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IDBI Capital Report
Dabur India Ltd.'s Q2 FY23 result was above our estimates. Home and personal care and food and beverage business continued to grow at healthy rate driven by market share gains in hair oil (20 basis points), shampoo (40 bps), Odomos (330 bps), Odonil (350 bps) and fruit juice (410 bps) segments.
Revenue from healthcare declined due to high base. Positively, Dabur continues to gain market share in Chyawanprash (120 bps) and honey (40 bps).
Dabur took 6% price hike against 10% inflation during Q2 FY23. Expect margins to improve sequentially over next six months. Acquisition of 51% stake in Badshah will help Dabur strengthen its food portfolio in a large market of blended-branded-spices (Rs 12,500 crore market size) led by distribution-synergies.
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