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Dolat Capital Report
Dabur India Ltd.'s Q4 FY24 revenues were in-line, but adjusted profit after tax missed estimate. Domestic fast moving consumer goods posted vol growth of 4.2% and four year revenue compound annual growth rate of 10.8% driven by 8.7% growth in home and personal care business.
Foods business including Badshah Masala acquisition reported 20.7% growth, while Badshah brand posted 23.2% jump supported by revived portfolio and marketing efforts.
International business reported 12% growth in CC terms led by 24/39/63% growth in Nigeria/Turkey/Egypt. Digestives (+16%) and oral care (+22%) reported double-digit growth while most of the other segments reported single digit growth. Health supplements declined by 9% due to delayed winter season.
Going ahead, we believe that beverages business performance will improve with new launches while market share gains would continue in oral care.
We broadly maintain our FY25/26E EPS at Rs 12.5/14.0 and maintain ‘Accumulate' rating with revised target price of Rs 593 valuing at 42 times FY26E.
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