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Prabhudas Lilladher Report
We retain Accumulate on Dabur India Ltd. given a steady performance with 2% volume growth, 7.5% rural sales growth and market share gains across portfolio.
We believe Dabur India is building blocks to sustain double digit growth led by-
sustained increase in direct rural reach,
go-to-market initiatives in e-commerce and modern trade and i
innovations across portfolio.
Dabur India has increased pace of new launches in large categories like drinks and milk shakes, superfoods, chawyanprash, pure herbs (over-the-counter) where it has right to win given strong brand recall and lineage over the years.
Dabur has cut ad-spends to sustain margins (like other fast moving consumer goods players) but that does not seem to be a sustainable trend given the pipeline of new launches in large categories.
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