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Dolat Capital Report
Dabur India Ltd.'s Q1 FY23 results came in line with our estimate. Domestic fast moving consumer goods registered 5% volume growth and three-year revenue compound annual growth rate of 7.5%.
Growth in the domestic market was driven by revival in food and beverage business which posted 51.3% jump. The company gained 330 basis points market share in the fruit juices (Real) category.
In Q1, Dabur has witnessed demand challenges in the rural market compared to earlier quarters. Even in urban markets, the company is witnessing down trading towards locked price points.
Dabur reported strong growth in key categories - digestives, shampoo and home care. The company continues to gain market share in most categories.
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