Essel Propack - One-offs impact bottomline, Retain BUY - Emkay

- Q4FY13 revenue at Rs 4.8bn, 16% yoy above exp. EBIDTA Rs 756mn, 16% yoy, margins 15.9%, +10bps, below estimates and APAT Rs 269mn, 1% yoy

- Revenue growth strong across regions led by Europe (35% yoy) and Americas (26% yoy). India growth remains moderate at 14% yoy. Non-oral share improved to 40.8%

- One off expenses resulted in higher than expected losses in Europe, which trimmed EBIDTA margins to 15.9%. Currency benefits helped margin expansion in EAP & Americas region

- Non-oral care segment remains key driver to revenue and earnings growth. Maintain BUY with price target of Rs62.

Source : Equity Bulls

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