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Dabur Q4 review – built-in results; Although not bad considering the stress in the countryside: Centrum Broking

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Print Dabur India Ltd. for the 4th quarter of 2222 corresponded to our estimates. Despite the high base consolidated income / Ebitda / adjusted income after tax increased by 7.7% / 2.5% / 0.9%, while the two-year consolidated annual growth rate was 16.2% / 13.5 % / 13.4%.

Indian consumer goods business grew by 7.6% as a result of volume growth of 2%. International business (27.5% of sales) grew by 10.7% (fixed currency).

Given the high base (by 25.3%), uncoordinated performance combined with new product development efforts forced Dabur to continue its reasonable performance. Driven by rural distribution efforts and brand power strategy.

Gross margin fell 130 basis points to 47.4% due to cost inflation by 12.5%.

Other staff costs / costs rose 13.7% / 4.0%, while a 2.5% reduction in advertising costs led to a muted 2.5% increase in Ebitda; The margin on Ebitda was 18.0% (down 92 ba / s).

We continue to look forward to growth prospects driven by excellence in distribution, covering 90,000 villages and directly affecting 1.3 million outlets.

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