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IDBI Capital Report
Dabur India Ltd.'s Q4 FY22 result was below our estimates due to higher than estimated cost pressure. Health care and food and beverage segment continues to grow at healthy rate driven by penetration and market share gains in Chyawanprash (up 250 basis point), honey (300 bps), Real (610 bps).
Impact of slowdown has been higher in home and personal care segment which grew at 2% YoY.
However, market share gains in Odomos and Bleach Cream at more than 200 bps has been encouraging. Input cost continues to put pressure on operating margins.
Dabur will have to take 7-8% more price hike to address current inflation. As per revised business outlook; we have marginally trimmed our earnings per share estimates.
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