Dabur India share price up 3% after Q1 numbers, Kotak expects further upside
Revenue from operations for the quarter stood at Rs 1,980 crore, down 12.9 percent from the year-ago period.
July 31, 2020 / 10:54 AM IST
Dabur India share price was up over 3 percent intraday on July 31, a day after the FMCG company reported a net profit of Rs 341.8 crore for the quarter ended June 2020, registering a 5.9 percent YoY decline as lockdown dented its business.
Revenue from operations for the quarter stood at Rs 1,980 crore, down 12.9 percent, compared to Rs 2,273.3 crore reported in the corresponding period last year.
Domestic volume declined by 9.7 percent for April-June period 2020, but was ahead of the CNBC-TV18 analysts' estimates of 14-15 percent decline.
The stock price has seen a steady rise in the last 1 month and was trading at Rs 508.20, up Rs 15.60, or 3.17 percent at 1035 hours. It has touched an intraday high of Rs 511.95 and an intraday low of Rs 492.
Healthcare business grew by 29.2 percent YoY to Rs 532 crore, but home and personal care segment registered a 14.9 percent decline YoY at Rs 679 crore and foods division saw 34.4 percent fall at Rs 203 crore in June quarter 2020, company added.
"Domestic FMCG business saw a decline of 6.9 percent due to the lockdown in April and international business saw a decline of 21.6 percent, as a result, overall volume declined by 9.7 percent," said Dabur in its BSE filing.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities, is of the view that for the bulls, Rs 500 would be an important breakout level to watch. "We can expect quick uptrend rally towards Rs 518," he said.Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.