External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li><span style="font-size: var(--content-font-size);">D2C is here to stay; omni-channel the way forward: There are about 600 to 800 digital first companies in India.</span></li></ul><div><div><div><div><ul><li>Near-term challenges to test D2C brands’ business models: Overall, the consumption environment in India is under pressure, given high inflation.</li></ul><div><div><div><ul><li>Traditional companies adopting digital: While D2C companies start to become sizable, many traditional companies are adopting the digital way.</li></ul></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

D2C is here to stay; omni-channel the way forward: There are about 600 to 800 digital first companies in India.Near-term challenges to test D2C brands’ business models: Overall, the consumption environment in India is under pressure, given high inflation.Traditional companies adopting digital: While D2C companies start to become sizable, many traditional companies are adopting the digital way.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FMCG - D2C Is Here to Stay; Omni-Channel the Way Forward

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dabur-india-ltd" target="_blank" data-smartkarma-citation="entities:242:1" rel="noopener">Dabur India Ltd (DABUR IN)</a> is over-exposed to rural India where the recovery is uncertain and slow. </li>
<li>Channel feedback with regards to relationships with distributors and the company's strategic direction has been poor. </li>
<li>A weak operating environment coupled with a weak on-ground execution suggests underperformance may continue. </li>
</ul>



Dabur India Ltd (DABUR IN) is over-exposed to rural India where the recovery is uncertain and slow. 
Channel feedback with regards to relationships with distributors and the company's strategic direction has been poor. 
A weak operating environment coupled with a weak on-ground execution suggests underperformance may continue. 


Dabur India Ltd (DABUR IN) | Some Things Never Change

<ul>
<li>Our checks primary done over North of India suggest a stable to improving rural environment </li>
<li>There is a sense of aggression in <a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a>, <a href="https://www.smartkarma.com/entities/britannia-industries-ltd" target="_blank" data-smartkarma-citation="entities:16495:1" rel="noopener">Britannia Industries (BRIT IN)</a> is well placed to grow volumes &amp; <a href="https://www.smartkarma.com/entities/nestle-india-ltd" target="_blank" data-smartkarma-citation="entities:13101:1" rel="noopener">Nestle India (NEST IN)</a> is expected to be a steady performer. </li>
<li>
<a href="https://www.smartkarma.com/entities/dabur-india-ltd" target="_blank" data-smartkarma-citation="entities:242:1" rel="noopener">Dabur India Ltd (DABUR IN)'</a> s image at the distributor level is quite shocking and <a href="https://www.smartkarma.com/entities/marico-ltd" target="_blank" data-smartkarma-citation="entities:16903:1" rel="noopener">Marico Ltd (MRCO IN)</a>'s products are more prone to volatility. </li>
</ul>


Our checks primary done over North of India suggest a stable to improving rural environment 
There is a sense of aggression in ITC Ltd (ITC IN), Britannia Industries (BRIT IN) is well placed to grow volumes &amp; Nestle India (NEST IN) is expected to be a steady performer. 

Dabur India Ltd (DABUR IN)' s image at the distributor level is quite shocking and Marico Ltd (MRCO IN)'s products are more prone to volatility. 


India Channel Insight #35 | ITC, Britannia, Nestle India, Dabur, Marico

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Headline performance: Dabur’s 4QFY22 consolidated revenue grew by 7.7% YoY to Rs25.2bn (our est. of Rs26.2bn). EBITDA grew by just 2.5% YoY to Rs4.5bn (our est. of Rs5.1bn).</li></ul><div><div><div><div><ul><li>Segmental performance for 4QFY22: Healthcare (33.6% of Domestic FMCG in 4QFY22) grew by 7.4% YoY (2- year CAGR: 14.9%).</li></ul><div><div><div><ul><li>4QFY22 margin: Gross margin was down 130bps YoY at 47.4% (-90bps QoQ; vs our est. 47.5%)</li></ul></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Headline performance: Dabur’s 4QFY22 consolidated revenue grew by 7.7% YoY to Rs25.2bn (our est. of Rs26.2bn). EBITDA grew by just 2.5% YoY to Rs4.5bn (our est. of Rs5.1bn).Segmental performance for 4QFY22: Healthcare (33.6% of Domestic FMCG in 4QFY22) grew by 7.4% YoY (2- year CAGR: 14.9%).4QFY22 margin: Gross margin was down 130bps YoY at 47.4% (-90bps QoQ; vs our est. 47.5%)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dabur India - Misses Estimates; Near Term Remains Challenging

<div><div><div><ul><li>Revenue miss, weak HPC: Net revenue grew by 8% YoY (+25% in Q4FY21 and +8% in Q3FY22), a miss on our expectation of 10.6% growth.</li></ul><div><div><div><ul><li>A miss in margin; expect resilient margin in FY23: GM contracted by 130bps YoY (-35bps in Q4FY21 and -205bps in Q3FY22) to 47.4%.</li></ul><div><div><div><ul><li>mployee/other expenses grew by 4/14% YoY (17/17% in Q4FY21). A&amp;P spends were down 3% YoY.</li></ul></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Revenue miss, weak HPC: Net revenue grew by 8% YoY (+25% in Q4FY21 and +8% in Q3FY22), a miss on our expectation of 10.6% growth.A miss in margin; expect resilient margin in FY23: GM contracted by 130bps YoY (-35bps in Q4FY21 and -205bps in Q3FY22) to 47.4%.mployee/other expenses grew by 4/14% YoY (17/17% in Q4FY21). A&amp;P spends were down 3% YoY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dabur - Weak HPC Show; Expect Resilient Margin in FY23

India

Dabur India Ltd. manufactures soaps, detergents, hair oils, tooth powders, antacids and processed foods. The Company sells its products worldwide.

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Dabur India Ltd (DABUR IN)

FMCG - D2C Is Here to Stay; Omni-Channel the Way Forward

In continuation to our D2C thematic–Changing Landscape Not Fully Factored In– we recently hosted multiple founders and experts in the D2C space.

HDFC Securities