(Rating: Reduce, TP: Rs643, Upside: 4.8%)
- View - We rollover our valuations to FY24E and model in slightly higher revenue/PAT CAGR of 12%/14% over FY21-24E. We expect the stock to remain range-bound and reiterate REDUCE rating with a PT of Rs 643 based on 45x FY24E earnings, in-line with its 5-yr average.
- Quarter results - India FMCG volume and value growth of 34.4% and 35.4%, consol revenue growth of 31.9%, international business CC growth of 34.2%, EBITDA and PAT growth of 33% and 28% given a 10bps margin improvement offset by higher tax rate.
- Portfolio mix - Healthcare grew 30% with share gains in Chyawanprash and honey and continued strong growth in OTC/ethicals, HPC grew 26% led by share gains in oral care, hair oils and shampoo, F&B surged 80.4% led by share gains in juices and healthy traction in foods business.
Shares of Dabur India Ltd. was last trading in BSE at Rs. 588 as compared to the previous close of Rs. 614. The total number of shares traded during the day was 281129 in over 11610 trades.
The stock hit an intraday high of Rs. 615.95 and intraday low of 586.7. The net turnover during the day was Rs. 167961722.