Dabur India Ltd (Dabur), a leading Indian FMCG company, is a global leader in ayurveda with a portfolio of over 250 herbal/ ayurvedic products. The company provides health supplements, digestives, shampoos, hair oils, skin care, oral care, foods and other OTC and ethical products. In Q3FY25, Dabur’s consolidated revenue from operations grew 3.1% YoY to Rs. 3,355cr, driven by a 1.7% YoY growth in the Indian business and 18.9% YoY growth (in CC terms) in the international business. Revenue from the consumer care segment, which contributes around 85% of the total revenue, rose 4.0% YoY to Rs. 2,850cr. The domestic business volume grew 1.5% YoY, despite a challenging operating landscape marked by adverse weather conditions and sluggish consumer demand. Within the domestic business, the HBC portfolio delivered a solid performance with a 5.7% YoY growth and the oral care segment expanded 9.1%, driven by a strong franchise and Meswak. Finance cost witnessed a notable 21.1% YoY increase to Rs. 44cr from Rs. 36cr in Q3FY24. At the operating level, EBITDA was up 2.1% YoY to Rs. 682cr while EBITDA margin declined to 20.3% from 20.5% in the comparative quarter year ago.
OutlookHence, we reiterate our BUY rating on the stock, with a target price of Rs. 597, based on 45x FY27E adjusted EPS.
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