Dabur India share price was up almost 3 percent intraday on November 4, a day after the FMCG company reported a 19.62 percent increase in consolidated net profit at Rs 482.86 crore for the quarter ended September 30 on account of higher revenue from operations.
The company had posted a consolidated net profit of Rs 403.64 crore in the same quarter last financial year, Dabur India said in a regulatory filing.
Dabur India said the company "reported a strong growth in its performance for the second quarter of 2020-21, backed by sustained efforts in driving demand for its ayurvedic healthcare, hygiene and nutrition products, coupled with strong innovation to meet the emerging consumer needs in the wake of the COVID pandemic".
Revenue from operations stood at Rs 2,516.04 crore in the second quarter of the current fiscal as against Rs 2,211.97 crore in the year-ago period, a growth of 13.74 percent, it added.
The company said its Board of Directors has declared an interim dividend of Rs 1.75 per equity share for the financial year 2020-21.
The stock was trading at Rs 529.95, up Rs 14.50, or 2.81 percent, at 1038 hours. It has touched an intraday high of Rs 530 and an intraday low of Rs 519.40.
It also witnessed a spurt in volume by more than 1.28 times and was trading with volumes of 140,843 shares, compared to its five day average of 114,932 shares, an increase of 22.54 percent.
Research firm CLSA maintained a "buy" rating on the stock and has raised a target to Rs 620 from Rs 590 per share. It is of the view that noteworthy acceleration was seen in oral and skin care. The firm has raised its estimates by 4 percent for FY21-23, according to a CNBC-TV18 report.
Credit Suisse has an outperform call on Dabur and raised the target to Rs 590 per share. It is of the view that healthcare growth decline is to be compensated by a recovery in foods and international business. It has increased FY21-23 EPS estimates by 4-6 percent.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.