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ICICI Securities Report
Dabur India Ltd. reported healthy volume-led (3% YoY) revenue performance (9% YoY – excluding Badshah), driven by a sharp recovery in healthcare business (led by digestive and over-the-counter) and 11% YoY revenue growth in home and personal care.
We liked the strong volumedriven performance in oral care (8% YoY versus 2.5% category growth) in HPC. Unseasonal rain significantly impacted the revenue performance in Glucose and Beverages portfolio.
However, execution driven performance in Badshah (24%YoY revenue) by leveraging Dabur's distribution network appears exciting.
Continued recovery in rural (4% volume growth) is positive. Moderation in input cost drove gross margin expansion but were reinvested towards higher media spend (30% YoY).
Management has guided to maintain operating margins by managing ad-spends (at 8-9%). Maintain 'Add'.
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