Dabur India - Q4 FY13 Result First Cut - Microsec

Dabur India Ltd Consolidated Net Sales increased by 12% YOY to INR1544 crore YOY and it's EBITDA increased by 22% YOY to INR273 crore. EBITDA Margin of the company increased from 16.3% to 17.7% YOY. Consolidated Adjusted PAT increased by 18% YOY to INR201 crore. Result of the company was line with our estimates. The domestic Consumer (FMCG) Business reported an over 15% growth during the quarter, driven by a volume growth of over 12% which is above estimates. This is the highest volume growth reported by Dabur in 11 straight quarters.

FY13 Annual Result

In FY13, the company's Consolidated Net Sales increased by 16% YOY to INR6176 crore YOY and it's EBITDA increased by 16% YOY to INR1030 crore. EBITDA Margin of the company decreased marginally from 16.8% to 16.7% YOY. Consolidated Adjusted PAT increased by 19% YOY to INR768 crore. PAT incl EO increased by 18% YOY to INR763 crore. At the CMP of INR146, the stock discounts its FY14E EPS of INR5.44 by 26.8x . We maintain Buy with a price Target of INR163 for a period of 12 months.

Source : Equity Bulls

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