DaburIndiaLtd

CorporateProfile
November,2010

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Index
Dabur India-Introduction FMCG Industry Scenario Business Overview Growth Strategy Recent Performance

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Dabur India: Key Highlights

Established in 1884 : 125 Years of Trust & Excellence Among top 4 FMCG companies in India Worlds largest i Ayurveda and natural W ld l t in A d d t l healthcare Revenue of Rs. 33.9 billion and profits of Rs. 5 billion in FY2009-10 Strong brand equity
Dabur is a household brand Vatika and Real are Superbrands Hajmola , Real & Dabur ranked among Indias Most Admired Brands

Ten Billion Rupee Brands

10 Brands with sales of over Rs. 1 billion each Wide distribution network covering 2 8 2.8 million retailers across the country 17 world class manufacturing plants catering to needs of diverse markets Strong overseas presence with 18% contribution to consolidated sales
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Strong Financials
Sales S l
in Rs. million
40000 35000 30000 25000 20000 15000 10000 5000 0

10,997

12,004

12,849

12,356

14,170

17,565

20,803

23,963

28,341 ,

34,167

FY01

FY02

FY03

FY04^

FY05

FY06*

FY07

FY08

FY09

FY10**

EBITDA Margin (in %)

in % in Rs. million

Net Profit

22.0% 20.0% 18.0% 16.0% 16 0% 14.0% 12.0% 10.0%

17.1% 15.3% 13.3%

18.1% 18.5% 18.3%

19.6%

6000 5000 4000 3000 2000 1000 0

5,032 2,817 2 817 3,329 3,913

1,065

1,558

2,142

FY04 FY05 FY06 FY07 FY08 FY09 FY10

FY04 FY05 FY06 FY07 FY08 FY09 FY10

^Sales show a decline in FY04 on account of de-merger of Pharma business *Balsara acquisition added 10% to topline in FY06 ** Fem acquisition added 3.5% to topline in FY10

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Key Milestones
1884
Dr. SK Burman started an Ayurvedic Pharmacy in Kolkatta

1972
The company shifted base to Delhi from Kolkata

1986
Registered as Public Limited Company

1994
Listed on the Bombay Stock Exchange

1998
Professionalization process with Burman Family handing over day to management

2003
Pharmaceutical Business de merged to de-merged focus on core FMCG business

2004
International Business Division set up in Dubai to focus on overseas opportunities

2005
Acquired Balsara strengthening Oral care & gaining entry into Home care

2006
Dabur Figured in Top 10 Great Places To Work

2007
Dabur ranked among 'Asia's Best Under A Billion' enterprises by Forbes

2008
Acquired Fem Care Pharma entering the mainstream Skin care segment

2010
Touched US$4 billion market cap

2010 Overseas acquisition, Hobi Group, Turkey to strengthen presence in MENA and d adjacent regions

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Global Footprint
UK

Canada U.S. UAE Nepal

Egypt

BDesh Nigeria

Australia Domestic Mfg. Locations

Key markets Manufacturing Facilities Our strategy is to localize manufacturing, supply chain and product offerings to suit consumer requirements in each geography 6 6

Robust Distribution Network

Factory
C&FA Stockist
(Carry & Forward Agents)

Super Stockist

Institutions & Modern trade

Wholesalers

Sub Stockist

RETAIL TRADE CONSUMERS

Direct + Indirect Reach covering 2.8 Mn Retail Outlets
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Research & Development Strengths

Team of scientists including Ayurvedic doctors, Pharmacists, Agronomists, Botanists, Tissue Culture specialists, etc. Strong New Product Development
Ayurvedic Medicines Personal Care Foods F d Home Care

Agronomy Initiatives
Protecting endangered herbs g g Technical assistance to farmers Contract cultivation of herbs Green House at Nepal

OTC Healthcare

Dabur introduced more than 15 new products/variants during FY10

Dabur Research Facilities

Greenhouse at Dabur Nepal

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Ayurveda The Science of Life

Ayurveda The core philosophy Traditional Indian system of medicine
Ayurveda, the ancient Indian system of medicine based on natural and holistic living, derives from two Sanskrit l d h li i li i d i f S k i words - Ayu or life, and Veda or knowledge. This Science of Life analyses the human body through a combination of the body, mind and spirit. Originating nearly 5 000 years ago Ayurvedic texts were 5,000 ago, researched by Dabur in its quest for natural remedies. Today, its application in modern life has been renewed through the scientific research and validation undertaken at Dabur

Dabur h 125 years experience & knowledge b has 2 k l d in Ayurveda Successful extension of Ayurveda into personal care and OTC healthcare Riding global trend of Back to Nature

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Index
Dabur India-Introduction FMCG Industry Scenario Business Overview Growth Strategy Recent Performance

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FMCG Industry Snapshot

Key Highlights FMCG Industry Size

Indian FMCG industry around US$ 25 bn.

size estimated

at in Rs. billion FMCG Industry Size Growth rate (%) MAT Dec 2008 1,023.9 MAT Dec 2009 1,161.1 13.4%

Personal care & Food products dominate the sector Many categories are currently small and offer huge potential Steady double digit growth in the sector Rural I di contributes c. 33% of th overall R l India t ib t f the ll FMCG sector.

Source: AC Nielsen

FMCG Growth : Urban & Rural

20%

Category-wise share of the Sector

18% 11%

16% 10% 12% 12%

15% 12% 10%

Baby Care 2% OTC Products 4% Hair Care 8%

Household Others 4% 5%

Personal Care 22%

15%

10%

9% 3% -1% CY03 -8% CY04

5%

1% CY05 Urban CY06 CY07 CY08 CY09

0%

-5%

Fabric Care 12%

Food Products 43%

-10%

Rural

Source: AC Nielsen

Source: AC Nielsen

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India: Consumption Story

Aggregate Consumption across Income Brackets A t C ti I B k t
in trillion, Indian Rupees, 2000

4x

70

34 17 7 10

Middle Class

Middle Class
Source : Mckinsey Global Institute Analysis

By 2025, India is poised to become the world's fifth largest consuming country from current position of twelfth
Note: Annual Income (in Indian Rupees, 2000): Globals >1,000,000; Strivers =500,000-1,000,000; Seekers=200,000-499,999; Aspirers=90,000-199,999; Deprived=<90,000 12 12

Penetration Levels: Sufficient Headroom

90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

77% 57% 42% 37%

80% 67% 59% 32% 18% 18%

Toothpaste

Shampoo

Hair Oil

Skin Cream

Mosquito Repellants

Rural Penetration

Urban Penetration

Source: Industry Data, IIFL y ,

Low penetration levels offer room for growth across consumption categories Rural penetration catching up with urban penetration levels

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Per Capita Consumption: Room for Growth

India has low per capita consumption as compared to other emerging economies
Skin Care Per Capita Consumption (in US$)
in US$
9 8 7 6 5 4 3 2 1 0 2 1.5 1

Shampoo Per Capita Consumption (in US$)

in US$
3 2.5

7.4

7.7 77

2.7 27

2.4

3.2 0.8 China Indonesia 0.3 India Malaysia Thailand

1.0

1.1 0.3

0.5 0

China

Indonesia

India

Malaysia

Thailand

Toothpaste Per Capita Consumption (in US$)

in US$ 3.5
3 2.5 2 1.5 1 0.5 0

2.9 2.0 20 1.0 0.5 0.4

China

Indonesia

India

Malaysia

Thailand

Source: MOSL

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Key Players: FMCG

USD Million

Company
Hindustan Unilever Ltd Nestle India Ltd* Dabur India Ltd Britannia Industries Ltd*

Key Categories
Soaps, Detergents, Soaps Detergents Personal Care, Care Foods Food, Beverages, Infant nutrition Personal, Health & Homecare, Foods Biscuits

Sales
4,479 1,101 733 734 364 571 412 438 166

Profit
538 141 108 33 62 49 50 72 39

Market Cap
12,011 6,126 3,659 3 659 969 2,462 1,639 1,615 2,423 1,533

Colgate Palmolive (I) Ltd* Oral Care & Toiletries Marico Ltd. Glaxo Smithkline Consumer* Godrej Consumer Procter & Gamble^ Hair care, Food, Skincare Consumer Health Care Hair Care, Soaps Feminine Hygiene, personal care

Source: Published results for year ending 31.03.10 *Year ending 31.12.09 ^Year ending 30.06.09

Note: Market Cap. as of 29.07.10

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Dabur: Strong Presence in FMCG Categories

Category
Hair Care Oral Care Skin Care Chyawanprash Digestives Fruit Juices Honey Glucose

Position
3 3 3 1 1 1 1 2

Market Share
12% 13% 7% 63% 55% 52% 50% 24%

Key Brands
Dabur Amla hair Oil, Vatika hair oil & Vatika Shampoos Red toothpaste, Babool, Meswak, Red toothpowder Dabur Gulabari, Fem, Dabur Uveda

Dabur Chyawanprash

Hajmola

Real Fruit Juices, Real Activ ,

Dabur Honey

Dabur Glucose

Hair care includes Hair Oils & Shampoos; Oral care includes Toothpastes & Toothpowder; Skin care includes moisturizers, 16 face cleaning, lightening, anti ageing & other skin care products; Digestives includes herbal digestives

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Index
Dabur India-Introduction FMCG Industry Scenario Business Overview Growth Strategy Recent Performance

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Business Structure
Dabur operates through three focused Strategic Business Units Business Unit Description
FMCG portfolio comprising distinct businesses: Personal Care Health Care Home Care Foods four

Revenue Share

Consumer Care Division

72%

Consumer Health Division

Range of ethical and OTC products that deliver the age-old benefits of age old Ayurveda in modern ready-to-use formats

8%

International Business

Caters to the health & personal care needs of customers across different international markets spanning Middle East, North & West Africa, South Asia, EU and US through its brands Dabur and Vatika

18%

Note: Percentage share in revenue based on FY10 Financials ; Femcare included in Consumer Care Division

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Consumer Care Division Overview

FPD HCPD Balsara Foods FEM

2003-2004

2006-2007

2007-2008

2008-2009

CCD

FPD: Family Products Division HCPD: Health Care Products Division Balsara and Fem were acquisitions Foods division was a 100% subsidiary of DIL
Category-wise Share of CCD Sales
Home Care 6% Skin Care 6% Digestives 8% Health Supplemen ts 17%
Note: Percentage share in revenue for H1 FY11

CCD Sales - Historical

in Rs. million

Foods 16%

Hair Care 29%

Oral Care 18%

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Brand Architecture
Starting from Ayurveda, the company successfully ventured into herbal arena becoming the Herbal Specialist While herbal businesses form the core with 85% of revenues, the , companys growth ambitions are not limited by it. A robust brand architecture ensures that the core values remain intact Brand Architecture Herbal Space
Vatika Premium Personal Care

Natural / Non-herbal Space

Dabur Herbal Healthcare H lth

Hajmola Tasty Digestives Di ti

Uveda Ayurvedic Skin Ski care

Real Fruit Beverages B

Balsara FEM Home Care Fairness Skin solutions l ti

Rs 17.0 bn Rs 3.9 bn Rs 1.4 bn

NA

Rs 3.0 bn

Rs 1.3 bn

Rs 1.0 bn

Brand size pertains to FY2008-09 sales in India and overseas; Fem had sales of about Rs.30 mn in overseas markets in FY09

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Consumer Care Categories

Hair Oil
Market Share
7% 37% 16% 3%

Key Brands

6% 31%

Bajaj Emami

Dabur Marico

Dey's Medical Others

Value Share-ACN June, 09

Dabur Amla: Largest brand in the portfolio

Vatika: Value added coconut oil

Anmol Hair Oil: Value proposition

Shampoo
Market Share
13.5% 23.8% 45.5% 11.2% 6.0%

Key Brands

Cavinkare P&G

Dabur Others

HUL

Vatika range of shampoos

Value Share-ACN Mar, 10

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Consumer Care Categories (Contd.)

Oral Care
Market Share
14.3% 13.2% 49.7%

Key Brands

22.8%
Colgate HUL Dabur Others

Value Share-ACN March, 2010

Dabur Red: Toothpaste & Toothpowder

Babool: Targeted at economy segment

Meswak: Premium therapeutic toothpaste

Health Supplements
Chyawanprash Market Share
5.6% 7.9% 11.1% 12.7%

Key Brands d

62.7%

Baidyanath a dya a

Dabur abu

Emami a

Zandu a du

O Others s

Value Share-ACN March, 2010

Dabur Chyawanprash: Largest selling health supplement in the country

Dabur Glucose: 2nd largest player in the country

Dabur Honey: Largest branded honey in the country; growing category through replace sugar strategy 22 22

Consumer Care Categories (Contd.)

Foods
Market Share
13.0% 52.0%

Key Brands

35.0%
Dabur Pepsi Others

Company Est. Mar, 2010 for Fruit Juice category

Real: Flagship beverages brand

Real Activ: Range of 100% pure juice

Skin Care
Market Share*
18.0% 3.2% 6.4% 58.9%

Key Brands

6.6% 6.8%

Hindustan Lever Hi d t L Loreal

Emami E i Cavin Care

Dabur D b Others

*Company estimates; Includes Fem skin care portfolio

Gulabari range of rose based skin care products: Moisturizer, Face freshener & Rose water

Fem Skin care : Acquired recently 23 23

Consumer Care Categories (Contd.)

Digestives
Market Share
37% 55%

Key Brands

8% Hajmola Satmola Others

Hajmola: Fl H j l Flagship b hi brand d for branded Digestives

Hajmola t t H j l tasty digestive candy

Value Share-ACN March, 2010

Home Care
Air Fresheners Market Share
26% 20%

Key Brands

5%

20%

30%
Odonil Air wick Premium Ambipur Others

Value Share-ACN March, 2010 for Aerosols category

Odonil: Air freshner range: Largest brand in the portfolio

Odomos: Mosquito repellant skin cream

Sanifresh: Toilet cleaner 24 24

Consumer Health Division

Description CHD Structure

CHD: Repository of Daburs Ayurvedic Healthcare knowledge Plans underway to build a comprehensive strategy for a greater push in OTC Health space Range of over 260 products Focusing on multiple therapeutic areas. Distribution coverage of 200,000 chemists, ~12,000 vaidyas & 12,000 Ayurvedic pharmacies
Healthcare Focus

OTC (64%) Generics Branded Products

ETHICAL (36%) Tonic Classicals Branded Ethicals

OTC Healthcare is Rs.130 billion size industry Expected to grow at 14-15% p.a. as preference for Over-the-Counter products accelerates Dabur to expand its presence by : Consolidating / expanding current portfolio g new p products in Launching emerging therapeutic areas Look at inorganic opportunities

Herbal Cough & Cold Syrup

Mint based medicine for digestion

Promoting Dabur Ayurveda: Generating equity for Ethical portfolio

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OTC Health Care Portfolio

Gastro Intestinal Cough and Cold Rejuvenation

Pudin Hara

Honitus

Shilajit

Womens Health

Memory Enhancer

Medicated Oils

Dabur abu Active Blood Purifier

Baby Care

Shankha Pushpi

Badam Tail

Rubs and Balms

Dabur Balm Strong

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International Business Division

Started as an Exporter Focus on Order fulfillment through India Mfg. Set up a franchisee at Dubai in 1989 Demand generation led to setting up of mfg in Dubai & Egypt Renamed franchisee as Dabur International Ltd Local operations further strengthened Set up new mfg facilities in Nigeria,RAK & Bangladesh Building scale-20% of scale 20% overall Dabur Sales (FY09) High Levels of Localization Global Supply chain

1980s

Early 90s

2003 Onwards

Today

Highlights Dabur s Daburs overseas business contributes 18% to consolidated sales led by CAGR of 29% in last 6 years Focus markets: GCC Egypt Nigeria Bangladesh Nepal U.S. High level of localization of manufacturing and sales and marketing Leveraging the Natural preference among local consumers to increase share in personal g care categories Sustained investments in brand building and marketing
in Rs. million

High Growth in IBD

New products contributing N d t t ib ti significantly to overseas sales

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International Business Product Portfolio

Existing Products
Hair Oils

NPDs and Relaunches

Vatika Shampoos Vatika Hamam Zaith Hair Fall Control

Vatika Conditioners Hair Creams

Dabur Herbal Toothpaste

Hair Treatments

Vatika Hair Oil

Vatika DermoViva Soaps

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Index
Dabur India-Introduction FMCG Industry Scenario Business Overview Growth Strategy Recent Performance

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Growth Strategy
EXPAND

DABUR INDIA LIMITED

ACQUIRE

INNOVATE

THREE PRONGED STRATEGY FOR SUSTAINING GROWTH

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Expansion Strategy
Strengthening new categories Skin Care: Ayurvedic skin care range under a new brand launched; Acquisition of Fem OTC H lth Healthcare: L Leveraging i Ayurveda knowledge for a range of OTC herbal products Fruit Drinks and Culinary: Entry into the fast growing fruit drinks category leveraging the Real franchise Targeting inorganic opportunities Market Entry: Acquisitions critical for building scale in existing categories & markets i i i k Synergies: Should be synergistic and make a good strategic fit Geographies: Opportunities in focus markets

Strong innovation programme Contribution: New products to contribute 5-6% of revenues Focus Categories: New p product activations planned up p p in all categories Renovation: Periodic brand renovations to keep older products salient

Expanding across geographies Overseas markets: 20% of overall company; target to sustain higher growth rates Sout South India: Increased da c eased contribution from 7% to 12%; Continued focus on the relevant portfolio to grow contribution

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Acquisition of Hobi Group, Turkey

Acquisition of Hobi Group, Turkey for a total consideration of US$ 69 Million completed on October 7, 2010 This is Daburs first overseas acquisition Hobi manufactures and markets hair, skin and body care products under the brands Hobby and New Era Product range of the company complementary to our product range is

Acquisition provides an entry into another attractive emerging market and a good platform to leverage this across the region

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Index
Dabur India-Introduction FMCG Industry Scenario Business Overview Growth Strategy Recent Performance

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Financial Performance H1 and Q2 FY 2010-11

Sales: H1FY11 v/s H1FY10
in Rs. Crores

Sales: Q2FY11 v/s Q2FY10

in Rs. Crores

2000 1500 1000 500 0

1,628

1,905

1200 1000 800 600 400 200 0

855

980

H1FY10
driven by volumes

H1FY11

Q2FY10

Q2FY11

Sales for H1FY11 increased by 17% and by 14.7% in Q2 FY11 primarily

PAT: H1FY11 v/s H1FY10

in Rs. Crores in Rs. Crores

PAT: Q2FY11 v/s Q2FY10

300 200 100 0

228

267

200 150

139

160

100 50 0

H1FY10

H1FY11

Q2FY10

Q2FY11

PAT increased by 16.9% during H1 FY11 and by 15.4% in Q2 FY11 despite input cost inflation and increased taxation
Note: PAT refers to Net Profit after Minority Interest

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Stock Performance & Shareholding Pattern

Market Capitalization in Rs. billion Shareholding Structure*
FIIs, 16 4 FIIs 16.4 % Indian Public and Others, 7.0 % Prom oters, 68.7%

170
Banks/FIs/ Insurance Cos., 6.9% Mutual Funds, 0.9 %

17

2001

2010
*As on October 22, 2010

Dabur s Daburs market capitalization has increased tenfold since 2001 and it has been one of the biggest wealth creators in the FMCG industry in this decade

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Consolidated P&L Q2 FY11 and H1 FY11

In R I Rs. crores Q2FY11 Q2FY10 Y Y (%) YoY Gross Sales 980.5 854.8 14.7% Less: Excise Duty 7.7 7.0 Net Sales 972.8 847.8 14.7% p g 10.1 6.3 58.9% Other Operating Income Material Cost 458.5 381.8 20.1% % of Sales 46.8% 44.7% Employee Costs 77.9 72.2 7.8% % of Sales 7.9% 8.4% Ad Pro 121.5 120.2 1.1% % of Sales 12.4% 14.1% Other Expenses 112.1 98.4 13.9% % of Sales 11.4% 11.5% Other Non Operating Income 6.7 67 7.3 73 -9 0% 9.0% EBITDA 219.6 188.9 16.2% % of Sales 22.4% 22.1% Interest Expenses 4.6 6.0 -23.6% Depreciation 14.2 12.5 14.0% Amortization 4.7 1.4 230.1% Profit Before Tax (PBT) 196.0 169.0 16.0% Tax Expenses 35.6 28.6 24.4% Provision for Taxation for Earlier years 0.1 PAT(Before exceptional item) 160.4 160 4 140.3 140 3 14.4% 14 4% % of Sales 16.4% 16.4% PAT(After exceptional Items) 160.4 140.3 14.4% PAT (After Extraordinary item & MI) 160.4 139.0 15.4% H1 FY11 H1FY10 Y Y (%) YoY 1,904.8 1,628.4 17.0% 15.6 12.4 1,889.3 1,616.1 16.9% 18.7 11.1 67.9% 893.1 744.1 20.0% 46.9% 45.7% 150.7 135.9 10.9% 7.9% 8.3% 272.2 242.8 12.1% 14.3% 14.9% 233.7 202.2 15.6% 12.3% 12.4% 13.9 13 9 13.7 13 7 1.8% 1 8% 372.2 316.0 17.8% 19.5% 19.4% 9.1 12.2 -26.0% 27.7 24.1 14.8% 5.7 2.7 108.4% 329.7 276.8 19.1% 61.9 47.4 30.6% 0.2 267.8 267 8 229.2 229 2 16.8% 16 8% 14.1% 14.1% 267.8 229.2 16.8% 267.1 228.5 16.9% 36 36

Consolidated Balance Sheet Sept 30, 2010

In Rs. crores Rs Sources Of Funds Shareholders' Fund: Share Capital Reserves & Surplus Minority Interest Loan Funds: Secured Loans Unsecured Loans Deferred Tax Liability TOTAL Application of funds: Fixed Assets: Investments Current Assets, Loans & Advances Inventories Sundry Debtors Cash & Bank balances Loans & Advances Less: Current Liabilities and Provisions: Current Liabilities Provisions Net Current Assets Miscellaneous Expenditure TOTAL As on Sept 10 As on Sept 09 174.1 1,037.5 1,211.1 4.5 99.7 235.3 335.1 13.0 1,564 704.6 148.8 568.3 216.6 400.8 504.1 449.1 219.5 137.7 341.4 113.3 54.1 167.4 10.1 963 622.1 112.1 86.6 690.7 777.2 8.3

1,689.8 595.5 483.6 1,079.1 610.7 99.9 1,564

1,147.7 573.2 353.5 926.7 221.0 7.9 963 37 37

Accolades

Ranked 25th most valuable brand in the list of India's 100 Most India s Valuable Brands, by 4Ps.

Listed in Forbes 200 Best Under-A-Billion Companies List

Ranked 79th in 'Super 100' list announced by Business India

Ranked 28th in ET-Brand Equity Most Trusted Brands 2009 list.

Dabur India Ltd has been awarded the Top Marketer Award for 2009 in the Consumer Goods category by Pitch magazine

Dabur India Ltd was ranked the Business Leader in the FMCG Personal Care Category at the NDTV Profit Business Leadership Award 2008

Ranked 182 in ET-500, the annual listing of India's Blue Chip companies by The Economic Times. Also ranked as the fourth largest pure-play FMCG l t l company in the list.

Voted as the fourth Most Liked Health Brand in the country in consumer survey conducted by 'Complete Wellbeing' magazine

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Disclaimer
This presentation has been prepared by Dabur India Limited (Dabur or Company) for informational purposes only and should not be used as a basis for any investment and any investment related decisions/ analysis. No N representation or warranty, express or i t ti t implied i made as t and no reliance should b placed li d is d to, d li h ld be l d on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. The information contained in this presentation is only current as of its date. Certain statements made in this presentation may not be based on historical information or facts and may be forward looking statements, including those relating to the general business plans and strategy of Dabur, its future financial condition and growth prospects, future developments in its industry and its competitive and regulatory environment and statements which contain words or environment, phrases such as will, expected to, horizons of growth, strong growth prospects, etc., or similar expressions or variations of such expressions. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. In no event shall the Company be liable for any direct, special indirect or consequential damages, or any other damages of any kind, including but not limited to loss of use, loss of profits, or loss of data, whether in an action in contract, tort (including but not limited to negligence), or otherwise, arising out of or in any way connected with the use of this presentation or the materials contained in, or accessed through, this presentation. No person is authorized to give any information or to make any representation not contained in and not consistent with this presentation and if given or made such information or representation and, made, must not be relied upon as having been authorized by or on behalf of Dabur. This presentation cannot be copied and disseminated in any manner.

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Investor Relations Dabur India Ltd Contact:+91-11-42786000

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