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  • Dabur India - Co Update Report - INDSec

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    Vignesh Vora
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    Heyy

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    13 views13 pages

    Dabur India - Co Update Report - INDSec

    Uploaded by

    Vignesh Vora
    Heyy

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 13
    cme 550. | Rating BUY Dabur India Ltd. rarest td “arcet 665 (12m)| Upside 24.7% @B INDsEC Positive Outlook... Bleonber se ABR Recier nr 2 The quarter witnessed an unprecedented rise in raw material prices and inflationary pressure, which impacted ‘margins and demand inthe rural and urban markets. However, though various measures, Daur mitigated some aaaeee I roi Torin, te rc sowdown ad penta cept bese matt corny eed So oy. 7 monic | i conape eles coped domandteoph LP poacs To meet arate comps - duced its advertisement spends (209bps YoY) and took a blended price hike of ~6%. Despite many headwinds, tain stn tena Dabur was able to gain market share in 95% of its portfolio. This demonstrates Dabur’s strong brand equity in eee eee 022 consumers mind. We believe, going forward a good harvest and a recent announcement by the Govt. to increase mae (MSP of rabi crops will enable recovery in the rural economy. We believe, Dabur's long-term growth is intact. We ae Edel ‘expect softness in global commodity prices and improvement in the supply chain would further aid softness in ene asl domestic inflation and lead to a revival in consumer demand. lenin il We believe, recent acquisition of Badshah Masala will help Dabur to expand its “ood product vertical and be part CN vino nna Ronee ets) on a cansted tev, bute repo revenue growth of 60% Yoo RES dy nl buns oe ee he Roe Eee) which grew by 6.0% and international business grew by 12.3% in CC terms, EBITDA for the quarter declined by 3.2% vere scen nate meg conned tn Yovto104% on mrt ot hp at Sereno meg However, 209bps YOY decline in Advertisement & Sales expenses restricted further contraction, Ad. PAT for the quarter de-grew by 2.5% YoY to Rs.4.9bn, while margin contracted 1€8bps VoY to 16% on account oa subsied Revenue fa ee ee mee] tae mo she oe Reve Mi an a pad ea an Ce see TT eee res seit iaald avals aS “pir 60 62 54 3.2% 10.5% a Senn mee | (EBTOAPS 201% 420% 19.3% -191bps _c5bps | Pomestic eee eee Ce : sows) te 173% 1808 10m sie Gavenan' Secs atee ‘OcroMER ST, 2002 Inde Ree ao sali a tno nd Beombeng RESP SFL cd, Tomon Rafe au ae INDSEC a. Conference Call Highlights Heatencare segment quarterly revenue trend (Rs.bn)___ Healthcare portfolio: Healthcare portfolio declined 7.0% YoY on high base of Q2FV22 & ora = + Health supplement declined 12.6% YoY on high bases of Chyawanprast and Honey . However, during the quarter, Jabur improved its market share in Chyawanprash and . om Honey by 1206ps/40bps respectively so Sim + OTC & Ethical portfolio destined by 0.2% YOY due to high base of

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