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Prabhudas Lilladher Report
We are maintaining Dabur India Ltd.'s earnings per share estimate of 11.5/13.8 for FY23/24 on expectations of strong growth in drinks, beverages and foods, IBD and increasing share of e-commerce innovations.
We expect near term growth pressures given input cost inflation, slowdown in rural demand and overall decline in discretionary consumption.
However, we remain positive on long term outlook given-
innovation led growth strategy,
increasing share in foods and beverages category,
low unit pack innovations allowing Dabur to leverage its distribution,
cost saving initiatives and
strong rural distribution coverage of 90,000 villages (30,000 added in FY22),
4-5% incremental sales every year from ecommerce innovations.
Dabur remains a formidable play on recovery in rural demand in coming quarters.
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