Fundamental Result Update

Dabur India Q1FY20 Result Update



Defying current slowdown in consumer demand, Dabur India came out with good set of numbers, beating our estimate on all fronts. Consolidated revenue for the quarter Q1FY20 grew 9.3% YoY to Rs 2273 cr, above our estimate of Rs 2170 cr. Consolidated EBITDA jumped 18.5% YoY to Rs 458 cr beating our estimate of Rs 401 cr, while EBITDA margin expanded +157bps YoY to 20.1% against our estimate of 18.5%. PAT for the quarter witnessed a decent growth of 10.3% YoY to Rs 363 cr above our estimate of Rs 340 cr. Despite subdued consumer sentiment, domestic business of Dabur registered robust volume growth of 9.6% against our expectation of 5% on the back of strong growth in its consumer care business. We remain positive on Dabur from longer-term perspective, and recommend HOLD rating on the stock with target price of Rs 446 (unchanged).


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