Dabur India - Moderation In Growth Trajectory A Tad Underwhelming; Not Unexpected Though: ICICI Securities
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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:
Continued thrust on innovation, agility and culture change driven by Chief Executive Officer Mohit Malhotra.
Utilising e-commerce platform to drive new product development (premiumisation).
Distribution expansion and increased investment behind power brands to drive growth.
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