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. 

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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

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

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>HSIE Results Daily Dabur: Daburs Q1 performance was inspiring with a beat in revenue, volume and EBITDA. Revenue growth was at 32% YoY (HSIE 22%), 2-year CAGR at 7%. Domestic revenue/volume growth were at 35/34% YoY, 2-year CAGR at 12/10% vs. Britannias 12/13%, Nestles 8/6%, Maricos 7/2%, Colgates 4/0%, Emamis 3/2% and HULs 2/0%. Daburs healthcare/HPC/F&amp;B; grew 30/26/80% YoY (vs. +29/-15/-34% in Q1FY21 and +23/+33/+28% in Q4FY21). The international business saw continued recovery, growing 29% YoY.</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>

HSIE Results Daily Dabur: Daburs Q1 performance was inspiring with a beat in revenue, volume and EBITDA. Revenue growth was at 32% YoY (HSIE 22%), 2-year CAGR at 7%. Domestic revenue/volume growth were at 35/34% YoY, 2-year CAGR at 12/10% vs. Britannias 12/13%, Nestles 8/6%, Maricos 7/2%, Colgates 4/0%, Emamis 3/2% and HULs 2/0%. Daburs healthcare/HPC/F&amp;B; grew 30/26/80% YoY (vs. +29/-15/-34% in Q1FY21 and +23/+33/+28% in Q4FY21). The international business saw continued recovery, growing 29% 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.

HSIE Results Daily: Dabur, Godrej Properties, Alkyl Amines and More

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 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

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

HSIE Results Daily: Dabur, Godrej Properties, Alkyl Amines and More

Dabur: Daburs Q1 performance was inspiring with a beat in revenue, volume and EBITDA. Revenue growth was at 32% YoY (HSIE 22%), 2-year CAGR at 7%....

HDFC Securities

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