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Motilal Oswal Report
Dabur India Ltd.'s Q4 FY24 revenue growth was largely in line, but Ebitda was above our estimate. Consolidated revenue increased 5% YoY (in line) and 7% YoY in constant currency terms. For the India business, volume grew 4% YoY (organic growth at ~3% YoY). International business grew 12% YoY in cc.
The home and personal care business sustained a healthy growth of 9% YoY, with oral care clocking 22% growth (led by price hikes, share gains, and distribution expansion).
Dabur has become the No. 1 oral care player in the markets of Odisha, Karnataka, and Andhra Pradesh. In the HPC category, hair oil declined 3% YoY, while home care, shampoo, and skin care clocked 8%, 6%, and 1% YoY growth, respectively.
Seasonal businesses, such as the healthcare division, declined 2% YoY, while food and beverage was flat YoY. Delay in the winter season impacted health supplement growth adversely; both chyawanprash and honey were weak despite gaining market share.
Beverages were hit by the high base. Badshah was up 23% YoY in FY24.
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