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Yes Securities Report
Dabur India Ltd.'s Q1 FY24 performance was in-line with expectation as indicated in the pre-quarterly update. But the big takeaway from earnings was the positive commentary on near term growth and margin outlook.
Going forward, Dabur expects volume growth to be better in the domestic business as rural demand recovery signs are already visible. This will be well supported by investment behind power brands as well as innovations.
Even on international business, moderation of inflation and distribution changes will lead to double digit growth for the fiscal. Improving gross margin profile, due to benign raw material, gives enough ammunition to aggressively invest in advertising and promotion in near term and also deliver Ebitda margin in the band of 19-20% for FY24.
We continue to maintain our 'Add' rating with a revised target price of Rs 625 (Rs 590 earlier).
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