Dabur India - Q4FY13 Result Review - Angel Broking

Dabur delivered healthy set of numbers for 4QFY2013. Net sales rose by 12.3% yoy. OPM rose by 121bp yoy and stood at 17%. The most positive aspect of the result is the 12% yoy volume growth posted by the company's domestic consumer business (highest in the eleven straight quarters) despite the slowdown witnessed in FMCG sector. The company's international business rose by 17% yoy led by strong performance in GCC, Bangaladesh and Levant markets. Bottom-line rose by 17.6% yoy to Rs. 201cr and was in-line with estimates.

We maintain our neutral rating on the stock.

Source : Equity Bulls

Keywords