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ICICI Direct Report
Dabur India Ltd. reported 6.4% sales growth led entirely by pricing growth.
Domestic sale was up 4.7% YoY, led by strong growth in food and beverages. Ebitda was at Rs 409.8 crore, down 9.6% YoY, with margins at 15.3%. Consequent adjusted profit after tax was down 22.8% at Rs 292.8 crore.
Key triggers for future price performance:
The decline in commodity prices would help improve the rural demand scenario. Dabur India would increase advertisement spend to support new products communication in turn volume growth.
The company is targeting doubling sales of food and beverage category to Rs 4000 crore in the next five years through extension of existing brands in fruit drinks, homemade and acquired Badshah brand. The company would be entering fizz space in beverage category
Rural distribution expanded to one lakh villages. Increasing direct distribution reach and e-commerce presence to support under-penetrated categories.
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