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HDFC Securities Retail Research
Dabur India Ltd.'s revenue and Ebitda margin in Q4 FY22 were marginally below expectations owing to lower than expected sales growth in home care segments while Ebitda margins declined by 90 basis points to 18%, as 130/60 bps increase in raw material /other expenses was partially offset by 40/60 bps decrease in employee/ad spends respectively.
Further, Dabur's revenue growth was impacted by the slowdown in rural demand. While the rural overhang will continue in H1 FY23, with good monsoon predictions, rural demand can improve in H2 FY23.
Health supplement/over-the-counter products are on a high base and missing Covid-driven health-oriented consumption.
Consumer-centric innovation, investments behind the power brands, network expansion (especially in the rural market) and sustained market share gains in key categories would help Dabur to drive company's growth medium term.
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