Dabur India - Management meeting notes - Kotak

We met the CFO of Dabur India (Dabur) recently. Key takeaways were (1) FY2014 volume guidance of 8-12% though 1QFY14 will see the LBT issue impact in Maharashtra, (2) CSD recovery, distribution expansion and healthy NPD to support volume growth, (3) Namaste has stabilized and (4) selective hikes, lower A&SPs and better GMs to aid margin expansion.

Multiple tailwinds will help Dabur to post ~21% earnings CAGR over FY2013-15E; it is our preferred mid-cap pick.

Source : Equity Bulls

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