"Emami Ltd.\u2019s revenue exceed our estimates but adjusted profit after tax was a miss. Domestic business grew 13% with (flat excluding DermiCool) while international business reported 45% YoY growth. Core business volume growth during the quarter was at 2.4% (9.6% including Dermicool) was lower compared to peers. \nEmami's modern trade grew by 42% while e-commerce jumped 55% YoY in Q1. Both, together contributed 15.8% of the overall domestic revenue versus 15% in Q4. Both rural and urban witnessed muted growth given the fall in consumer sentiments."