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2012

Equity and Liabiities


Shareholder Funds
A) Share Capital
B) Reserves and Surplus
Non Current Liabilities
A) Long term Borrowings
B) Deferred Tax liabilities
C) Long Term Provisions

2013

2014

2015

1742.1
11290.6

1742.9
14204.9

19023.4
1743.8
17279.6

23361.9
1756.5
21605.4

687.4
11.4
271.1
404.9

746.7
8.4
341.8
396.5

827.8

931.4

426.4
401.4

503.5
427.9

Current Liabilities
A) Short term borrowings
B)Trade Payables
C) Other Current Liabilities
D) Short Term Provisions

10795.2
2721.3
5222.8
1224
1627.1

11584.4
9893.8
2407.4
442.9
6041.4
7046.7
1336.4 /Share
1799.2
2404.2

12590.3
1291.3
7566.4
1702.2
2030.4

Equity and Liabilities

24515.3

28278.9

31218

36883.6

Assets
Non Current Assets
A) Fixed Assets
I) Tangible Assets
II) Intangible Assets
III) Capital Work-In-Progress
B) Non Current Investments
C) Long Term Loans and Advance
D) Other Non Current Assets

8588
5853.3
5781.9
71.4
115.8
1594.8
185.7
838.4

10905
6165.8
6037.1
128.7
170.7
2349.7
87
2131.8

12399.8
6536.5
6422.6
113.9
167.3
5547.5
148.5

21160.4
6825.2
6624.3
200.9
122.2
14070
123
20

Current Assets
A) Current Investments
B) Inventories
C) Trade Receivables
D) Cash and Cash Equivalents
E) Short Term Loans and Advance
F) Other Current Assets

15927.3
3932.4
5285.7
2241.7
2612.9
1532.5
322.1

17373.9
4944.4
4997.4
2553.2
3194
1165.3
519.6

18818.2
5636.7
5582
3231.2
2974.7
846.2
547.4

15723.2
3711.7
5506
3387.9
1239.4
1140.8
737.4

Total Assets

24515.3

28278.9

31218

36883.6

Number of Shares
Book Value

1755.1199
13.31071456

2016

2014-2015

2015-2016

2015

28717.8
1759.1
26958.7

22.81%
0.73%
25.03%

22.93%
0.15%
24.78%

63.34%
4.76%
58.58%

1095

12.52%

17.56%

2.53%

644.7
450.3

18.08%
6.60%

28.04%
5.23%

1.37%
1.16%

14737.3
865.1
9313.4
1877.5
2681.3

27.25%
191.56%
7.38%
#VALUE!
-15.55%

17.05%
-33.01%
23.09%
10.30%
32.06%

34.14%
3.50%
20.51%
4.62%
5.50%

44550.1

18.15%

20.79%

100.00%

25025.6
6905.3
6734.9
170.4
249.6
17633.9
236.6
0.2

70.65%
4.42%
3.14%
76.38%
-26.96%
153.63%
-17.17%

18.27%
1.17%
1.67%
-15.18%
104.26%
25.33%
92.36%
-99.00%

57.37%
18.50%
17.96%
0.54%
0.33%
38.15%
0.33%
0.05%

19524.5
6614.8
6155.6
4206.9
541.6
1239.1
766.5

-16.45%
-34.15%
-1.36%
4.85%
-58.34%
34.81%
34.71%

24.18%
78.21%
11.80%
24.17%
-56.30%
8.62%
3.95%

42.63%
10.06%
14.93%
9.19%
3.36%
3.09%
2.00%

44550.1

18.15%

20.79%

100.00%

1759.14117
16.324897905

2016
64.46%
3.95%
60.51%
2.46%
1.45%
1.01%
33.08%
1.94%
20.91%
4.21%
6.02%
100.00%

56.17%
15.50%
15.12%
0.38%
0.56%
39.58%
0.53%
0.00%
43.83%
14.85%
13.82%
9.44%
1.22%
2.78%
1.72%
100.00%

0.069162408

2012
Gross Revenue from Sale of Products
A)Less:Excise Duty
B)Net Revenue from Sale of Products
C)Sale of Services
D)Other Operating Revenues
E)Revenue from Operations
37575.4
Other Income
551.4
Total Revenue
38126.8
Expenses
A)Cost of Materials Consumed
14837
B)Purchase of Stock and Trade
6029.4
C)Changes in Inventories of FG,WIP and Stock in Trade
i)FG
-187.8
ii)WIP
-319.1
iii)Stock in Trade
-86.4
D)Employee Benefits Expenses
2433.7
E)Finance Costs
141
F)Depreciation and Ammortisation Expenses
658.8
G)Other Expenses
8301
Total Expense
31807.6
Profit Before Exceptional and Extraordinary Items and T
6319.2
Exceptional Items
Profit Before Extraordinary Items and Tax
6319.2
Extraordinary Items
-448.9 Profit Before Tax
5870.3
Tax Expense
A)Current Tax
1144.5
B)Deferred Tax
93.4
C)Earlier year Tax
Profit/Loss for the year from continuing operations
4632.4
Earnings per equity share before extraordinary items(in Rupees)
A)Basic
2.92
B)Dilute
2.9
Earnings per equity share after extraordinary items(in Rupees)
A)Basic
2.66
B)Dilute
2.64
Interest Expense (From note 31)
Profit Before Interest and Tax

Interim Dividends

2013

43493.9
868.9
44362.8
16580.5
6302.9
128.1
22.6
107.6
2812.4
184
732.4
9995.6
36866.1
7496.7
7496.7
7496.7
1505.9
70.7
10.3
5909.8
3.39
3.37
3.39
3.37

Final Dividends
D)Employee Benefits Expenses
Power and Fuel
Stores and Spares Consumed
Repair to Building
Repair to Plant and Machinery
Repair to Others
Rent
Insurance
Travel and Conveyance
Legal and Professional
Telephone and Fax expenses
Security Expenses
General Charges
Auditor's Remuneration
Donation
Loss on Sale of Fixed Assets
Fixed Assets Discarded
Provision for Liabilities disputed
Corporate Social Responsibility
Other Expenses
Fixed Costs

2433.7

2812.4

2014
49129.4
-561.4
48568
1.7
131.1
48700.8
1096.6
49797.4

2015
54933
-743.8
54189.2
1
122.6
54312.8
1378.5
55691.3

2016
58221.6
-825.3
57396.3
0.7
103
57500
1966.4
59466.4

2015 vs 2014 2016


11.81%
32.49%
11.57%
-41.18%
-6.48%
11.52%
25.71%
11.84%

18179.8
7569.7

19210.9
9372.5

18477.5
9881.4

5.67%
23.82%

-3.82%
5.43%

-80.8
55.4
-97.8
3439.3
193.5
538.9
11378.9
41176.9
8620.5

-406.6
112.9
-28.8
3929.9
98.9
659.7
12737
45686.4
10004.9
-239.6 9765.3
9765.3

-90.7
-96.2
-50.8
4317.7
98.3
728.2
14073.6
47339
12127.4

403.22%
103.79%
-70.55%
14.26%
-48.89%
22.42%
11.94%
10.95%
16.06%

-77.69%
-185.21%
76.39%
9.87%
-0.61%
10.38%
10.49%
3.62%
21.21%

12127.4

13.28%

24.19%

12127.4

13.37%

24.19%

2046.9
96
-3.4 7625.8

2591.1
141.2

13.41%
13.48%
-217.24% 13.46%

26.59%
47.08%

8620.5
-7.2 8613.3
1804.8
84.6
2.9
6721

9395.1

vs 2015
5.99%
10.96%
5.92%
-30.00%
-15.99%
5.87%
42.65%
6.78%

23.20%

3.86
3.83

4.35
4.32

5.34
5.31

12.69%
12.79%

22.76%
22.92%

3.85
3.83

4.35
4.32

5.34
5.31

12.99%
12.79%

22.76%
22.92%

114.2
8727.5

51.4
9816.7

32
12159.4

-54.99%
12.48%

-37.74%
23.86%

130.79

219.55

219.88

67.86%

0.15%

174.38

131.74

175.91

-24.45%

33.53%

3439.3

3929.9
506.1
173.8
38.8
69.3
110.9
422.3
60.5
471.9
257.1
46
83.5
1810.2
10.8
114.8
7.8
8.5
75.1
147.1
89

4317.7
477.7
168
49.3
74.2
159.5
411.2
76.6
497.9
391.9
46
111.5
2152.5
11.4
129.6
8.8
13.8
60
174.4
110.5

14.26%

9.87%

8433.4

9442.5

2015
98.64%
-1.34%
97.30%
0.00%
0.22%
97.52%
2.48%
100.00%

2016
97.91%
-1.39%
96.52%
0.00%
0.17%
96.69%
3.31%
100.00%

34.50%
16.83%

31.07%
16.62%

-0.73%
0.20%
-0.05%
7.06%
0.18%
1.18%
22.87%
82.04%
17.96%
-0.43%
17.53%

-0.15%
-0.16%
-0.09%
7.26%
0.17%
1.22%
23.67%
79.61%
20.39%

17.53%

20.39%

3.68%
0.17%
-0.01%
13.69%

4.36%
0.24%
15.80%

0.01%
0.01%

0.01%
0.01%

0.01%
0.01%

0.01%
0.01%

0.09%
17.63%

0.05%
20.45%

0.39%

0.39%

20.39%

FY12
98.55%

Ratio of O
99.00%
98.50%
98.00%
97.50%
97.00%
96.50%
96.00%
95.50%
FY12

FY

0.24%

0.32%

7.06%

7.26%

FY13

FY14
98.04%

FY15
97.80%

FY16
97.52%

96.69%

Ratio of Operating Income to Total Income


99.00%
98.50%
98.00%
97.50%
97.00%
96.50%
96.00%
95.50%
FY12

FY13

FY14

FY15

FY16

Ratio
Debt to Equity

FY15

FY16
5.53%

3.01%

Liabilities to Equity
57.88%
55.13%
Operating leverage 0.155274631 0.164217391

Interest cover

99.26

123.70

Liquidity AnaFY12
Current Ratio
Quick Ratio

FY13
1.475
0.986

1.500
1.068

Receivable
Turnover

16.762

18.142

Average
Collection
Period
(Days)

21.477

19.844

7.109

8.459

Average
Inventory
Holding
Period
(Days)

50.641

42.557

Operating
Cycle

72.118

62.400

1.533
18.896
35.544
2.660

1.648
22.388
40.785
3.390

Inventory Tu

Profitability AnalFY12
Profit margin(%)

12.328

Revised profit
margin(excludi
ng other
income and
exceptional &
extraordinary
items)

12.055

Asset turnover
Return on asset
Return on equit
Earnings per sh

1.533
18.896
35.544
2.660

FY14

FY15

FY16

1.656
1.164

1.249
0.812

1.325
0.907

16.839

16.411

15.142

21.379

21.937

23.775

9.207

9.797

9.861

39.102

36.747

36.506

60.481

58.684

60.281

1.637
22.593
38.437
3.850

1.595
22.395
35.983
4.347

1.412
23.074
36.080
5.344

FY13
FY14
13.588

FY15
13.801

FY16
14.041

16.339

11.590

11.564

11.944

12.919

1.648
22.388
40.785
3.390

1.637
22.593
38.437
3.850

1.595
22.395
35.983
4.347

1.412
23.074
36.080
5.344

2015
Market Price per share
265.55
Ratio
FY15
FY16
Price-Earnings ratio
61.05
Earnings Yield
1.64%
Dividend Yield
0.28%
Price-to-book ratio
19.95
Dividends/share (in Rs)

0.75

2016
249.9
46.80
2.14%
0.40%
15.31
1

Dupont Analysis

Dabur India Ltd (DABUR IN) - Highlights


In Millions of INR
12 Months Ending
Market Capitalization
- Cash & Equivalents
+ Preferred & Other
+ Total Debt
Enterprise Value

FY 2013
03/31/2013
238,694.9
9,292.7
0.0
2,420.4
231,822.6

FY 2014
03/31/2014
313,276.0
9,443.7
0.0
442.9
304,275.2

FY 2015
03/31/2015
466,441.8
4,899.1
0.0
1,291.3
462,834.0

FY 2016
03/31/2016
439,609.4
7,099.4
0.0
865.1
433,375.1

43,341.8
15.8

48,568.0
12.1

54,189.2
11.6

57,396.3
5.9

Margin %
EBITDA
Margin %
Net Inc, Comparable
Margin %
EPS, Comparable
Growth %, YoY

7,317.0
16.9
5,909.8
13.6
3.39
27.4

8,607.0
17.7
6,721.0
13.8
3.85
13.7

9,581.7
17.7
7,625.8
14.1
4.35
12.9

11,010.1
19.2
9,395.1
16.4
5.34
22.8

Cash from Operations


Capital Expenditures
Free Cash Flow
Source: Bloomberg

7,390.6
-854.0
6,536.6

7,864.3
-961.8
6,902.5

9,187.3
-1,110.6
8,076.7

10,957.3
-1,068.4
9,888.9

Revenue, Comparable
Growth %, YoY
Gross Profit

Current/LTM
06/30/2016
531,612.5
7,099.4
0.0
865.1
525,378.2
56,424.6
1.7

11,158.1
19.8
9,638.3
17.1
5.48
21.7

Dabur India Ltd (DABUR IN) - Summary


In Millions of INR except Per Share
12 Months Ending
Total Revenues
Operating Income
Net Income to Common
Basic EPS, GAAP
Diluted EPS, GAAP
Basic Weighted Avg Shares
Diluted Weighted Avg Shares

FY 2013
03/31/2013
43,344.8
6,826.5
5,909.8
3.39
3.37
1,742.8
1,754.5

FY 2014
03/31/2014
48,569.7
7,899.1
6,721.0
3.85
3.83
1,743.6
1,755.8

FY 2015
03/31/2015
54,190.2
8,922.0
7,625.8
4.35
4.32
1,754.4
1,766.1

9,292.7

9,443.7

4,899.1

Total Current Assets


Total Assets
Total Current Liabilities
Total Liabilities
Total Equity
Shares Out on Balance Sheet

18,525.6
27,984.5
11,585.4
12,328.4
15,656.1
1,742.9

19,698.5
31,218.0
11,366.8
12,194.6
19,023.4
1,743.8

15,723.2
36,883.6
12,590.3
13,521.7
23,361.9
1,756.5

Cash From Operations


Cash From Investing
Cash From Financing
Source: Bloomberg

7,390.6
-3,925.6
-3,120.3

7,864.3
-1,870.3
-5,204.5

9,187.3
-7,008.4
-3,284.0

Cash and Equivalents

FY 2016
03/31/2016
57,397.0
10,281.9
9,395.1
5.34
5.31
1,758.1
1,769.8

Last 12M
06/30/2016
56,424.6
10,435.8
9,638.3
5.48
5.45
1,761.5
1,771.2

7,099.4

7,099.4

19,524.5
44,550.1
14,737.3
15,832.3
28,717.8
1,759.1

1,761.5

10,957.3
-6,362.8
-4,449.6

Dabur India Ltd (DABUR IN) - Enterprise Value


In Millions of INR except Per Share
12 Months Ending
Market Capitalization
- Cash & Equivalents
+ Preferred Equity
+ Minority Interest
+ Total Debt
Enterprise Value
Total Capital
Total Debt/Total Capital
Total Debt/EV
EV/Sales
EV/EBITDA
EV/EBIT
EV/Cash Flow to Firm
EV/Free Cash Flow to Firm
Diluted Market Cap
Diluted Enterprise Value
Periodic EV to Shares Outstanding
Reference Items
Trailing 12 Month Values for Ratios
Sales
EBITDA
EBIT
Cash Flow To Firm
Free Cash Flow To Firm
Source: Bloomberg

FY 2013
03/31/2013
238,694.9
9,292.7
0.0
0.0
2,420.4
231,822.6

FY 2014
03/31/2014
313,276.0
9,443.7
0.0
0.0
442.9
304,275.2

FY 2015
03/31/2015
466,441.8
4,899.1
0.0
0.0
1,291.3
462,834.0

18,076.5
13.39

19,466.3
2.28

24,653.2
5.24

0.01

0.00

0.00

5.35
31.68
33.96
30.96
34.94

6.26
35.35
38.85
38.26
43.52

8.54
48.30
51.88
50.16
57.02

240,280.0
233,407.7
133.01

315,434.3
306,433.5
174.49

468,995.3
465,387.5
263.50

43,344.8
7,317.0
6,826.5
7,488.3
6,634.3

48,569.7
8,607.0
7,831.1
7,953.4
6,991.6

54,190.2
9,581.7
8,922.0
9,227.4
8,116.8

FY 2016
03/31/2016
439,609.4
7,099.4
0.0
0.0
865.1
433,375.1

Current
08/18/2016
531,612.5
7,099.4
0.0
0.0
865.1
525,378.2

29,582.9
2.92
0.00

0.00

7.55
39.36
42.15
39.46
43.71

9.15
47.72
51.10
47.84
53.00

442,283.8
436,049.5
246.36

534,846.7
528,612.4

57,397.0
11,010.1
10,281.9
10,982.1
9,913.7

56,424.6
11,158.1
10,435.8

Dabur India Ltd (DABUR IN) - Multiples


In Millions of INR except Per Share
12 Months Ending
P/E
Average
High
Low

FY 2013
03/31/2013
40.40
41.80
47.21
34.98

FY 2014
03/31/2014
46.54
48.37
53.86
40.56

FY 2015
03/31/2015
61.05
57.17
73.60
46.06

P/Book
Average
High
Low

15.25
16.31
18.43
13.65

16.47
18.25
20.33
15.31

19.97
20.22
26.04
16.30

P/Tangible Book
Average
High
Low

15.37
16.40
18.53
13.73

16.57
18.40
20.50
15.43

20.14
20.34
26.20
16.40

P/Cash Flow
Average
High
Low

32.29
39.15
44.24
32.29

39.83
38.68
43.06
32.42

50.71
48.92
62.99
39.42

P/Free Cash Flow


Average
High
Low

36.51
53.05
59.97
36.51

45.38
43.73
48.68
36.66

57.68
55.74
71.77
44.91

5.35
5.55
6.29
4.63

6.26
6.44
7.19
5.37

8.54
7.78
10.09
6.20

EV/EBITDA
Average
High
Low

31.68
32.67
36.98
27.22

35.35
38.13
42.58
31.81

48.30
43.93
56.93
34.98

EV/EBIT
Average
High
Low

33.96
34.78
39.36
28.98

38.85
40.87
45.64
34.10

51.88
48.28
62.57
38.44

EV/Sales
Average
High
Low

Price/Share
High
Low
Enterprise Value
Average
High
Low
Source: Bloomberg

136.95
140.00
100.60

179.65
184.90
136.60

265.55
287.00
176.60

231,822.6
208,798.3
236,191.8
173,883.8

304,275.2
279,183.9
311,548.0
232,781.3

462,834.0
378,305.4
490,024.2
301,049.2

FY 2016
03/31/2016
46.80
61.84
71.06
46.80

Current
08/18/2016
56.59

15.31
20.23
23.24
15.31

18.51

15.40
20.40
23.44
15.40

18.62

40.10
51.37
59.02
40.10

48.49

44.43
58.43
67.14
44.43

53.73

7.55
8.66
9.95
7.55

9.15

39.36
48.98
56.30
39.36

47.72

42.15
52.60
60.46
42.15

51.10

249.90
316.50
231.30

302.20
305.95
301.70

433,375.1
469,547.5
539,425.3
412,165.2

525,378.2

Dabur India Ltd (DABUR IN) - Per Share


In Millions of INR except Per Share
12 Months Ending
Basic Shares Outstanding
Diluted Weighted Avg Shares
Basic Weighted Avg Shares

FY 2015
03/31/2015
1,756.5
1,766.1
1,754.4

FY 2016
03/31/2016
1,759.1
1,769.8
1,758.1

30.89
5.46
5.09
4.35

32.65
6.26
5.85
5.34

Net Income before XO - Basic


Normalized Net Income - Basic
Net Income to Common - Diluted
Net Income before XO - Diluted
Normalized Net Income - Diluted
Dividends

4.35
4.37
4.32
4.32
4.35
2.00

5.34
5.26
5.31
5.31
5.22
2.25

Cash Flow
Free Cash Flow

5.24
4.60

6.23
5.62

2.79
13.30
13.19

4.04
16.32
16.23

Per Share Data Items


Revenue
EBITDA
Operating Income
Net Income to Common - Basic

Cash & Equivalents


Book Value
Tangible Book Value
Source: Bloomberg

Last 12M
06/30/2016
1,761.5
1,771.2
1,761.5

FY 2017 Est
03/31/2017

FY 2018 Est
03/31/2018

2.96

3.56

32.05
6.34
5.93
5.48
5.48
5.48
5.45
5.45
5.45

Dabur India Ltd (DABUR IN) - Stock Value


In Millions of INR except Per Share
12 Months Ending
Last Price
Period-over-Period % Change
Open Price
High Price
Low Price
Market Capitalization
Current Shares Outstanding
Equity Float
Source: Bloomberg

FY 2013
03/31/2013
136.95
28.47
106.20
140.00
100.60

FY 2014
03/31/2014
179.65
31.18
137.00
184.90
136.60

FY 2015
03/31/2015
265.55
47.82
181.00
287.00
176.60

238,694.9
1,742.94
825.71

313,276.0
1,743.81
771.76

466,441.8
1,756.51
805.05

FY 2016
03/31/2016
249.90
-5.89
266.50
316.50
231.30

Current
08/18/2016
302.20

439,609.4
1,759.14
790.36

531,612.5
1,759.14
796.13

304.40
305.95
301.70

Dabur India Ltd (DABUR IN) - Standardized


In Millions of INR except Per Share
12 Months Ending
Revenue
+ Other Operating Income
- Operating Expenses
Operating Income or Losses
- Interest Expense
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains)
Pretax Income
- Income Tax Expense (Benefit)

FY 2015
03/31/2015
54,190.2
303.0
45,571.2
8,922.0
51.4
37.2
-931.9
9,765.3
2,139.5

FY 2016
03/31/2016
57,397.0
103.0
47,218.1
10,281.9
32.0
57.0
-1,934.5
12,127.4
2,732.3

Last 12M
06/30/2016
56,424.6
102.6
46,091.4
10,435.8

Income Before XO Items


- Extraordinary Loss Net of Tax
- Minority/Non Controlling Interests (Credits)
Net Income/Net Profit (Losses)
- Total Cash Preferred Dividends
- Other Adjustments
Net Inc Avail to Common Shareholders

7,625.8
0.0
0.0
7,625.8
0.0
0.0
7,625.8

9,395.1
0.0
0.0
9,395.1
0.0
0.0
9,395.1

9,638.3
0.0
0.0
9,638.3
0.0

Abnormal Losses (Gains)


Tax Effect on Abnormal Items
Normalized Income

71.2
-24.6
7,672.4

-239.3
82.8
9,238.6

0.0
0.0
9,638.3

Basic EPS Before Abnormal Items


Basic EPS Before XO Items
Basic Earnings per Share
Basic Weighted Avg Shares
Diluted EPS Before Abnormal Items
Diluted EPS Before XO Items
Diluted EPS
Diluted Weighted Avg Shares

4.37
4.35
4.35
1,754.4
4.35
4.32
4.32
1,766.1

5.26
5.34
5.34
1,758.1
5.22
5.31
5.31
1,769.8

5.48
5.48
5.48
1,761.5
5.45
5.45
5.45
1,771.2

IN GAAP
9,581.7
17.68
16.46
14.07

2.00
3,512.9
1,075.9

IN GAAP
11,010.1
19.18
17.91
16.37

2.25
3,957.9
1,572.5

Reference Items
Accounting Standard
EBITDA
EBITDA Margin (T12M)
Operating Margin
Profit Margin
Sales per Employee
Dividends per Share
Total Cash Common Dividends
Interest Income

-2,012.2
12,448.0
2,809.7

9,638.3

11,158.1
19.78
18.50
17.08

Capitalized Interest Expense


Research & Development Expense
Personnel Expenses
Export Sales
Depreciation Expense
Rental Expense
Source: Bloomberg

0.0
223.1
3,929.9
2,196.9
621.9
422.3

0.0
265.8
4,317.7
2,056.8
672.2
411.2

4,394.9

FY 2017 Est
03/31/2017

FY 2018 Est
03/31/2018

2.96

3.56

Dabur India Ltd (DABUR IN) - As Reported


In Millions of INR except Per Share
12 Months Ending
Income Statement
Revenues
Service Revenue
Revenues
Gross Sales
Sundry/Other Operating Income
Excise Taxes
Product Revenue
Operating Expenses
Other Operating Expenses
Depreciation Expense
Total Operating Expenses
Salaries Wages and Employee Benefits
Change In Merchandise Inventories
Advertising Expenses
Other Operating Income
Preliminary Expenses Written Off
Purchases Of Merchandise
Cost Of Materials
Selling General and Administrative Expenses
Depreciation and Amortization
Raw Materials And Consumables Used
Change In Merchandise Inventories
Non-Operating Expenses
Interest Expense - Net
Other Non-Operating Income
Income Tax Expense (Benefit)
Income Before Income Taxes
Current Income Tax Expense (Benefit)
Deferred Income Tax Expense (Benefit)
Non-Operating Exceptionals
Total Exceptional (Income)/Charges
Total Financial Costs
Other One - Time Items Non-Operating
Current Taxation - Adjustment
Earnings
Diluted EPS
Diluted EPS Before XO Items
Basic EPS Before XO Items
Basic EPS From Continuing Operations

FY 2012
03/31/2012

FY 2013
03/31/2013

FY 2014
03/31/2014

37,575.4

551.4

3.0
43,344.8
43,839.0
942.3
497.2
43,341.8

1.7
48,569.7
1.7
1,095.7
561.4
48,568.0

8,301.0
658.8

2,433.7
593.3

6,029.4
14,837.0

593.3

10,071.1
490.5

3,054.3
-256.2

149.1

6,302.9
16,580.5

-256.2

11,378.0
538.9

3,439.3
123.2

1,226.8

7,569.7
18,179.8

18,179.8
-123.2

141.0
-17.9

5,870.3
1,144.5
93.4

184.0
-13.6

7,496.7
1,505.9
70.7
0.0

10.3

-16.2

8,613.3
1,804.8
84.6
0.0
0.0
193.5

2.9

2.64
2.90
2.92

3.37
3.37
3.39

3.83
3.83
3.86

Diluted EPS From Continuing Operations


Basic EPS
Corporate Dividend Tax
Amount Of Interim Dividend
Proposed Final Dividend
Weighted Avg. Shares - Basic
Weighted Avg. Shares - Diluted
Net Income
Others
Extraordinary Items
Other Extraordinary Items - Net of Tax
Reference Items
(Over/Underfunded) Post Retirement Benefit
Expected Ret Plan Assets-Other/Healthcare
Disc Rate Used On Liabs-Other/Healthcare %
Fair Value of Post Retirement Plan Assets
Projected Post Retirement Benefit Oblig
Employer Contribution (Postretirement)
Auditors Remuneration For Audit
Foreign Exchange Earnings
Audit Service Fee Paid to Main Auditor
Service Cost (OPRB)
Interest Cost (OPRB)
Expected Return On Plan Assets (OPRB)
R & D Expenditures
Salaries Wages and Employee Benefits
Depreciation Expense
Provision For Doubtful Accounts
Interest Expense
Other Non-Operating Income
Write-Down/Impairment Of Fixed Assets
Non-Operating Profit/Loss Disp Fix Asset
Foreign Exchange
(Gain)/Loss On Sale of Assets
Write-Down/Impairment of Assets
Dividends Per Share
Basic EPS Before XO Items
Basic EPS
Weighted Avg. Shares - Basic
Diluted EPS
Weighted Avg. Shares - Diluted
Export Sales
Interest Expense - Borrowings
Amortization of Intangible Assets
Purchased Power Costs

2.66

4,632.4

3.39

5,909.8

3.83
3.85

6,721.0

448.9

0.0

7.2

9.00
8.50
248.1
295.2
48.5
8.7
1,671.9

28.0
23.6
-16.8
50.5
2,433.7
368.1
3.1
118.4
-17.9
5.0
-6.5
7.0
3.7

1.30

2.66
1,741.7
2.64
1,752.7
1,841.4

9.13
8.00
336.6
349.7
78.5
8.6
2,578.7

32.1
23.6
-23.0
41.6
3,054.3
490.5
2.3
123.9
-13.6
3.4
-1.1
43.5
4.3

1.50
3.39
3.39
1,742.8
3.37
1,754.5
2,833.8

9.00
8.50
424.2
390.8
74.7
9.8
2,197.2

35.3
28.0
-30.3
292.8
3,439.3
538.9
11.1
114.2
-16.2
3.9
-2.3
68.6
6.6
3.9
1.75
3.86
3.85
1,743.6
3.83
1,755.8
2,414.5

498.7

Excise Taxes
Product Revenue
Service Revenue
(Gain)/Loss On Sale of Investments
Change In Merchandise Inventories
Corporate Expenses
Raw Materials And Consumables Used
Other Operating Inc - Int Inc (Non-Oper)
Other Operating Inc - Div Inc (Non-Oper)
Loss/Gain Disposal LT Invest/Subsid/Assoc
Final Dividend Per Share
Rental Revenue
Total Financial Costs
Interim Dividend Per Share
Wages And Salaries
Purchases Of Merchandise
Donations
Interim Dividend Paid
Local Sales
Rental Expense
Other Financial Losses
Expenditure Incurred On R&D: Capital
Expenditure Incurred On R&D: Recurring
Actual Return (Loss) On Plan Assets (OPRB)
Revenues
Provision For Doubtful Debts And Advances
Interest Expense - Net
Diluted EPS Before XO Items
Amount Of Interim Dividend
Cost Of Materials
Research & Development - Net
Proposed Final Dividend
Retirement Pension And Other Benefits
Travel Expenses
Insurance Claims And Expenses
Other Miscellaneous Non-Operating Income
Basic EPS From Continuing Operations
Diluted EPS From Continuing Operations
Gross Sales
Corporate Dividend Tax
Cost Of Stores And Spares
Sales Of Scrap Materials
Export Incentives/Benefit
EBITDA Margin
Interest Income

387.2
37,814.9
4.1

593.3

-451.3
-3.8
-71.9

6,029.4
83.0

35,973.5
215.6
15.6
22.5
28.0
16.8
37,575.4

141.0

958.1
14,837.0

1,306.6

367.4
134.5

497.2
43,839.0
3.0

-256.2

-698.6

-155.6

-73.4

6,302.9
80.4

41,005.2
348.6
16.6
19.7
21.9

0.0
184.0
3.37
1,132.9
16,580.5

1,481.5

435.6
134.6

561.4
49,129.4
1.7
-170.3
123.2

18,179.8
-817.5

-170.3

-89.4
193.5

7,569.7
102.3
1,307.9
46,714.9
382.9
10.7
19.1
196.5

4.0

3.83
1,307.9
18,179.8
77.2
1,743.8

-16.2

3.83
49,131.1
518.7
161.1

EBITDA - IS
Advertising Expenses
Actuarial Losses or Gains - OPEB
License/Contract/Fee Revenue
Source: Bloomberg

-18.9

18.4

-2.1

FY 2015
03/31/2015

FY 2016
03/31/2016

1.0
54,190.2
54,934.0

743.8
54,189.2

0.7
57,397.0
58,221.6

825.3
57,396.3

12,737.0

3,929.9
322.5

1,501.1

9,372.5

659.7
19,210.9
-322.5

14,073.6

47,339.0
4,317.7
-237.7
7,120.3
2,069.4

9,881.4

728.2
18,477.5
-237.7

9,765.3
2,046.9
96.0

98.9
239.6
-3.4

-1,966.4
2,732.3
12,127.4
2,591.1
141.2

98.3
0.0
0.0

4.32

4.35

5.31

5.34

4.32
4.35

7,625.8

5.31
5.34

9,395.1

0.0

8.85
7.75
459.9
437.7
30.0
7.9
1,999.2
2.9
39.0
33.2
-37.5
223.1
3,929.9
621.9
18.4
51.4

37.2
7.8
8.5
2.00
4.35
4.35
1,754.4
4.32
1,766.1
2,196.9

506.1

-4.5
8.50
8.00
492.0
496.5
30.0
11.4

43.5
33.9
-39.1
265.8

672.2
8.3

57.0
8.8
13.8

5.34
1,758.1
5.31
1,769.8
2,056.8
32.0
56.0
477.7

743.8
54,933.0
1.0
-179.5
322.5

19,210.9
-1,075.9

-89.2
98.9

9,372.5
114.8
2,195.5
52,736.1
422.3
10.3

1,317.4

-27.8

4.32

641.3
173.8

18.90

825.3
58,221.6
0.7

-237.7
174.4
18,477.5
-1,572.5

1.00
-106.4
98.3
1.25
3,444.7
9,881.4
129.6
2,198.8
56,164.8
411.2
9.3

1,759.1
424.5
497.9
76.6
-25.6
5.34
5.31
58,222.3
805.7
168.0

20.60

14,740.0

8.0

17,390.0
7,120.3
18.4

Dabur India Ltd (DABUR IN) - Common Size


In Millions of INR except Per Share
12 Months Ending
Revenue
+ Other Operating Income
- Operating Expenses
Operating Income or Losses
- Interest Expense
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains)
Pretax Income
- Income Tax Expense (Benefit)

FY 2015
03/31/2015
54,190.2
0.6
84.1
16.5
0.1
0.1
-1.7
18.0
3.9

FY 2016
03/31/2016
57,397.0
0.2
82.3
17.9
0.1
0.1
-3.4
21.1
4.8

Last 12M
06/30/2016
56,424.6
0.2
81.7
18.5

Income Before XO Items


- Extraordinary Loss Net of Tax
- Minority/Non Controlling Interests (Credits)
Net Income/Net Profit (Losses)
- Total Cash Preferred Dividends
- Other Adjustments
Net Inc Avail to Common Shareholders

14.1
0.0
0.0
14.1
0.0
0.0
14.1

16.4
0.0
0.0
16.4
0.0
0.0
16.4

17.1
0.0
0.0
17.1
0.0

Abnormal Losses (Gains)


Tax Effect on Abnormal Items
Normalized Income

0.1
0.0
14.2

-0.4
0.1
16.1

0.0
0.0
17.1

0.0
0.0
0.0
3.2
0.0
0.0
0.0
3.3

0.0
0.0
0.0
3.1
0.0
0.0
0.0
3.1

0.0
0.0
0.0
3.1
0.0
0.0
0.0
3.1

IN GAAP
17.7
0.0
0.0
0.0

0.0
6.5
2.0

IN GAAP
19.2
0.0
0.0
0.0

0.0
6.9
2.7

Basic EPS Before Abnormal Items


Basic EPS Before XO Items
Basic Earnings per Share
Basic Weighted Avg Shares
Diluted EPS Before Abnormal Items
Diluted EPS Before XO Items
Diluted EPS
Diluted Weighted Avg Shares
Reference Items
Accounting Standard
EBITDA
EBITDA Margin (T12M)
Operating Margin
Profit Margin
Sales per Employee
Dividends per Share
Total Cash Common Dividends
Interest Income

-3.6
22.1
5.0

17.1

19.8
0.0
0.0
0.0

Capitalized Interest Expense


Research & Development Expense
Personnel Expenses
Export Sales
Depreciation Expense
Rental Expense
Source: Bloomberg

0.0
0.4
7.3
4.1
1.1
0.8

0.0
0.5
7.5
3.6
1.2
0.7

7.8

FY 2017 Est
03/31/2017

FY 2018 Est
03/31/2018

Dabur India Ltd (DABUR IN) - Standardized


In Millions of INR except Per Share
12 Months Ending
Assets
+ Cash & Near Cash Items
+ Short-Term Investments
+ Accounts & Notes Receivable
+ Inventories
+ Other Current Assets
Total Current Assets
+ LT Investments & LT Receivables
+ Net Fixed Assets

FY 2012
03/31/2012

FY 2013
03/31/2013

FY 2014
03/31/2014

2,911.0
3,932.4
2,241.7
5,285.7
1,556.5
15,927.3
1,546.5
5,897.7

628.2
8,664.5
2,553.2
5,003.2
1,676.5
18,525.6
2,607.0
6,207.8

2,926.7
6,517.0
3,231.2
5,582.0
1,441.6
19,698.5
4,815.7
6,589.9

+ Gross Fixed Assets


- Accumulated Depreciation
+ Other Long-Term Assets
Total Long-Term Assets
Total Assets

8,691.2
2,793.5
1,143.8
8,588.0
24,515.3

9,419.0
3,211.2
644.1
9,458.9
27,984.5

10,223.8
3,633.9
113.9
11,519.5
31,218.0

Liabilities & Shareholders' Equity


+ Accounts Payable
+ Short-Term Borrowings
+ Other Short-Term Liabilities
Total Current Liabilities
+ Long-Term Borrowings
+ Other Long-Term Liabilities
Total Long-Term Liabilities
Total Liabilities
+ Total Preferred Equity
+ Minority Interest
+ Share Capital & APIC
+ Retained Earnings & Other Equity
Total Equity
Total Liabilities & Equity

5,222.8
2,760.2
2,812.2
10,795.2
11.4
676.0
687.4
11,482.6
0.0
0.0
1,971.4
11,061.3
13,032.7
24,515.3

5,736.1
2,412.0
3,437.3
11,585.4
8.4
734.6
743.0
12,328.4
0.0
0.0
2,045.0
13,611.1
15,656.1
27,984.5

7,046.7
442.9
3,877.2
11,366.8
0.0
827.8
827.8
12,194.6
0.0
0.0
2,123.3
16,900.1
19,023.4
31,218.0

Reference Items
Accounting Standard
Shares Outstanding
Number of Treasury Shares
Amount of Treasury Shares
Pension Obligations
Operating Leases
Capital Leases - Short Term
Capital Leases - Long Term

IN GAAP
1,742.1
0.0
0.0

18.6
0.0
0.0

IN GAAP
1,742.9
0.0
0.0

57.1
0.0
0.0

IN GAAP
1,743.8
0.0
0.0

47.2
0.0
0.0

Capital Leases - Total


Percent Of Foreign Ownership
Number Of Shareholders
Options Granted During Period
Options Outstanding at Period End
Net Debt
Net Debt to Equity
Tangible Common Equity Ratio
Current Ratio
Inventory - Raw Materials
Inventory - Work in Progress
Inventory - Finished Goods
Other Inventory/Allowances
Pure Retained Earnings
Goodwill
Investments in Associated Companies
Number of Employees
Source: Bloomberg

0.0
18.77
124,740.00
1.6

-4,071.8
-31.24
53.02
1.48
2,227.4
962.6
1,659.3
436.4

0.0
48.3

0.0
20.57
115,442.00
0.7
17.5
-6,872.3
-43.90
55.74
1.60
1,448.8
940.0
1,861.4
753.0
10,900.3
0.0

0.0
19.55
123,555.00
0.0
16.6
-9,000.8
-47.31
60.79
1.73
1,696.9
884.6
2,040.0
960.5
13,350.2
0.0

6,382.00

FY 2015
03/31/2015

FY 2016
03/31/2016

1,187.4
3,711.7
3,387.9
5,506.0
1,930.2
15,723.2
14,193.0
6,746.5

484.6
6,614.8
4,206.9
6,155.6
2,062.6
19,524.5
1,234.3
6,984.5

10,861.1
4,114.6
220.9
21,160.4
36,883.6

11,626.3
4,641.8
16,806.8
25,025.6
44,550.1

7,566.4
1,291.3
3,732.6
12,590.3
0.0
931.4
931.4
13,521.7
0.0
0.0
3,419.2
19,942.7
23,361.9
36,883.6

9,313.4
865.1
4,558.8
14,737.3
0.0
1,095.0
1,095.0
15,832.3
0.0
0.0
3,752.8
24,965.0
28,717.8
44,550.1

IN GAAP
1,756.5
0.0
0.0

37.4
0.0
0.0

IN GAAP
1,759.1
0.0
0.0

33.0
0.0
0.0

0.0
21.31
118,061.00
11.2
14.1
-3,607.8
-15.44
63.14
1.25
1,596.5
771.7
2,475.4
662.4
15,970.4
0.0
0.0

0.0
19.96
135,973.00
10.7
11.4
-6,234.3
-21.71
64.33
1.32
1,953.1
867.9
2,616.9
717.7
19,652.0
0.0
0.0

Dabur India Ltd (DABUR IN) - As Reported


In Millions of INR except Per Share
12 Months Ending
Balance Sheet
Stockholder Equity
Other Equity
Total Share Capital
Revaluation Assets, Gross
Total Reserve
Total Shareholders Equity
Authorized Capital
Total Liabilities and Shareholders Equity
Non Current Liabilities
Other Noncurrent Liabilities
Deferred Income Taxes (Liabilities)
Other Provisions For Liabilities And Charges
Total Noncurrent Liabilities
Provisions For Liabilities And Charges & Other
Deferred Tax Liabilities (Long-Term)
Shareholder Equity And Long Term Liabilities
Long Term Debt
Interest Bearing Liabilities (Noncurrent)
Other Liabilities That Are LT Borrowings
Noncurrent Assets
Long-Term Loans And Other Debtors
Construction In Progress
Accumulated Depreciation
Property Plant & Equipment - Net
Total Fixed Assets & Materials
Total Intangible Assets - Net
Other Noncurrent Assets
Long Term Investments
Construction In Progress-Net
Total Non-Current Assets
Deferred Costs
Total Assets
Current Assets
Prepaid Expenses and Other
Inventories
Accounts Receivable And Other Receivables
Accounts Receivable - Trade
Short-Term Investments
Short-Term Loans

FY 2012
03/31/2012

FY 2013
03/31/2013

FY 2014
03/31/2014

1,050.9
1,742.1
7.8
11,290.6

2,000.0

704.8
1,742.9

13,913.2

2,070.0
27,984.5

889.2
1,743.8

17,279.6

2,070.0
31,218.0

271.1
404.9

1,627.1

11.4

341.8
392.8

2,085.7

8.4

426.4

401.4

0.0

0.0

115.8

5,781.9

71.4
1,024.1
1,594.8

135.4
170.7

6,037.1

128.7
380.0
2,607.0

27,984.5

148.5
167.3

6,422.6

113.9
0.0
4,667.2
167.3

31,218.0

322.1
5,285.7

2,241.7

1,532.5

592.5
5,003.2

2,553.2

1,038.3

5,582.0
3,231.2

6,517.0
846.2

Cash and Equivalents


Other Current Assets
Current Portion Of Long-Term Investments
Total Current Assets
Current Liabilities
Accounts Payable - Trade
Total Assets Less Current Liabilities
Short-Term Provisions
Net Current Assets
Other Current Liabilities
Trade Payable And Other Payables
Accrued Expenses and Other
Short-Term Borrowings
Total Current Liabilities
Reference Items
Rental Expense - Beyond Year 5
% Of Foreign Shareholders
Options Granted During Period
Options Outstanding End Period
Total Number Of Shareholders
Other Commitments
Operating Leases Expiring Within 2 & 5 Yrs
Accounts Receivable - Trade
Restricted Cash (ST)
Other Current Assets
Long Term Investments
Buildings
Construction In Progress
Furniture/Machinery/Equipment
Property Plant & Equipment - Gross
Other Equity
Accumulated Depreciation
Property Plant & Equipment - Net
Patents/Trademarks/Copyrights
Accounts Payable - Trade
Bank Overdrafts
Accrued Compensation/Postretirement Oblig
Dividends Accrued/Payable
Other Current Liabilities
Common Stock
Additional Paid In Capital
Retained Earnings (Accumulated Deficit)
Shares Outstanding
Par Value
Raw Materials

2,612.9

3,932.4

1,683.9

7,654.5

2,974.7
547.4

1,224.0
5,222.8

2,721.3

5,736.1

1,356.2
5,736.1

2,407.4

7,046.7

2,404.2

1,473.0
7,046.7

442.9

18.77
1.6

124,740.00

9.1
2,241.7

3,234.5
115.8

4,736.0

2,793.5

34.5

229.3
8,641.1
1,742.1
1.00
2,227.4

20.57
0.7
17.5
115,442.00

39.6
2,553.2
45.7

3,344.0
170.7

4,901.7

3,211.2

27.2
5,736.1

302.1
10,900.3
1,742.9
1.00
1,448.8

19.55
0.0
16.6
123,555.00

30.0
3,231.2
48.0

3,602.5
167.3

5,325.0

3,633.9

18.3
7,046.7

379.5
13,350.2
1,743.8
1.00
1,696.9

Work In Progress
Finished Goods
Income Taxes Accrued/Payable
Shares Issued
Other Gross Fixed Assets
Other Inventory
Deferred Tax Liabilities (LT)
Deferred Tax Assets (LT)
Allowance For Doubtful Accounts
Capitalized Software - Net
ST Borrowings And Current Portion -LT Debt
Accrued Interest Receivable
Unsecured Debt
Short-Term Investments
Current Rental Expense
Customer Deposits/Advances (ST)
Investment in Mutual Funds - Short Term
Other Receivables (ST)
Other Payables
Long-Term Loans And Other Debtors
Accumulated Amortization Intangible Assets
Capital Reserve
Total Contingent Payable
Deferred Tax - Net
Intangible Assets - Gross
Investments In Unconsolidated Subsidiaries
Rental Expense - Year 1
Time Deposits -Maturity Less Than 3 Months
Short Term Loan (Secured)
Short-Term Loans
Other Reserve
Other Short-Term Loans/Borrowings
Trade Receivables-Gross
Provisions For Liabilities/Charges/Other
Fixed Deposits
Prepayment/Advance
Authorized Common Stocks (Number)
Authorized Common Capital (Amount)
Capital Commit Contracted Not Provided For
Cash on Hand
Spares And Consumables
General Reserves
Goods In Transit
Other Financial Assets (Long-Term)
Packaging Material

962.6
1,659.3
20.8

138.2
432.0

124.6
36.9

269.2
13,250.7
271.1

9.5

191.2

38.9
2,366.3

166.5
0.9
4.4
1,092.3

940.0
1,861.4
21.8

126.9
101.5

269.2
977.2
341.8

17.5

224.7

4.6
2,680.1

1,010.0

16,575.1
3.9
5.2
1,691.9

747.8

884.6
2,040.0
28.7

134.1
95.6

269.2
1,862.9
426.4

17.2

177.9

0.0
3,365.3

1,511.3

11,185.8
3.9
8.7
2,391.5

951.8

Time Deposits
Plant Machinery And Equipment - Gross
Due To Banks (ST)
Other Provisions - Current
Fixed Deposit -1 Year And Over
Secured Interest Bearing Liabilities
Options Exercised During the Period
Freehold Land - Gross
Leasehold Land - Gross
Cash Equivalents
Tools Furniture And Fixtures
Book Value Per Share
Motor Vehicles - Gross
Number of Employees at Period End Date
Authorized Capital
ARDR Options Cancelled or Forfeited
Deferred Income Tax Asset (LT)
Total Intangible Assets - Net
Deferred Income Taxes (Liabilities)
Short Term Loan (Unsecured)
Revaluation Surplus
Shares Authorized
Land - Net
Leasehold Rights
Outstanding Acceptance
Long Term Loan (Secured)
Long Term Loan (Unsecured)
Borrow & Deposits - From Finl Institutions
Common Stock & Subscribed Stock
ARDR Commercial Paper Current
Revaluation Assets; Gross
Commercial Paper Outstanding
Current Portion of Long-Term Debt
Equity Investments Associates/Affiliates
ESOP Shares (Amount)
Land and Buildings
Source: Bloomberg

1,518.6

1.4

2,910.1

2,000.0
1.5
239.3

510.4
2,530.1

2,000.0
369.7
97.0

11.4

2,530.1
1,742.1

48.3

1,733.3
0.0

0.8

624.3
398.3
12.00
137.1
6,154.00
2,070.0
0.7
237.1

578.9
2,182.7

2,070.0
369.7
97.5

8.4
1,907.4
1,742.9
500.0
44.9

5,325.0

2,375.5
0.0

0.9
369.7
140.4
1,411.5
455.5
15.20
163.4
6,382.00

0.0
243.2

669.6
265.0
0.0
2,070.0
369.7
140.4

1,743.8
0.0
0.0
0.0
0.0

FY 2015
03/31/2015

FY 2016
03/31/2016

1,756.5

21,605.4

2,070.0
36,883.6

1,759.1

26,958.7
28,717.8

44,550.1

503.5

427.9

1,095.0
450.3
644.7

123.0

6,624.3

200.9
20.0
14,070.0
122.2

36,883.6

236.6

6,734.9

170.4
0.2
17,633.9
249.6
25,025.6

44,550.1

5,506.0
3,387.9

3,711.7
1,140.8

6,155.6

4,206.9
6,614.8
1,239.1

1,239.4
737.4

541.6
766.5

19,524.5

2,030.4

1,702.2
7,566.4

1,291.3

9,313.4

2,681.3

1,877.5

865.1
14,737.3

21.31
11.2
14.1
118,061.00

14.3
3,387.9
52.0

3,679.1
122.2

4,114.6

13.4
7,566.4

1,662.7
15,970.4
1,756.5
1.00
1,596.5

0.0
19.96
10.7
11.4
135,973.00
10,856.8
14.5
4,206.9
57.0
13.7
80.6
3,808.8
249.6
435.4
11,376.7

4,641.8
6,734.9
12.2
9,313.4
125.8
63.6
57.0
1,086.7
1,759.1
1,993.7
19,652.0
1,759.1
1.00
1,953.1

771.7
2,475.4
34.5

151.6
187.5

269.2
1,872.9
503.5

23.1

157.4

3,539.5

881.1

13,665.1
8.2
8.6
3,186.2

653.8

867.9
2,477.7
34.5

921.5
276.8
95.8
158.2

716.3
788.3
2,949.6
11.6
132.6
2,765.2
36.5
601.2
136.7
345.2
269.2
1,536.3
644.7
515.6
916.8
18.5
100.0

898.0
908.6
662.5
4,302.7
450.3
38.4
179.5
2,070.0
2,070.0
386.6
5.7
6.5
4,135.2
139.2
16,536.5
711.2


5,755.7

1,995.9

12.7
438.4
140.4
298.1
535.9
19.10
189.4
6,434.00

1.0
239.5
6,947.4
743.0
1,133.9
516.9
2,070.0

1,756.5

900.0
5,774.4
76.8
2,583.2
100.2
76.8
2.6
430.3
148.3
340.5
577.0
23.60
202.5

2012

2013

2014

2015

1742.1
11290.6
13032.7

1742.9
14204.9
15947.8

1743.8
17279.6
19023.4

1756.5
21605.4
23361.9

11.4
271.1
404.9

8.4
341.8
396.5

426.4
401.4

503.5
427.9

2721.3
5222.8
1224
1627.1

2407.4
6041.4
1336.4
1799.2

442.9
7046.7
1473
2404.2

1291.3
7566.4
1702.2
2030.4

24515.3

28278.9

31218

36883.6

Assets
Non Current Assets
A) Fixed Assets
I) Tangible Assets
II) Intangible Assets
III) Capital Work-In-Progress
B) Non Current Investments
C) Long Term Loans and Advance
D) Other Non Current Assets

5781.9
71.4
115.8
1594.8
185.7
838.4

6037.1
128.7
170.7
2349.7
87
2131.8

6422.6
113.9
167.3
5547.5
148.5

6624.3
200.9
122.2
14070
123
20

Current Assets
A) Current Investments
B) Inventories
C) Trade Receivables
D) Cash and Cash Equivalents
E) Short Term Loans and Advance
F) Other Current Assets

3932.4
5285.7
2241.7
2612.9
1532.5
322.1

4944.4
4997.4
2553.2
3194
1165.3
519.6

5636.7
5582
3231.2
2974.7
846.2
547.4

3711.7
5506
3387.9
1239.4
1140.8
737.4

24515.3

28278.9

31218

36883.6

Equity and Liabiities


Shareholder Funds
A) Share Capital
B) Reserves and Surplus

Non Current Liabilities


A) Long term Borrowings
B) Deferred Tax liabilities
C) Long Term Provisions
Current Liabilities
A) Short term borrowings
B)Trade Payables
C) Other Current Liabilities
D) Short Term Provisions
Equity and Liabilities

Total Assets

2016

1759.1
26958.7
28717.8

Liquidity Analysis
Current Ratio
Quick Ratio
Receivable Turnover
Average Collection Period (Days)
Inventory Turnover
Average Inventory Holding Period
(Days)
Operating Cycle

2012
1.475405736
0.985771454
16.76201097
21.47713664
7.108878673
50.64089803
72.11803467

644.7
450.3
Profitability Analysis
2012
Revised profit margin(excluding other
Profit
margin(%)
12.32827861
income and exceptional &
865.1
9313.4
1877.5
2681.3

extraordinary items)
Asset turnover
Return on assets(%)
Return on equity(%)
Earnings per share

12.05549375
1.53273262
18.89595477
35.54443822
2.66000116

44550.1

6734.9
170.4
249.6
17633.9
236.6
0.2

6614.8
6155.6
4206.9
541.6
1239.1
766.5
44550.1

Trend analysis
Net sales
Net profit
Tangible assets
Intangible Assets

2012
100
100
100
100

2013
1.499766928
1.068376437
18.14173393
19.8437482
8.459297294

2014
2015
2016
1.655540697 1.24883442 1.324835621
1.164461414 0.811513626 0.907147171
16.83866952
16.410932 15.14193922
21.37936132 21.9365969 23.77502609
9.206722498 9.796681097 9.861425533

42.55672635 39.1018628 36.7471388 36.50587826


62.40047455 60.48122413 58.68373569 60.28090435

2013
2014
2015
2016
13.58765252 13.80059465 14.04052083 16.33930435
11.58990111
1.647677207
22.38806536
40.78466555
3.389999679

11.56367041
1.637086974
22.59277374
38.43734273
3.85000063

11.94359341
1.595052099
22.39536222
35.98323003
4.346760421

12.91947826
1.412191758
23.07423094
36.07970092
5.344024682

2013
115.7509967
127.5753389
104.413774
180.2521008

2014
2015
2016
129.6082011 144.5435045 153.0256498
145.0867801 164.6187721 202.8127968
111.0811325 114.5696051 116.4824712
159.5238095 281.372549 238.6554622

32.58523876
23.07423094
36.08

Dupont Analysis
Ratios
Profit Margin(%)
Asset Turnover
Return on Assets(%)
Cost Leverage
Return on Equity(%)

FY2013
13.59

FY2014 FY2015
13.80
14.04

1.65
22.39
1.82
40.78

EFFECT OF CHANGE IN PROFIT MARGIN ON ROA


EFFECT OF CHANGE IN ASSET TURNOVER ON ROA

1.64
22.59
1.70
38.44

1.60
22.40
1.61
35.98

2.30
(0.18)

FY2016
16.34
1.41
23.07
1.56
36.08

3.67
(2.57)

0.67887

Gross Revenue from Sale of Products


A)Less:Excise Duty
B)Net Revenue from Sale of Products
C)Sale of Services
D)Other Operating Revenues
E)Revenue from Operations net
Other Income
Total Revenue
Expenses
A)Cost of Materials Consumed
B)Purchase of Stock and Trade
C)Changes in Inventories of FG,WIP and Stock in Trade
i)FG
ii)WIP
iii)Stock in Trade
D)Employee Benefits Expenses
E)Finance Costs
F)Depreciation and Ammortisation Expenses
G)Other Expenses
Total Expense
Profit Before Exceptional and Extraordinary Items and Tax
Exceptional Items
Profit Before Extraordinary Items and Tax
Extraordinary Items
Profit Before Tax
Tax Expense
A)Current Tax
B)Deferred Tax
C)Earlier year Tax
minority interest
Profit/Loss for the year from continuing operations after minority interest
Earnings per equity share before extraordinary items(in Rupees)
A)Basic
B)Dilute
Weighted average number of Equity Shares outstanding
Earnings per equity share after extraordinary items(in Rupees)
A)Basic
B)Dilute

2012

2013

43493.9
868.9
44362.8

2014
49129.4
-561.4
48568
1.7
131.1
48700.8
1096.6
49797.4

2015
54933
-743.8
54189.2
1
122.6
54312.8
1378.5
55691.3

2016
58221.6
-825.3
57396.3
0.7
103
57500
1966.4
59466.4

37575.4
551.4
38126.8
14837
6029.4

16580.5
6302.9

18179.8
7569.7

19210.9
9372.5

18477.5
9881.4

-187.8
-319.1
-86.4
2433.7
141
658.8
8301
31807.6
6319.2
0
6319.2
-448.9
5870.3

128.1
22.6
107.6
2812.4
184
732.4
9995.6
36866.1
7496.7
0
7496.7
0
7496.7

-80.8
55.4
-97.8
3439.3
193.5
538.9
11378.9
41176.9
8620.5
0
8620.5
-7.2
8613.3

-406.6
112.9
-28.8
3929.9
98.9
659.7
12737
45686.4
10004.9
-239.6
9765.3
0
9765.3

-90.7
-96.2
-50.8
4317.7
98.3
728.2
14073.6
47339
12127.4
0
12127.4
0
12127.4

1144.5
93.4
0
4632.4

1505.9
70.7
10.3
0
5909.8

1804.8
84.6
2.9
0
6721

2.92
2.9
1741.503

3.39
3.37
1,743.30

3.86
3.83
1,745.71

4.35
4.32
1,754.36

5.34
5.31
1,758.06

2.66
2.64

3.39
3.37

3.85
3.83

4.35
4.32

5.34
5.31

2046.9
96
-3.4 0
7625.8

2591.1
141.2
0
9395.1

Dabur India Ltd (DABUR IN) - Common Size


In Millions of INR except Per Share
12 Months Ending
Total Assets
Assets
+ Cash & Near Cash Items
+ Short-Term Investments
+ Accounts & Notes Receivable
+ Inventories
+ Other Current Assets
Total Current Assets
+ LT Investments & LT Receivables

FY 2012
03/31/2012
24,515.3

FY 2013
03/31/2013
27,984.5

FY 2014
03/31/2014
31,218.0

11.9
16.0
9.1
21.6
6.3
65.0
6.3

2.2
31.0
9.1
17.9
6.0
66.2
9.3

9.4
20.9
10.4
17.9
4.6
63.1
15.4

+ Net Fixed Assets


+ Gross Fixed Assets
- Accumulated Depreciation
+ Other Long-Term Assets
Total Long-Term Assets
Total Assets

24.1
35.5
11.4
4.7
35.0
100.0

22.2
33.7
11.5
2.3
33.8
100.0

21.1
32.7
11.6
0.4
36.9
100.0

Liabilities & Shareholders' Equity


+ Accounts Payable
+ Short-Term Borrowings
+ Other Short-Term Liabilities
Total Current Liabilities
+ Long-Term Borrowings
+ Other Long-Term Liabilities
Total Long-Term Liabilities
Total Liabilities
+ Total Preferred Equity
+ Minority Interest
+ Share Capital & APIC
+ Retained Earnings & Other Equity
Total Equity
Total Liabilities & Equity

21.3
11.3
11.5
44.0
0.0
2.8
2.8
46.8
0.0
0.0
8.0
45.1
53.2
100.0

20.5
8.6
12.3
41.4
0.0
2.6
2.7
44.1
0.0
0.0
7.3
48.6
55.9
100.0

22.6
1.4
12.4
36.4
0.0
2.7
2.7
39.1
0.0
0.0
6.8
54.1
60.9
100.0

IN GAAP
7.1
0.0
0.0

0.1
0.0

IN GAAP
6.2
0.0
0.0

0.2
0.0

IN GAAP
5.6
0.0
0.0

0.2
0.0

Reference Items
Accounting Standard
Shares Outstanding
Number of Treasury Shares
Amount of Treasury Shares
Pension Obligations
Operating Leases
Capital Leases - Short Term

Capital Leases - Long Term


Capital Leases - Total
Percent Of Foreign Ownership
Number Of Shareholders
Options Granted During Period
Options Outstanding at Period End
Net Debt
Net Debt to Equity
Tangible Common Equity Ratio
Current Ratio
Inventory - Raw Materials
Inventory - Work in Progress
Inventory - Finished Goods
Other Inventory/Allowances
Pure Retained Earnings
Goodwill
Investments in Associated Companies
Number of Employees
Source: Bloomberg

0.0
0.0
0.1
124,740.0
0.0

-16.6
-0.1
0.2
0.0
9.1
3.9
6.8
1.8

0.0
0.2

0.0
0.0
0.1
115,442.0
0.0
0.1
-24.6
-0.2
0.2
0.0
5.2
3.4
6.7
2.7
39.0
0.0

0.0
0.0
0.1
123,555.0
0.0
0.1
-28.8
-0.2
0.2
0.0
5.4
2.8
6.5
3.1
42.8
0.0

6,382.0

FY 2015
03/31/2015
36,883.6

FY 2016
03/31/2016
44,550.1

3.2
10.1
9.2
14.9
5.2
42.6
38.5

1.1
14.8
9.4
13.8
4.6
43.8
2.8

18.3
29.4
11.2
0.6
57.4
100.0

15.7
26.1
10.4
37.7
56.2
100.0

20.5
3.5
10.1
34.1
0.0
2.5
2.5
36.7
0.0
0.0
9.3
54.1
63.3
100.0

20.9
1.9
10.2
33.1
0.0
2.5
2.5
35.5
0.0
0.0
8.4
56.0
64.5
100.0

IN GAAP
4.8
0.0
0.0

0.1
0.0

IN GAAP
3.9
0.0
0.0

0.1
0.0

0.0
0.0
0.1
118,061.0
0.0
0.0
-9.8
0.0
0.2
0.0
4.3
2.1
6.7
1.8
43.3
0.0
0.0

0.0
0.0
0.0
135,973.0
0.0
0.0
-14.0
0.0
0.1
0.0
4.4
1.9
5.9
1.6
44.1
0.0
0.0

Dabur India Ltd (DABUR IN) - Standardized


In Millions of INR except Per Share
12 Months Ending
Cash From Operating Activities
+ Net Income
+ Depreciation & Amortization
+ Other Non-Cash Adjustments
+ Changes in Non-Cash Capital
Cash From Operations

FY 2013
03/31/2013

FY 2014
03/31/2014

FY 2015
03/31/2015

5,909.8
490.5
43.2
947.1
7,390.6

6,721.0
538.9
230.4
374.0
7,864.3

7,625.8
659.7
399.0
502.8
9,187.3

Cash From Investing Activities


+ Disposal of Fixed Assets

53.9

10.6

149.3

+ Capital Expenditures
+ Increase in Investments
+ Decrease in Investments
+ Other Investing Activities
Cash From Investing Activities

-854.0
-46,071.8
43,036.3
-90.0
-3,925.6

-961.8
-65,445.9
64,514.8
12.0
-1,870.3

-1,110.6

-6,047.1
-7,008.4

-2,830.1
-314.0

-4.6
0.4

28.0
-3,120.3
344.7

-3,261.9
-1,964.5
0.0
-8.4
0.5
0.0
29.8
-5,204.5
789.5

-4,619.5
848.4
0.0
0.0
455.0
0.0
32.1
-3,284.0
-1,105.1

7,317.0
16.88
1,481.6
129.4

6,536.6
6,634.3
6,271.9
3.75
36.51
1.25

8,607.0
17.72
1,785.0
114.2
856.2
6,902.5
6,991.6
4,940.2
3.96
45.38
1.17

9,581.7
17.68
2,040.9
51.4
846.7
8,076.7
8,116.8
9,074.4
4.60
57.68
1.20

Cash from Financing Activities


+ Dividends Paid
+ Change in Short-Term Borrowings
+ Increase in Long-Term Borrowings
+ Decrease In Long-Term Borrowings
+ Increase in Capital Stocks
+ Decrease in Capital Stocks
+ Other Financing Activities
Cash from Financing Activities
Net Changes in Cash
Reference Items
EBITDA
Trailing 12M EBITDA Margin
Cash Paid for Taxes
Cash Paid for Interest
Interest Received
Free Cash Flow
Free Cash Flow to Firm
Free Cash Flow to Equity
Free Cash Flow per Basic Share
Price to Free Cash Flow
Cash Flow to Net Income
Direct Method Cashflow

Source: Bloomberg

FY 2016
03/31/2016

Last 12M
06/30/2016

9,395.1
728.2
229.5
604.5
10,957.3

9,638.3
722.3

94.7
-1,068.4

-5,389.1
-6,362.8

-4,227.0
-426.3
0.0
0.0
170.6
0.0
33.1
-4,449.6
144.9

11,010.1
19.18
2,607.3
32.0
1,386.4
9,888.9
9,913.7
9,557.3
5.62
44.43
1.17

11,158.1
19.78

53.73

Dabur India Ltd (DABUR IN) - As Reported


In Millions of INR except Per Share
12 Months Ending
Cash Flow
Cash From Operating Activities
Change In Other Provisions
Write-Offs
Gain (Loss) On Sale of Investments and Mkt Sec
Total Cashflow From Ops Before Working Capital
Change in Accounts Receivable
Change in Prepaid Expenses
Foreign Exchange Gains/Losses

FY 2012
03/31/2012

FY 2013
03/31/2013

FY 2014
03/31/2014

10.9
295.8
-71.9
6,635.6

8.9

5.4

-95.6
7,560.0

42.0

22.5
0.0
-170.2
8,533.3

-13.1

Depreciation
Other Non-Cash Items
Change in Inventories
Change in Accounts Payable
Interest Expense
Change In Trade Payables & Other Current Liab
Gain (Loss) From The Sale Of Fixed Assets
Net Cash From Operating Activities
Tax Paid
Profit Before Taxation And Minority Interest
Increase/Decrease In Trade & Other Receivables
Net Change In Working Capital
Cash Paid For Taxes
Interest Income - CF
Other Amortization of Non-Cash Expenses/Gains
Amortization of Deferred Compensation
Total Cash Flows From Operations
Cash From Investing Activities
Capital Expenditures
Proceeds From Investments
Purchases of Investments
Other Investing Activities
Disposal of Fixed Assets
Increase/Decrease In Advance To A Subsidiary
Interest Received From Investing Activities
Interest Income - CF
Total Cash Flows From Investing
Cash from Financing Activities
Cash Paid For Interest
Issuance of Common Stock
Dividend Tax Paid

387.3
-6.5
-679.9
954.6
141.0

2.2
6,393.0

6,319.2
-517.3

-1,191.8
-451.3

5,201.2

490.5
189.1
288.3
867.6
123.9

6.6
8,507.1

7,496.7
-208.8
947.1
-1,481.6
-698.6

7,025.5

538.9

-578.8

114.2
1,477.5
8.2
8,907.3

8,613.3
-524.7
374.0
-1,785.0
-817.5
237.0

7,122.3

-1,423.9
32,756.6
-33,750.1
-160.0
24.5

367.1
-2,185.8

-854.0
43,036.3
-46,071.8
-90.0
53.9

494.5
-3,431.1

-961.8
64,514.8
-65,445.9
12.0
10.6

856.2

-1,014.1

-141.1
0.7
-339.0

-129.4
0.4
-395.8

0.5
-474.1

Cash and Cash Equivalents (Beg of Period)


Cash and Cash Equivalents (End of Period)
Net Change In Cash
Effect of Exchange Rates On Cash
Increase In Short-Term Borrowings
Increase (Decrease) Long-Term Borrowings - Net
Increase (Decrease) Short-Term Borrowings -Net
Decrease In Long-Term Borrowings
Dividends Paid
Interest Paid From Financing Activities
Decrease In St Borrowings
Increase In Long-Term Borrowings
Total Cash Flows From Financing
Reference Items
Cash and Cash Equivalents (End of Period)
Cash and Cash Equivalents (Beg of Period)
Source: Bloomberg

1,924.1
2,612.9
688.8

139.6
99.1

-2,085.9

-2,326.6

357.2
645.9
316.7
28.0

-4.6
-314.0

-2,434.3

-3,277.7

673.9
1,463.4
759.7
29.8

-8.4
-1,964.5

-2,787.8
-114.2

-5,348.5

2,612.9
1,924.1

645.9
357.2

FY 2015
03/31/2015

FY 2016
03/31/2016

75.1
239.6
-179.5
9,930.1

-8.7

60.0
0.0
-215.3
11,605.7

21.4

659.7

76.0

51.4
856.6
11.1
10,432.9

9,765.3
-429.8
502.8
-2,040.9
-1,075.9
392.0

8,392.0

728.2

-649.5

32.0
2,039.9
-24.0
12,210.2
-2,607.3
12,127.4
-785.9
604.5

-1,572.5

448.5
9,602.9

-1,110.6
56,545.9
-62,593.0
0.0
149.3

846.7

-6,161.7

-1,068.4
65,968.0
-71,357.1

94.7
0.0
1,386.4

-4,976.4

455.0
-671.6

170.6
-715.8

1,463.4
358.3
-1,137.2
32.1

0.0
848.4

-3,947.9
-51.4

-3,367.5

358.3
503.2
111.8
33.1

0.0
-426.3

-3,511.2
-32.0

-4,514.7

Dabur India Ltd (DABUR IN) - Profitability


In Millions of INR except Per Share
12 Months Ending
Returns
Return on Common Equity
Return on Assets
Return on Capital
Return on Invested Capital

FY 2012
03/31/2012

FY 2013
03/31/2013

FY 2014
03/31/2014

38.53
19.07
32.23
30.93

41.20
22.51
35.46
30.97

38.76
22.71
36.28
31.69

Margins
EBITDA Margin
Operating Margin

17.00
15.97

16.88
15.75

17.72
16.12

Incremental Operating Margin


Pretax Margin
Income before XO Margin
Net Income Margin
Net Income to Common Margin

16.82
13.52
12.33
12.33

14.32
17.30
13.63
13.63
13.63

19.23
17.75
13.85
13.84
13.84

Additional
Effective Tax Rate
Dvd Payout Ratio
Sustainable Growth Rate
Source: Bloomberg

19.59
44.57
21.36

21.17
44.24
22.97

21.95
45.36
21.18

FY 2015
03/31/2015

FY 2016
03/31/2016

35.98
22.40
34.75
30.78

36.08
23.07
34.74
28.63

17.68
16.46

19.18
17.91

18.20
18.02
14.07
14.07
14.07

42.41
21.13
16.37
16.37
16.37

21.91
46.07
19.41

22.53
42.13
20.88

Dabur India Ltd (DABUR IN) - Growth


In Millions of INR except Per Share
12 Months Ending
1 Year Growth
Revenue
EBITDA
Operating Income
Net Income to Common
EPS Diluted
EPS Diluted before XO
EPS Diluted before Abnormal
Dividend per Share
Accounts Receivable
Inventory
Fixed Assets
Total Assets
Modified Working Capital
Working Capital
Employees
Accounts Payable
Short-Term Debt
Total Debt
Total Equity
Capital
Book Value per Share
Cash From Operations
Capital Expenditures
Net Change In Cash
Free Cash Flow
Cash Flow to Firm
Free Cash Flow to Firm
5 Year Growth
Revenue
EBITDA
Operating Income
Net Income to Common
EPS Diluted
EPS Diluted before XO
EPS Diluted before Abnormal
Dividend per Share

FY 2012
03/31/2012

FY 2013
03/31/2013

FY 2014
03/31/2014

14.54
-0.27
-0.46
-1.73
-2.01
7.64
7.64
13.04

15.35
14.55
13.77
27.58
27.65
16.21
16.21
15.38

12.05
17.63
14.72
13.73
13.65
13.65
13.65
16.67

10.72
14.76
18.69
1.81
37.02
8.39

5.54
11.98
9.98
18.35
16.79
18.26

13.90
-5.34
5.26
14.15
-21.01
35.23

9.83
-12.62
-12.67
20.13
14.38
20.07

26.55
11.57
6.16
11.55
-2.96
20.05

22.85
-81.64
-81.70
21.51
7.69
21.45

55.48
90.97
141.68
45.85
54.48
44.86

36.18
-40.02
-49.96
63.28
35.60
61.87

6.41
12.62
129.04
5.60
6.21
5.39

16.14
16.14
16.44
12.95
12.75
14.89
14.89
8.24

15.78
13.51
13.49
13.34
13.14
13.14
13.14
14.87

15.18
14.43
13.75
12.51
12.30
12.30
12.30
14.87

Accounts Receivable
Inventory
Fixed Assets
Total Assets
Modified Working Capital
Working Capital
Accounts Payable
Short-Term Debt
Total Debt
Total Equity
Total Capital 5 Year Growth
Book Value per Share

29.74
27.42
20.92
25.04
74.56
37.56
20.67
27.18
26.15
26.45
26.39
26.21

20.51
19.99
17.03
19.35
35.24
38.42
17.02
30.88
28.80
24.27
24.82
24.05

23.52
16.36
14.87
15.32
13.78
58.75
20.15
-22.78
-23.28
20.84
16.56
20.65

Cash From Operations


Net Change In Cash
Free Cash Flow
Cash Flow to Firm
Free Cash Flow to Firm

15.89
64.06
12.06
16.14
12.41

18.73
19.37
19.68
18.68
19.61

17.87
0.92
22.65
17.56
22.12

Sequential Growth
Revenue
EBITDA
Operating Income
Net Income to Common
EPS Diluted
EPS Diluted before XO
EPS Diluted before Abnormal
Dividend per Share

14.54
-0.27
-0.46
-1.73
-2.01
7.64
7.64
13.04

15.35
14.55
13.77
27.58
27.65
16.21
16.21
15.38

12.05
17.63
14.72
13.73
13.65
13.65
13.65
16.67

Accounts Receivable
Inventory
Fixed Assets
Total Assets
Modified Working Capital
Working Capital
Employees
Accounts Payable
Short-Term Debt
Total Debt
Total Equity
Capital
Book Value per Share

10.72
14.76
18.69
1.81
37.02
8.39

5.54
11.98
9.98
18.35
16.79
18.26

13.90
-5.34
5.26
14.15
-21.01
35.23

9.83
-12.62
-12.67
20.13
14.38
20.07

26.55
11.57
6.16
11.55
-2.96
20.05

22.85
-81.64
-81.70
21.51
7.69
21.45

Cash From Operations

55.48

36.18

6.41

Capital Expenditures
Net Change In Cash
Free Cash Flow
Cash Flow to Firm
Free Cash Flow to Firm
Source: Bloomberg

90.97
141.68
45.85
54.48
44.86

-40.02
-49.96
63.28
35.60
61.87

12.62
129.04
5.60
6.21
5.39

FY 2015
03/31/2015

FY 2016
03/31/2016

11.57
11.32
12.95
13.46
12.79
12.79
13.48
14.29

5.92
14.91
15.24
23.20
22.92
22.92
20.14
12.50

4.85
-1.36
2.38
18.15
-24.85
-62.40

7.38
191.56
191.56
22.81
26.65
21.92

24.17
11.80
3.53
20.79
-20.97
52.80

23.09
-33.01
-33.01
22.93
20.00
22.74

16.82
15.47

17.01
16.02
16.09

19.27
-3.80

22.44
19.02
22.14

13.67
11.98
11.73
11.98
28.15
28.15
28.30
14.87

11.84
11.44
11.27
14.79
14.53
14.53
14.15
14.37

21.03
13.03
7.66
16.17
10.69
14.15
16.74
-3.18
-5.44
25.53
21.79
25.23

15.75
5.97
7.05
13.09
-9.01
0.22
13.48
-18.89
-19.25
21.13
16.93
20.88

12.60

16.33
12.33
15.93

25.71
-12.65
29.22
25.17
28.50

11.57
11.32
12.95
13.46
12.79
12.79
15.32
14.29

5.92
14.91
15.24
23.20
22.92
22.92
20.14
12.50

4.85
-1.36
2.38
18.15
-24.85
-62.40

7.38
191.56
191.56
22.81
26.65
21.92

24.17
11.80
3.53
20.79
-20.97
52.80

23.09
-33.01
-33.01
22.93
20.00
22.74

16.82

19.27

15.47
-239.97
17.01
16.02
16.09

-3.80

22.44
19.02
22.14

Dabur India Ltd (DABUR IN) - Credit


In Millions of INR except Per Share
12 Months Ending
Short and Long Term Debt
Short-Term Debt
Long Term Debt

FY 2012
03/31/2012
2,771.6
2,760.2
11.4

FY 2013
03/31/2013
2,420.4
2,412.0
8.4

FY 2014
03/31/2014
442.9
442.9
0.0

Total Debt/T12M EBITDA


Net Debt/EBITDA

0.43
-0.64

0.33
-0.94

0.05
-1.05

Total Debt/EBIT
Net Debt/EBIT

0.46
-0.68

0.35
-1.01

0.06
-1.15

EBITDA to Interest Expense


EBITDA-CapEx/Interest Expense
EBIT to Interest Expense

53.95
41.92
50.68

59.06
52.16
55.10

75.37
66.95
68.57

EBITDA/Cash Interest Paid


EBITDA-CapEx/Cash Interest Paid
EBIT/Cash Interest Paid

45.27
35.18
42.53

56.55
49.95
52.76

75.37
66.95
68.57

Cash Interest Paid


Interest Expense

141.1
118.4

129.4
123.9

114.2
114.2

Common Equity/Total Assets


Long-Term Debt/Equity
Long-Term Debt/Capital
Long-Term Debt/Total Assets

53.16
0.09
0.07
0.05

55.95
0.05
0.05
0.03

60.94
0.00
0.00
0.00

Total Debt/Equity
Total Debt/Capital
Total Debt/Total Assets

21.27
17.54
11.31

15.46
13.39
8.65

2.33
2.28
1.42

-31.24
-25.76

-43.90
-38.02

-47.31
-46.24

6,387.8
4,963.9
6,000.5

7,317.0
6,463.0
6,826.5

8,607.0
7,645.2
7,899.1

Net Debt/Equity
Net Debt/Capital
EBITDA
EBITDA-CapEx
EBIT
Source: Bloomberg

FY 2015
03/31/2015
1,291.3
1,291.3
0.0

FY 2016
03/31/2016
865.1
865.1
0.0

0.13
-0.38

0.08
-0.57

0.14
-0.40

0.08
-0.61

186.41
164.81
173.58

344.07
310.68
321.31

186.41
164.81
173.58

344.07
310.68
321.31

51.4
51.4

32.0
32.0

63.34
0.00
0.00
0.00

64.46
0.00
0.00
0.00

5.53
5.24
3.50

3.01
2.92
1.94

-15.44
-14.63

-21.71
-21.07

9,581.7
8,471.1
8,922.0

11,010.1
9,941.7
10,281.9

Dabur India Ltd (DABUR IN) - Liquidity


In Millions of INR except Per Share
12 Months Ending
Cash Ratio
Current Ratio
Quick Ratio
CFO/Avg Current Liab
Common Equity/Total Assets

FY 2012
03/31/2012
0.63
1.48
0.84
0.54
53.16

FY 2013
03/31/2013
0.80
1.60
1.02
0.66
55.95

FY 2014
03/31/2014
0.83
1.73
1.12
0.69
60.94

0.09
0.07
0.05

0.05
0.05
0.03

0.00
0.00
0.00

Total Debt/Equity
Total Debt/Capital
Total Debt/Total Assets

21.27
17.54
11.31

15.46
13.39
8.65

2.33
2.28
1.42

CFO/Total Liabilities
CFO/CapEx
Altman's Z-Score

47.26
3.81
7.68

59.95
8.65
8.58

64.49
8.18
10.23

0.0

500.0

0.0

Long-Term Debt/Equity
Long-Term Debt/Capital
Long-Term Debt/Total Assets

Total Commercial Paper Outstanding


Source: Bloomberg

FY 2015
03/31/2015
0.39
1.25
0.66
0.77
63.34

FY 2016
03/31/2016
0.48
1.32
0.77
0.80
64.46

0.00
0.00
0.00

0.00
0.00
0.00

5.53
5.24
3.50

3.01
2.92
1.94

67.94
8.27
13.19

69.21
10.26
11.90

Dabur India Ltd (DABUR IN) - Working Capital


In Millions of INR except Per Share
12 Months Ending
Accounts Receivable Turnover
Days Sales Outstanding
Accounts Payable Turnover
Accounts Payable Turnover Days

FY 2012
03/31/2012
17.62
20.78
3.08
118.93

FY 2013
03/31/2013
18.08
20.19
3.00
121.71

FY 2014
03/31/2014
16.79
21.73
2.96
123.30

Total Inventory
Inventory Raw Materials
Inventory In Progress

5,285.7
2,227.4
962.6

5,003.2
1,448.8
940.0

5,582.0
1,696.9
884.6

Inventory Finished Goods


Other Inventory
Source: Bloomberg

1,659.3
436.4

1,861.4
753.0

2,040.0
960.5

FY 2015
03/31/2015
16.37
22.29
3.90
93.55

FY 2016
03/31/2016
15.11
24.21
3.44
106.49

5,506.0
1,596.5
771.7

6,155.6
1,953.1
867.9

2,475.4
662.4

2,616.9
717.7

Dabur India Ltd (DABUR IN) - Yield Analysis


In Millions of INR except Per Share
12 Months Ending
T12 Cash Flows to Equity
+ Cash From Operations
+ Capital Expenditures
Free Cash Flow
Market Capitalization
Free Cash Flow Yield

FY 2012
03/31/2012

FY 2013
03/31/2013

FY 2014
03/31/2014

5,427.2
-1,423.9
4,003.3
185,708.0
2.16

7,390.6
-854.0
6,536.6
238,694.9
2.74

7,864.3
-961.8
6,902.5
313,276.0
2.20

-2,424.9
0.7

-2,830.1
0.4

-3,261.9
0.5

Net ST Debt Repayments


Net LT Debt Repayments
Other Financing Activities
T12 Cash to Suppliers of Capital
Market Capitalization
T12 Shareholder Yield

99.1
139.6
0.0
-2,185.5
185,708.0
1.18

-314.0
-4.6
28.0
-3,120.3
238,694.9
1.31

-1,964.5
-8.4
29.8
-5,204.5
313,276.0
1.66

- Dividends Paid
- Net Share Repurchases
T12 Cash to Shareholders
Market Capitalization
T12 Shareholder Yield, Ex Debt

-2,424.9
0.7
2,424.2
185,708.0
1.31

-2,830.1
0.4
2,829.7
238,694.9
1.19

-3,261.9
0.5
3,261.4
313,276.0
1.04

T12 Cash Flows to the Firm


+ Cash From Operations
+ Capital Expenditures
+ After-Tax Interest Expense
Trailing 12M Free Cash Flow To Firm
Periodic Enterprise Value
T12 FCFF Yield

5,427.2
-1,423.9
95.2
4,098.5
181,636.2
2.26

7,390.6
-854.0
97.7
6,634.3
231,822.6
2.86

7,864.3
-961.8
89.1
6,991.6
304,275.2
2.30

-2,424.9
0.7
99.1
139.6
0.0
-2,185.5
181,636.2
1.20

-2,830.1
0.4
-314.0
-4.6
28.0
-3,120.3
231,822.6
1.35

-3,261.9
0.5
-1,964.5
-8.4
29.8
-5,204.5
304,275.2
1.71

Dividends Paid
Net Share Repurchases

- Dividends Paid
- Net Share Repurchases
- Net ST Debt Repayments
- Net LT Debt Repayments
- Other Financing Activities
T12 Cash to Suppliers of Capital
Periodic Enterprise Value
T12 Capital Yield
Source: Bloomberg

FY 2015
03/31/2015

FY 2016
03/31/2016

9,187.3
-1,110.6
8,076.7
466,441.8
1.73

10,957.3
-1,068.4
9,888.9
439,609.4
2.25

-4,619.5
455.0

-4,227.0
170.6

848.4
0.0
32.1
-3,284.0
466,441.8
0.70

-426.3
0.0
33.1
-4,449.6
439,609.4
1.01

-4,619.5
455.0
4,164.5
466,441.8
0.89

-4,227.0
170.6
4,056.4
439,609.4
0.92

9,187.3
-1,110.6
40.1
8,116.8
462,834.0
1.75

10,957.3
-1,068.4
24.8
9,913.7
433,375.1
2.29

-4,619.5
455.0
848.4
0.0
32.1
-3,284.0
462,834.0
0.71

-4,227.0
170.6
-426.3
0.0
33.1
-4,449.6
433,375.1
1.03

Dabur India Ltd (DABUR IN) - DuPont Analysis


In Millions of INR except Per Share
12 Months Ending
Tax Burden
Net Inc to Comn/Pre-Tax Profit %
Adjustment Factor
Normlzd Net Inc/Net Inc to Cmn
Interest Burden
Pre-Tax Profit/EBIT %
Operating Margin
EBIT/Revenue %
Asset Turnover

FY 2012
03/31/2012

FY 2013
03/31/2013

FY 2014
03/31/2014

73.31

78.83

77.97

1.10

1.00

1.00

98.16

98.37

98.69

15.97

15.75

16.12

1.55

1.65

1.64

2.02

1.83

1.71

Adjusted Return on Equity

42.27

41.20

38.80

5 Year Average Adj ROE


Payout Ratio
Sustainable Growth Rate
Source: Bloomberg

55.63
44.57
21.36

50.30
44.24
22.97

46.29
45.36
21.18

Revenue/Avg Assets
Leverage Ratio
Avg Assets/Avg Equity

FY 2015
03/31/2015

FY 2016
03/31/2016

78.09

77.47

1.01

0.98

99.48

99.74

16.46

17.91

1.59

1.41

1.61

1.56

36.20

35.48

41.88
46.07
19.41

38.79
42.13
20.88

Dabur India Ltd (DABUR IN) - By Measure


In Millions of INR except Per Share
12 Months Ending
Revenue
Consumer Care Business
Foods
Others
Reconciliation
Operating Income
Unallocated
Others
Foods

FY 2012
03/31/2012
37,575.4
100.0%
30,634.1
81.8%
5,343.4
14.3%
1,450.2
3.9%
147.7

FY 2013
03/31/2013
43,344.8
100.0%
34,736.7
80.1%
6,661.2
15.4%
1,943.9
4.5%
3.0

Consumer Care Business


Segment Profit
Consumer Care Business
Foods
Others
Unallocated
Net Income
Consumer Care Business
Foods
Others
Unallocated
Assets
Unallocated
Consumer Care Business
Foods
Others
Reconciliation
Liabilities
Unallocated
Consumer Care Business
Foods
Others
Reconciliation
Capital Employed
Unallocated
Consumer Care Business
Foods
Others
Depreciation and Amortization
Consumer Care Business
Unallocated

6,008.9
7,712.0
968.6
36.7
-2,708.4
4,632.4
7,712.0
968.6
36.7
-4,084.9
24,515.3
12,152.8
8,928.7
1,592.4
1,303.1
538.3
11,482.6
9,064.8
1,303.0
113.7
1,000.7
0.4

387.3
207.8
113.7

6,982.1
9,228.8
831.7
136.7
-3,215.1
5,909.9
9,228.8
831.7
136.7
-4,287.3
27,987.1
15,737.0
9,776.3
2,102.0
371.8

12,331.2
9,234.2
2,291.1
695.2
110.7

490.4
263.1
144.0

100.0%
88.5%
11.1%
0.4%
100.0%
88.5%
11.1%
0.4%
100.0%
75.5%
13.5%
11.0%
100.0%
53.9%
4.7%
41.4%

100.0%
76.0%

100.0%
90.5%
8.2%
1.3%
100.0%
90.5%
8.2%
1.3%
100.0%
79.8%
17.2%
3.0%
100.0%
74.0%
22.4%
3.6%

100.0%
76.0%

Foods
Others
Capital Expenditures
Others
Foods
Unallocated
Consumer Care Business
Source: Bloomberg

40.3
25.5
-1,423.9
-27.0
-44.5
-350.7
-1,001.7

14.7%
9.3%
2.5%
4.1%
93.3%

51.0
32.3
-854.0
-9.0
-59.0
-294.0
-492.0

14.7%
9.3%
1.6%
10.5%
87.9%

FY 2014
03/31/2014
48,569.7
100.0%
39,267.5
80.9%
7,996.5
16.5%
1,304.0
2.7%
1.7
7,996.5
100.0%
-3,569.8
78.6
0.7%
982.1
8.5%

FY 2015
03/31/2015
54,189.2
100.0%
43,328.8
80.0%
9,570.5
17.7%
1,289.9
2.4%

FY 2016
03/31/2016
57,396.3
100.0%
46,237.7
80.6%
9,831.8
17.1%
1,326.8
2.3%

10,505.6
7,996.5
10,505.6
982.1
78.6
-3,569.8
6,721.0
10,505.6
982.1
78.6
-4,845.3
31,217.9
16,227.2
11,934.9
2,731.7
324.1

12,194.5
7,770.3
3,230.8
1,108.4
85.0

538.9
315.8
166.1

9,027.9
10,308.4
1,089.1
42.1
-2,411.7
7,625.8
10,308.4
1,089.1
42.1
-3,813.8
36,883.6
19,709.8
14,448.5
2,408.1
317.2

13,521.7
8,487.9
4,212.7
735.8
85.3

23,361.9
11,221.9
10,235.8
1,672.3
231.9
659.7
404.2
222.4

10,653.2
12,215.8
1,237.4
29.2
-2,829.2
9,395.1
12,215.8
1,237.4
29.2
-4,087.3
44,550.1
26,755.1
14,553.5
2,954.7
286.8

15,832.3
10,437.9
4,204.8
1,116.4
73.2

28,717.8
16,317.2
10,348.7
1,838.3
213.6
728.2
449.1
246.4

90.8%
100.0%
90.8%
8.5%
0.7%
100.0%
90.8%
8.5%
0.7%
100.0%
79.6%
18.2%
2.2%
100.0%
73.0%
25.1%
1.9%

100.0%
84.7%

100.0%
90.1%
9.5%
0.4%
100.0%
90.1%
9.5%
0.4%
100.0%
84.1%
14.0%
1.8%
100.0%
83.7%
14.6%
1.7%
100.0%
84.3%
13.8%
1.9%
100.0%
92.4%

100.0%
90.6%
9.2%
0.2%
100.0%
90.6%
9.2%
0.2%
100.0%
81.8%
16.6%
1.6%
100.0%
77.9%
20.7%
1.4%
100.0%
83.5%
14.8%
1.7%
100.0%
93.2%

37.9
19.1
-961.8
-10.7
-21.7
-307.5
-621.9

10.2%
5.1%
1.6%
3.3%
95.0%

25.5
7.6
-1,110.6
-9.6
-11.3
-383.3
-706.4

5.8%
1.7%
1.3%
1.6%
97.1%

25.3
7.4
-1,068.4
-9.2
-9.4
-277.2
-772.6

5.3%
1.5%
1.2%
1.2%
97.6%

Dabur India Ltd (DABUR IN) - By Geography


In Millions of INR except Per Share
12 Months Ending
Revenue
India
Export Sales
Reconciliation
Source: Bloomberg

FY 2012
03/31/2012
37,575.4
100.0%
35,973.5
95.1%
1,841.4
4.9%
-239.5

FY 2013
03/31/2013
43,344.8
100.0%
41,005.2
93.5%
2,833.8
6.5%
-494.2

FY 2014
03/31/2014
48,569.7
100.0%
46,714.9
95.1%
2,414.5
4.9%
-559.7

FY 2015
03/31/2015
54,189.2
100.0%
52,736.1
96.0%
2,196.9
4.0%
-743.8

FY 2016
03/31/2016
57,396.3
100.0%
56,164.8
96.5%
2,056.8
3.5%
-825.3

Dabur India Ltd (DABUR IN) - By Segment


In Millions of INR except Per Share
12 Months Ending
Consumer Care Business
Revenue
Assets
Depreciation and Amortization
Capital Expenditures
Liabilities
Net Income
Capital Employed
Segment Profit
Operating Income
Foods
Revenue
Assets
Depreciation and Amortization
Capital Expenditures
Liabilities
Net Income
Capital Employed
Segment Profit
Operating Income
Others
Revenue
Assets
Depreciation and Amortization
Capital Expenditures
Liabilities
Net Income
Capital Employed
Segment Profit
Operating Income
Unallocated
Assets
Depreciation and Amortization
Capital Expenditures
Liabilities
Net Income
Segment Profit
Operating Income
Unallocated
Capital Employed

FY 2012
03/31/2012

FY 2013
03/31/2013

FY 2014
03/31/2014

30,634.1
8,928.7
207.8
-1,001.7
1,303.0
7,712.0

7,712.0

34,736.7
9,776.3
263.1
-492.0
2,291.1
9,228.8

9,228.8

39,267.5
11,934.9
315.8
-621.9
3,230.8
10,505.6

10,505.6

10,505.6

5,343.4
1,592.4
40.3
-44.5
113.7
968.6

968.6

6,661.2
2,102.0
51.0
-59.0
695.2
831.7

831.7

7,996.5
2,731.7
37.9
-21.7
1,108.4
982.1

982.1
982.1

1,450.2
1,303.1
25.5
-27.0
1,000.7
36.7

36.7

1,943.9
371.8
32.3
-9.0
110.7
136.7

136.7

1,304.0
324.1
19.1
-10.7
85.0
78.6

78.6
78.6

12,152.8
113.7
-350.7
9,064.8
-4,084.9
-2,708.4

15,737.0
144.0
-294.0
9,234.2
-4,287.3
-3,215.1

16,227.2
166.1
-307.5
7,770.3
-4,845.3
-3,569.8
-3,569.8

Revenue
Assets
Liabilities
Source: Bloomberg

147.7
538.3
0.4

3.0

1.7

FY 2015
03/31/2015

FY 2016
03/31/2016

43,328.8
14,448.5
404.2
-706.4
4,212.7
10,308.4
10,235.8
10,308.4

46,237.7
14,553.5
449.1
-772.6
4,204.8
12,215.8
10,348.7
12,215.8

9,570.5
2,408.1
25.5
-11.3
735.8
1,089.1
1,672.3
1,089.1

9,831.8
2,954.7
25.3
-9.4
1,116.4
1,237.4
1,838.3
1,237.4

1,289.9
317.2
7.6
-9.6
85.3
42.1
231.9
42.1

1,326.8
286.8
7.4
-9.2
73.2
29.2
213.6
29.2

19,709.8
222.4
-383.3
8,487.9
-3,813.8
-2,411.7

26,755.1
246.4
-277.2
10,437.9
-4,087.3
-2,829.2

11,221.9

16,317.2