Dabur India Q4 Review - Healthy Volume Growth, Though Margin Slips: Centrum Broking
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Centrum Broking Report
Dabur India Ltd.’s Q4 FY21 print was mixed bag, reported consolidated revenue/Ebitda/adjusted profit after tax grew at 25.3%/25.6%/25.1% YoY.
The India business surged 28.4% led by solid volume growth of 24.4%, whilst International (28% of sales) grew 21.0%.
We note outstanding efforts coupled with strong execution led the company to makeover in its stellar performance in FY21.
Management cited despite challenging market conditions, the call-on-duty delivered best performance through its rural distribution efforts driving its power brand strategy.
Further, ad-spend rose 53.8% reflecting volume growth, yet it aspires to spend approximately 10% of sales, but margin slips Q4.
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