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Centrum Broking Report
Dabur India Ltd.'s Q1 FY23 print was in-line with our estimates. Despite high base, consolidated revenue/adjusted profit after tax grew 8.1%/1.1%, while two-year compound annual growth rate was 19.4%/13.7%.
India fast moving consumer goods business surged 10%, led by 5% volume growth. International business (23.5% of sales) grew 8.8% (constant currency).
Bearing in mind high base (up 35.4%), unsettled execution coupled with efforts on new product development, led Dabur to continue deliver reasonable performance driven by rural distribution efforts and its power brand strategy.
Gross margin cut by 224 basis points to 45.9% owing to ~9% cost inflation. Other expenses/employee cost grew 25.6%/4.5%, and cut in ad-spend by 16.5% resulted in muted Ebitda, declined 1.5%; Ebitda margin at 19.3% (down 188 bps).
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