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Dabur-FMCG Wildcard

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1QFY11 - Strong revenues; higher taxes. Dabur witnessed a healthy performance in 1QFY11, with revenue & PAT growths of 23.4% yoy and 17% yoy respectively. Despite the robust performance, we retain Hold on Dabur owing to higher valuations.


Healthy volume growth. Dabur reported revenue growth of 23.4% yoy and volume growth of 16.8% yoy. The company took select price hikes in key SKUs. The increase in brand-building activities and re-launch of various SKUs has led to Dabur witnessing the highest volume growth in the past 13 quarters.

Smooth sailing in all segments. All the segments are doing well, with hair oils growing 16.5%, shampoos up 17%, oral care up 20.2% and skin care up 12.4%, yoy. Health supplements and home care have reported strong 42.8% and 31.5% growth yoy respectively. Juices grew 21% yoy. Consumer health division and international business grew 10% and 29% yoy respectively.

EBITDA margin down 100bps. Given higher other expenditure, EBITDA margin was down 100bps yoy. The company has maintained ad spend-to-sales at 16.5% yoy. With higher effective income tax rate post increase in MAT rate, net profit is up 17% yoy, despite strong operational performance.
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