NSE: DABUR

DABUR PRICE: INR 589.75

Dabur India Ltd is one of the leading FMCG Companies in India. The company is also a world leader in
Ayurveda with a portfolio of over 250 Herbal/Ayurvedic products. They operate in key consumer product
categories like Hair Care, Oral Care, Health Care, Skin Care, Home Care and Food.

Industry FMCG Market Cap 104,259.05 Cr. Revenue FY20 9,886 Cr.
CEO Mohit Malhotra P/E Ratio 56.42 Net Profit FY20 1,695 Cr.
Founded 1884 ROE 22.09% YOY Growth% 10%
HQ Ghaziabad EPS 9.58 Profit margin 17.73%

FY21 Sales Contribution Stock Performance in FY20 Shareholding Pattern

600
Others
2% others
500 DII 5%
International 9%
27% 400
FII
300 18%
Promoter
Domestic
200 s
71%
68%
100

0
Revenue in the last 5 years News and Facts Competitors
• Dabur commences contruction
12000
of Rs 550 crore manufacturing
10000
facility in Madhya Pradesh.
8000

6000 • Dabur derived its name from the

4000 Devanagri rendition of Daktar (or
2000
doctor, who introduced
numerous effective medicines to
0
FY20 FY19 FY18 FY17 FY16 cure diseases) Burman (Da + Bur)

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 Business Highlights

Healthcare – Q4 FY21

Health Supplements Digestives OTC Ethicals

Growth % 17.7% 20.0% 34.0% 39.1%
• Dabur • Pudin Hara • Driven by strong • Ethicals grew in
C
C Chyawanprash portfolio posted growth in Lal Tail strong double
a
A digits on the back
t recorded strong double-digit and Shilajit Portfolio
T
e growth despite it growth in Q4 of distribution
E
g being off-season FY21 • NPDs like Dabur expansion,
G
o Health Drops, visibility initiatives
O • Hajmola portfolio
r
R • Market share in saw strong Health Juices and and activations
y
Y Chyawanprash recovery in Q4 other immunity
category increased FY21 on the back boosting products
H
H by ~170 bps of improvement in added to the
I
i mobility and out- momentum of the
G
g portfolio
H • Market share in Honey of-home
h category
L consumption
l increased by ~230 bps
I
i
G
g
H
h
T
t
S
s

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 Additional Pages

Food and Beverage – Q4 FY21

Beverages Foods

Growth % 27.1% 36.1%

• Hommade brand continued to perform well

• Beverage business witnessed a smart
C driven by increased in home consumption
A recovery during Q4 despite HORECA
T • Recent launches like chutneys & pickles added
business remaining under pressure to the growth momentum
E
G • Market share of Real in JNSD (Juices, Nectar
O and Still Drinks)
R increased by 80 bps
Y
• In-home and out-of-home portfolios

H registered strong double-digit growths

I
G • Recent launches of Real Mango Drink in PET,
Real Frappe and Real Apple
H
Mini showed good traction
L
I
G
H
T
S

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 Additional Pages

Home and Personal Care – Q4 FY21

Oral Care Hair Oils Shampoo Home Care Skin & Salon
Growth % 42.1% 24.6% 33.4% 24.3% 37.9%
• Red • Witnessed a • Shampoos • Odonil reported • Driven by
C Toothpaste smart broad portfolio strong growth strong growth
a continued to based recovery registered although Air across brands
t see good strong growth freshener
e demand • Perfumed oils category • Gulabari and
g momentum and coco oils • Market share in continued to be Fem saw
portfolios shampoo impacted being sequential
o
• Meswak and reported category more improvement
r Babool double digit increased by discretionary in as mobility and
y Franchise growth ~70 bps nature. Odonil’s outdoor
also MS improved activity
H reported • Market share • Bottle by ~90 bps increased
robust improved by saliency
I
double-digit ~70 bps continues to • Odomos
G growths see witnessed
H improveme recovery and
L • Toothpaste nt MS increased
I market ~130 bps
G share
improved by
H ~120 bps
T
S

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 FY21 - Financials

• India FMCG saw 14.7% growth • Consolidated Operating Profit

on the back of 12.4% volume crossed INR 2,000 cr for the first
growth. time, recording a growth of 11.7%

• Growth in International
Business was 3.4% • Consolidated Operating Margin saw
an improvement of 35 bps,
reaching 20.9% in FY21

Revenue Operating Profit

9.9% 11.7 %
9562 2003
8704 1792

FY20 FY21 FY20 FY21

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 FY21 - Financials

Healthcare Home and Personal Care Food and Beverages

22.9% 32.6% 27.6%
541 813 241
440 613 189

FY20 FY21 FY20 FY21 FY20 FY21

Domestic FMCG Growth – By Verticals – Q4 FY21

A double-digit growth in terms of revenue generated from all the above verticals can be observed. This
growth rate clearly magnifies the recovery of business that plunged due to the outbreak of covid-19 in the
country.

Healthcare Home and Personal Care Food and Beverages

31.9% 9.5% (5.7%)

2647 3245 942

2006 2964 888

FY20 FY21 FY20 FY21 FY20 FY21

Domestic FMCG Growth – By Verticals – FY21

A robust growth rate of 31.9% in terms of revenue can be observed in the healthcare vertical of Dabur which
indicates the massive increase in demand of the products of this segment. HPC also showed a decent growth
rate of 9.5%. The decline in the revenue of F&B segment clearly explains the Impact of covid-19 on the
segment.
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 FY21 - Financials

• Consolidated PAT reported an increase of 17.2% with PAT margin improving by

110 bps, touching 17.7%

• Effective tax rate for Consol business increased from 16.2% to 17.6% on
account of country mix

Profit after Tax

17.2%
1693

1445

FY20 FY21

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 SWOT Analysis

STRENGTHS

Dabur has a wide variety of products for each age group.

Being a century-old brand, it has a strong brand image in the eyes of customers.

Currently operating in over 60 countries, with 5000 distributors and 3 million outlets.

WEAKNESSES

Many unbranded and duplicate products are being sold under the name of Dabur.

Dabur not only has competition from local brands, but also international players like Colgate.

OPPORTUNITIES

The era of modernization and instant food has led to an unhealthy lifestyle, and people are forced to
take ayurvedic medicines and supplements like Chyawanprash, Hajmola, etc.
Dabur products have an equally high demand in foreign markets.
Expansion of the product line and introducing ayurvedic beverages can boost their business.

THREATS

Stiff competition from big MNC’s like ITC, HUL, Patanjali.

With an increasing trend of ayurvedic medicines and supplements, many local brands have also entered
the market.
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