Emami Ltd’s results for the three months ended September (Q2FY23) are far from inspiring. The consolidated Ebitda margin drop was more than expected at a whopping 1,120 basis points (bps) year-on-year (y-o-y) to 24%. One basis point is 0.01%. A key factor that dragged Ebitda margin down sharply was the 34% spike in advertising and sales promotion expenses. The drop in gross margin was much smaller at 229 bps. Higher input costs and inferior product mix hurt gross margin.