Dabur India - Moderation In Growth Trajectory A Tad Underwhelming; Not Unexpected Though: ICICI Securities
A range of Dabur India Ltd. products is displayed at the company’s head office in Ghaziabad, India (Photographer Prashanth Vishwanathan/Bloomberg)

Dabur India - Moderation In Growth Trajectory A Tad Underwhelming; Not Unexpected Though: ICICI Securities

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.

ICICI Securities Report

Dabur India Ltd. Q4 FY21 (up 25% volume growth; two-year compound annual growth rate of 3%) performance moderated due to implementation of continuous replenishment system leading to non-occurrence of channel loading at year-end (our interpretation).

That said, the company achieved outperformance across product portfolio driven by market share gains.

We like the:

  1. Continued thrust on innovation, agility and culture change driven by Chief Executive Officer Mohit Malhotra.

  2. Utilising e-commerce platform to drive new product development (premiumisation).

  3. Distribution expansion and increased investment behind power brands to drive growth.

Click on the attachment to read the full report:

ICICI Securities Dabur Q4FY21 Results Update.pdf

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