Sharekhan's research report on Dabur India
Dabur India reported y-o-y revenue growth of 7.8% and muted volume growth of 2% in Q3FY2022 on high base of 16% growth in Q3FY2021; despite raw material inflation, OPM remained at 21%; while reported PAT stood at Rs. 505 crore. Dabur gained market share across 100% product portfolio; rural growth exceeded urban growth by 500 bps; food & beverages business reported robust growth of 38% backed by the Hommade brand. Sustained market share gains, distribution expansion (especially in rural market), investments behind power brands and new launches would help company maintain double-digit revenue growth; OPM to sustain in FY2022.
Outlook
The stock trades at 42.8x/35.6x its FY023/24E EPS. We maintain a Buy on the stock with an unchanged PT of Rs. 725.
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