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

Thematic (Sector/Industry)

<h3>About The Narrative</h3>
<p>Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. </p>
<p>The edition focuses on key quotes from the earnings transcripts of <a href="https://www.smartkarma.com/entities/hindustan-unilever-ltd" target="_blank" data-smartkarma-citation="entities:13828:1" rel="noopener">Hindustan Unilever (HUVR IN)</a> / <a href="https://www.smartkarma.com/entities/marico-ltd" target="_blank" data-smartkarma-citation="entities:16903:1" rel="noopener">Marico Ltd (MRCO IN)</a> / <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> / <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> / <a href="https://www.smartkarma.com/entities/zydus-wellness-ltd" target="_blank" data-smartkarma-citation="entities:4353:1" rel="noopener">Zydus Wellness (ZYWL IN)</a> </p>
<p>We have separated the quotes to highlight<em><strong> Business Performance, Operating Environment, Commodity Inflation and Margins, Competition, Pricing, Direct to Consumer / E-commerce, Channel and GTM and Outlook.</strong></em></p>

About The Narrative
Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. 
The edition focuses on key quotes from the earnings transcripts of Hindustan Unilever (HUVR IN) / Marico Ltd (MRCO IN) / Dabur India Ltd (DABUR IN) / Britannia Industries (BRIT IN) / Zydus Wellness (ZYWL IN) 
We have separated the quotes to highlight Business Performance, Operating Environment, Commodity Inflation and Margins, Competition, Pricing, Direct to Consumer / E-commerce, Channel and GTM and Outlook.

The Narrative | Q2 FY22 | India Staples -  Hindustan Unilever, Marico, Dabur, Britannia, Zydus Well

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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.

Equity Bottom-Up

<p>DABUR reported a stellar performance in Q2FY22 beating our and street estimates on all fronts. Consolidated Revenue at Rs. 2,818 Cr grew 12% yoy (Rs. 2,642cr our est) driven by a strong 12% growth in India FMCG growth owing to a 10% volume growth (implies 15%/13% value/volume growth on 2yr CAGR basis).</p><p>Maintain BUY with revised TP of Rs. 680 (Rs. 590 earlier) and roll forward our PE multiple of 49x to Sep23 earnings.</p><div class="content-highlight"><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></div>

DABUR reported a stellar performance in Q2FY22 beating our and street estimates on all fronts. Consolidated Revenue at Rs. 2,818 Cr grew 12% yoy (Rs. 2,642cr our est) driven by a strong 12% growth in India FMCG growth owing to a 10% volume growth (implies 15%/13% value/volume growth on 2yr CAGR basis).Maintain BUY with revised TP of Rs. 680 (Rs. 590 earlier) and roll forward our PE multiple of 49x to Sep23 earnings.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: Broad Based Growth Led By Impressive Execution

<div><div id="annotable-executive_summary-1">The objective of "The Narrative" is to aid us in assessing management commentary, which we can further connect with ground reality via primary checks, aiding us in identifying key catalysts that could be potential drivers of stock returns. </div></div><div><div id="annotable-executive_summary-2"></div></div><div><p>For the narrative, we will be covering commentary on the Demand environment, Business performance, Consumer behaviour, Pricing action, Gross margins, commodity inflation &amp; Inventory, Advertising spends, Marketshare movements, New launches, Capex and PLI, Online and D2C, International business and exports and Future outlook.</p></div><div><p>Companies covered include <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> / <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> / <a href="https://www.smartkarma.com/entities/hindustan-unilever-ltd" target="_blank" data-smartkarma-citation="entities:13828:1" rel="noopener">Hindustan Unilever (HUVR IN)</a> / <a href="https://www.smartkarma.com/entities/marico-ltd" target="_blank" data-smartkarma-citation="entities:16903:1" rel="noopener">Marico Ltd (MRCO IN)</a></p></div>

The objective of "The Narrative" is to aid us in assessing management commentary, which we can further connect with ground reality via primary checks, aiding us in identifying key catalysts that could be potential drivers of stock returns. For the narrative, we will be covering commentary on the Demand environment, Business performance, Consumer behaviour, Pricing action, Gross margins, commodity inflation &amp; Inventory, Advertising spends, Marketshare movements, New launches, Capex and PLI, Online and D2C, International business and exports and Future outlook.Companies covered include Britannia Industries (BRIT IN) / Dabur India Ltd (DABUR IN) / Hindustan Unilever (HUVR IN) / Marico Ltd (MRCO IN)

The Narrative | Q1 FY22 | India Staples - BRIT, DABUR, HUVR, MRCO

External broker reports(aggregated public sources), Geojit BNP Paribas

Geojit

<p>Dabur India Ltd (Dabur), a leading Indian FMCG company, is a world leader in Ayurveda with a portfolio of over 250 Herbal/Ayurvedic products. The company operates through Health Supplements, Digestives, Shampoos, Hair...</p><div class="content-highlight"><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></div>

Dabur India Ltd (Dabur), a leading Indian FMCG company, is a world leader in Ayurveda with a portfolio of over 250 Herbal/Ayurvedic products. The company operates through Health Supplements, Digestives, Shampoos, Hair...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 Ltd: Resilient Performance in a Tough Quarter

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

<p>About the stock: Dabur is one of the bigger FMCG companies with a presence in Ayurveda based products across categories. The company has a dominant market share in health supplement, OTC &amp; ethical products, hair oils &amp; juices. Moreover, it is continuously gaining market share in the oral care category.</p><ul><li>The company has a total distribution reach of 6.9 million retail outlets with direct reach of 1.3 million outlets. It is expected to increase direct distribution to 1.5 million outlets in the next two years</li><li>Dabur also derives ~50% of its sales through rural regions with a presence in 60,000 villages, which would increase to 80,000 villages in next two years</li></ul><div class="content-highlight"><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></div>

About the stock: Dabur is one of the bigger FMCG companies with a presence in Ayurveda based products across categories. The company has a dominant market share in health supplement, OTC &amp; ethical products, hair oils &amp; juices. Moreover, it is continuously gaining market share in the oral care category.The company has a total distribution reach of 6.9 million retail outlets with direct reach of 1.3 million outlets. It is expected to increase direct distribution to 1.5 million outlets in the next two yearsDabur also derives ~50% of its sales through rural regions with a presence in 60,000 villages, which would increase to 80,000 villages in next two yearsContent 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: Robust Volume Growth Across Categories

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)

The Narrative | Q2 FY22 | India Staples - Hindustan Unilever, Marico, Dabur, Britannia, Zydus Well

The edition focuses on key quotes from the earnings transcripts of Hindustan Unilever / Marico / Dabur / Britannia / Zydus Wellness

Pranav Bhavsar

Dabur India: Broad Based Growth Led By Impressive Execution

DABUR reported a stellar performance in Q2FY22 beating our and street estimates on all fronts. Consolidated Revenue at Rs. 2,818 Cr grew 12% yoy...

Axis Direct

The Narrative | Q1 FY22 | India Staples - BRIT, DABUR, HUVR, MRCO

For the narrative, we will be covering commentary from Britannia Industries (BRIT IN) / Dabur India Ltd (DABUR IN) / Hindustan Unilever (HUVR IN) /...

Pranav Bhavsar

Dabur India Ltd: Resilient Performance in a Tough Quarter

Dabur India Ltd (Dabur), a leading Indian FMCG company, is a world leader in Ayurveda with a portfolio of over 250 Herbal/Ayurvedic products. The...

Geojit

Dabur India: Robust Volume Growth Across Categories

Dabur is one of the bigger FMCG companies with a presence in Ayurveda based products across categories. The company has a dominant market share in...

ICICI Securities Limited

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