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Systematix Research Report
Dabur India Ltd.'s Q4 performance was in-line with our expectations with revenue growth of 5%/14%/16% YoY growth in revenue/Ebitda/profit after tax and domestic volume growth of 4.2% (including Badshah). International business grew strongly at 12%. Home and personal care grew 8.7% with the rural recovery driving low unit pack sales, food and beverage remained flat given the high base while healthcare declined 1.5% impacted by delayed winter.
Sharp gross margin expansion of 279 basis points led by softening of inflation and superior segment mix was invested in higher advertising and promotion spends (up 86 bps YoY) and legal costs on the U.S. entity litigation resulted in Ebitda margin expansion of 128 bps to 16.6%.
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