Sharekhan's research report on Dabur India
Dabur India’s (Dabur’s) Q3FY2024 numbers were decent with revenues growing by 7% y-o-y (4% y-o-y organic volume growth), OPM rising 115 bps y-o-y to 21.2% and adjusted PAT growing by 11.3% y-o-y. Distribution expansion, introduction of rural-specific portfolio and higher marketing spends have helped Dabur post good performance in rural markets. Management expects trajectory to continue in quarters ahead as it expects some incentive rollout for rural markets prior to elections.
Outlook
Company maintained OPM guidance of 19.5% for FY2024 despite incremental legal charges of Rs. 20-25 crore per quarter towards lawsuits against Namaste LLC. Stock trades at 38x/32x its FY2025E/26E EPS. We maintain a Buy with an unchanged PT of Rs. 635.
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