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ICICI Securities Report
We stay longstanding believers in Mohit Malhotra-led reimagining of Dabur India Ltd. Q3 performance was in line with our estimates – two-year revenue compound annual growth rate print of ~12% and domestic volume growth of ~10% (again two-year CAGR).
Dabur India continued to highlight outperformance across the portfolio with company gaining share in most of them. The performance was broad-based with foods (including beverages) continuing to perform well.
Innovation in healthcare is very reassuring. While overall input inflation does hurt Dabur India, we would have liked continued aggression in ad spends – the opportunity to invest in its power brands (after a brief lull last year) is very large.
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