BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Driven by very strong growth in home and personal care and more so in food and beverages, Dabur India Ltd.’s Q2 FY22 result comfortably beat our sales growth forecasts, even as healthcare sales, as expected, slowed down on the back of a high base.
Healthcare sales posted a 19% compound annual growth rate over a two-year period, and its medium-term prospects are attractive.
Consolidated sales/volume growth of 12%/10% YoY in Q2 FY22 on a growth of 14%/17% in the base quarter is truly remarkable. Gross/Ebitda margin was ahead of our expectation, leading to a double-digit beat on our operating profit estimate.
From a near-term perspective, two factors distinguish Dabur from other staples peers:
its better performance and outlook on rural India, and
dominant market share in its key categories, leading to a superior ability to pass on the ongoing material cost inflation.
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