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Dolat Capital Report
Dabur India Ltd.'s Q1 FY24 results were in line with our estimate. Domestic fast moving consumer goods registered 3% volume growth and four-year revenue compound annual growth rate of 8.3%.
Growth in the domestic market was driven by strong growth in foods business but was restricted due to soft performance in beverages business.
Foods business including Badshah Masala acquisition reported 35% growth during the quarter while Badshah brand posted 24% growth.
Internationa business reported strong 20.6% revenue growth on constant currency and 10.2% in Indian rupee terms. Barring Namaste (2.9% decline), all geographies reported positive growth.
Dabur recorded 5.5% growth in health supplements despite high base. ExGlucose, which got impacted due to unseasonal rain, health supplements reported 10% increase.
On four-year CAGR, the business posted 8.2% growth.
We have maintained our earnings per share estimates for FY24/25E at Rs 10.9/12.7 as Q1 performance was in line with our estimate.
Valuing the stock at 48 times FY25E, we arrive at target price of Rs 611 (15% disc. to HUL). Maintain 'Accumulate'.
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