Dabur Q1 Review - Volumes Surprise Positively; Valuation Caps Upside: Systematix
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Systematix Research Report
Dabur India Ltd. reported an all-round beat in Q1 FY22.
Domestic revenues grew 35.4% YoY, driven by volume growth of 34.4% versus consensus and our estimate of 18% YoY growth.
Its two-year compound quarterly growth rate was also impressive at 10.2%.
The outperformance was led by a recovery in foods and home and personal care segments although on a favourable base and stable healthcare division growth.
Dabur continued to gain market share across key categories through its innovation-led strategy and increased distribution.
Gross margin contracted 131 basis points YoY but Ebitda margin expanded 10 bps YoY to 21.1% (versus our estimates of 20.3%).
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