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Systematix Research Report
Dabur India Ltd. reported in line Q1 FY23, with 5% domestic volume growth, 8% revenue growth, 180 basis points dip in margin and flattish profit after tax. Key takeaways are:
India revenue (74.9% of Q1 total sales) grew at 10%, with international revenue expanding at 8%,
consolidated Ebitda margin dipped 180 bps, despite 5% price hike and 1.5% reduction in grammage, given the high material inflation and inferior mix impact,
Dabur's healthcare revenue (26% of Q1 domestic sales) declined by 21% YoY from a high base, but on a three-year compound annual growth rate was 10.7%, with market share gains in the Chyawanprash and honey categories,
home and personal care (HPC – 47.6% of Q1 sales) revenue was up 16% YoY, recording 7.7% CAGR on a three-year basis, led by market share gains in home, oral and hair care categories,
food and beverage (26.7% of Q1) revenue grew at 50% YoY and at 20% CAGR on a three-year basis, led by share gains in juices.
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