Dabur India Q4 Review – Healthy Volume Growth, Though Margin Slips: Centrum Broking

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Dabur India Ltd.’s Q4 FY21 print was mixed bag, reported consolidated revenue/Ebitda/adjusted profit after tax grew at 25.3%/25.6%/25.1% YoY.

The India business surged 28.4% led by solid volume growth of 24.4%, whilst International (28% of sales) grew 21.0%.

We note outstanding efforts coupled with strong execution led the company to makeover in its stellar performance in FY21.

Management cited despite challenging market conditions, the call-on-duty delivered best performance through its rural distribution efforts driving its power brand strategy.

Further, ad-spend rose 53.8% reflecting volume growth, yet it aspires to spend approximately 10% of sales, but margin slips Q4.

Click on the attachment to read the full report:

Centrum Broking Dabur India Ltd -Q4FY21 Result Update .pdf


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