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Centrum Broking Report
Dabur India Ltd. in its exchange filing yesterday said that it witnessed pressure on consumption across categories due to worsen geopolitical situation along with higher inflationary pressure.
We note, in Q2 FY22 Dabur reported revenue growth of 12.0% supported by 10.0% growth in volume. Considering the high base and impact in urban as well as rural markets we estimate 6.2% revenue growth in Q2 FY23E.
Foods to witness strong double digit growth while home and personal care to grow at mid-single digit, yet healthcare performance to be muted.
International business to report double-digit revenue growth. High impact of input costs saw cost pressure and higher ad-spends to impact operating margins ~150-200 basis points. Given better festive season and easing on commodity prices we expect strong momentum in H2 FY23.
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