Dabur India - Q1 FY13 - Maintains steady performance - Standard Chartered

- Results marginally above expectations - Net sales, EBITDA and net profit grew 21.4%, 17.1% and 20.8% yoy, respectively

- Domestic FMCG sales growth at 16.1% yoy with steady underlying volume growth of 11.6%

- Gross margins expanded ~220bps yoy but EBITDA margindeclined 56bps yoy due to a sharp rise in ad spend

- We raise FY13E/14E earnings marginally by 1-2% on the back of better gross margin

- Re-iterate Outperform and revise our 12-month price target to Rs131 (based on 23x forward PER)

Source : Equity Bulls

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