 5% price hike on Horlicks and Boost in January 2013; Considering June 2012 price hike, it sum totals to 7% for CY13

- Pricing capability is reassuring; Maintain ACCUMULATE with price target of Rs4200/Share.

Source : Equity Bulls

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