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Nirmal Bang Report
Dabur India Ltd.'s consolidated revenue grew by 6.4% YoY in Q4 FY23 with largely flat volume growth. Domestic business grew by 4.7% YoY while the International business grew by 1.4% YoY (9.6% in constant currency terms).
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Consolidated gross margin contracted by 160 basis points YoY to 45.8% (up 30 bps QoQ). Standalone gross margin contraction of ~75 bps was on account of an adverse mix (35-40 bps) and higher consumer promotions.
Dabur India's ad spends saw a decline of 30 bps YoY (up by ~1% YoY on an absolute basis) along with lower employee cost (down 30 bps YoY). But, a sharp jump in other expenses (170 bps YoY) meant that Ebitda margin contracted by 270 bps YoY to 15.3% (down 470 bps QoQ).
Sales and Ebitda were broadly in-line with our estimates, but higher depreciation and interest led to a miss at the adjusted profit after tax level.
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