Dabur India Q3 Results Review - Multiple Headwinds Led To A Subdued Quarter: ICICI Securities

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .ICICI Securities Report.Dabur India Ltd.’s revenue print (up 3% YoY India, up 9.5% on three-year compound annual growth rate basis) was impacted due to-healthcare segment lapping on a high base of Covid,downtrading in rural and late onset of winter impacting home and personal care segment and early festive season (shift of inventory loading to Q2 FY23) impacting beverages revenue. That said, management highlighted early signs of recovery in rural. Further, healthcare business trajectory is likely to improve with high base of Covid mostly over. New product developments are likely to drive growth in foods and beverages segments. Gross margins were flattish QoQ as input cost inflation has moderated. However, management highlighted there is a shift in inflation with raw material basket from crude linked products to herbs. Operating margins were also maintained at 20% (flattish QoQ) by reducing ad-spends significantly (down 24% YoY). Dabur has guided to maintain operating margins in similar range through managing ad-spends if input cost inflation continues..Click on the attachment to read the full report:.More Research Reports On Dabur India's Q3 FY23 Results Review.Sluggish Volume, Margin Performance; Better Pricing, Mix To Drive Recovery: SystematixWeak Rural Demand Dents Volumes; But Outlook Getting Better: Motilal Oswal Market Share Gain Continues: Dolat Capital.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Dabur India Q3 Results Review - Multiple Headwinds Led To A Subdued Quarter: ICICI Securities

Dabur's revenue print was impacted due to downtrading in rural and late onset of winter impacting home and personal care segment.

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