External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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

<ul><li>Dabur’s 2QFY25 performance was largely in line with our estimate.</li><li>Consolidated revenue declined 5% YoY (in line) primarily due to a temporary adjustment in General Trade (GT) inventory because of the growth in emerging channels.</li><li>India revenue declined 8% YoY, while secondary sales grew by 2%.</li></ul>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’s 2QFY25 performance was largely in line with our estimate.Consolidated revenue declined 5% YoY (in line) primarily due to a temporary adjustment in General Trade (GT) inventory because of the growth in emerging channels.India revenue declined 8% YoY, while secondary sales grew by 2%.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 - In-Line Quarter; Positive Commentary for 2HFY25

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

<ul><li>Dabur’s 2QFY25 results were in line with the preview update</li><li>Domestic volume declined 7.5% owing to inventory correction undertaken in GT channel to improve the ROI of distributors and unfavourable weather conditions impacting the beverage category</li><li>Management guided for mid to high single-digit value growth in 2HFY25, subject to the winter season remaining normal.</li></ul>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’s 2QFY25 results were in line with the preview updateDomestic volume declined 7.5% owing to inventory correction undertaken in GT channel to improve the ROI of distributors and unfavourable weather conditions impacting the beverage categoryManagement guided for mid to high single-digit value growth in 2HFY25, subject to the winter season remaining normal.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 (2QFY25): On Par Performance. Maintain ADD

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>Missed the topline: Dabur’s Q2FY25 revenue missed expectations, with consolidated sales declining 5.5% YoY due to inventory correction in General Trade.</li><li>The India business degrew by 8% YoY, while the international business registered strong constant currency growth of 13% YoY in Q2FY25.</li><li>Management highlighted that the inventory correction is an exceptional one-time event and has guided for mid-to-high singledigit revenue growth in H2FY25. </li></ul>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.

Missed the topline: Dabur’s Q2FY25 revenue missed expectations, with consolidated sales declining 5.5% YoY due to inventory correction in General Trade.The India business degrew by 8% YoY, while the international business registered strong constant currency growth of 13% YoY in Q2FY25.Management highlighted that the inventory correction is an exceptional one-time event and has guided for mid-to-high singledigit revenue growth in H2FY25. 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 - Rural Seeing Sustained Signs of Recovery; Maintain BUY

<ul><li>Dabur India (DABUR), in its 2QFY25 preview update, highlighted the impact of heavy rains and floods in parts of the country on out-of-home consumption, particularly for beverages.</li><li>Besides, the company experienced higher growth in MT, E-commerce, and Quick Commerce during the last few quarters, resulting in high inventory levels for its GT channel.</li><li>This affected the distributor ROI, and the company made the strategic decision to correct distributor inventory in the GT channel.</li></ul>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 (DABUR), in its 2QFY25 preview update, highlighted the impact of heavy rains and floods in parts of the country on out-of-home consumption, particularly for beverages.Besides, the company experienced higher growth in MT, E-commerce, and Quick Commerce during the last few quarters, resulting in high inventory levels for its GT channel.This affected the distributor ROI, and the company made the strategic decision to correct distributor inventory in the GT channel.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 - Bleak 2Q Does Not Necessitate a Weak Outlook

<ul><li>Dabur’s 1QFY25 results were in line with the preview update</li><li>Domestic volume growth, although on an improving trend, was below our estimates of 6%</li><li>Rural continues to grow faster than urban areas on the back of company-specific initiatives such as expanding the distribution network, launching affordable price point packs and the increased acceptance of Ayurveda</li></ul>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’s 1QFY25 results were in line with the preview updateDomestic volume growth, although on an improving trend, was below our estimates of 6%Rural continues to grow faster than urban areas on the back of company-specific initiatives such as expanding the distribution network, launching affordable price point packs and the increased acceptance of AyurvedaContent 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 (1QFY25 Results Review): On Par Performance. Maintain ADD

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)

Dabur - In-Line Quarter; Positive Commentary for 2HFY25

Consolidated revenue declined 5% YoY (in line) primarily due to a temporary adjustment in General Trade (GT) inventory because of the growth in...

Motilal Oswal

Dabur (2QFY25): On Par Performance. Maintain ADD

Domestic volume declined 7.5% owing to inventory correction undertaken in GT channel to improve the ROI of distributors and unfavourable weather...

HDFC Securities

Dabur India - Rural Seeing Sustained Signs of Recovery; Maintain BUY

Missed the topline: Dabur’s Q2FY25 revenue missed expectations, with consolidated sales declining 5.5% YoY due to inventory correction in General...

Axis Direct

Dabur India - Bleak 2Q Does Not Necessitate a Weak Outlook

Dabur India (DABUR), in its 2QFY25 preview update, highlighted the impact of heavy rains and floods in parts of the country on out-of-home...

Motilal Oswal

Dabur (1QFY25 Results Review): On Par Performance. Maintain ADD

Dabur’s 1QFY25 results were in line with the preview update. Domestic volume growth, although on an improving trend, was below our estimates of 6%

HDFC Securities

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