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Motilal Oswal Report
Dabur India Ltd. reported an in line Q1 FY23 earnings. Despite indicating continued margin pressures in Q2, the management aims to maintain FY23 margin at FY22 levels.
Despite rural contributing half of its domestic sales, Dabur reported near identical growth in both rural and urban as a result of its efforts to boost rural distribution. This is unlike the broader consumer category, where rural demand remains tepid. The company can benefit from the tailwind of a potential recovery in rural demand.
The base of the healthcare business becomes less challenging in subsequent quarters. Traction in most of the other businesses, barring hair care, is healthy, with 98% of its portfolio also gaining market share, by far the best among its peers.
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