Note-ban blues not yet over for Emami

But company grows market share across key brands, limits squeeze on operating profit margin

A disappointing showing by global business (16 per cent of overall revenues) pulled down Emami's consolidated revenues by 4.4 per cent from a year ago to Rs 578 crore in March quarter (Q4). Domestic revenues rose only three per cent, similar to the growth in Q3, indicating that note-ban woes may not be over for the company. Emami had posted healthy double-digit growth in domestic revenues before note-ban impact, which started playing out in Q3. Higher dependency on rural as well as wholesale channels (half each of domestic revenues) is a concern as both continue to witness pressure. The management's