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Yes Securities Report
Dabur India Ltd. Q4 FY23 operating performance was significantly lower than our estimate as indicated by the company in their pre-quarterly update.
The miss was largely on account of increased advertising and promotion spends and unfavorable mix in domestic business, along with currency headwinds in International Business.
Going ahead, Dabur India is seeing some revival in rural demand. Inflation is also moderating, which means gross margin profile will keep on improving but company will prioritize normalising its A&P spends before seeing benefits at operating level.
We thus build delayed margin expansion and reduce our FY24E/FY25E earnings per share estimates by 9%/6.1%.
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