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Revenue
₹3,130 Cr
verified against source
Revenue YoY
11%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
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What the record says.
Dabur India reported a strong Q1 FY24 with consolidated revenue crossing INR 3,130 crore, up 11% YoY, driven by 13.3% constant currency growth. India business grew 8% with double-digit growth in Healthcare and HPC, while International business surged 20.6% in constant currency. Gross margins expanded 75bps YoY, but higher A&P spend (up 30%) limited EBITDA flow-through. PAT grew 5.4% to INR 464 crore, impacted by Badshah amortization. Management highlighted rural recovery (Dabur rural growth 8% vs category 4%) and market share gains in 90% of portfolio. Key risks include beverage weakness due to unseasonal rains, honey purity controversy, and potential litigation in US subsidiary. Guidance: maintain EBITDA margin band of 19-19.5%, with media investments prioritized.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated maintaining EBITDA margin in the 19-19.5% range, with any gross margin upside reinvested into media.
- Foods portfolio (Hommade + Badshah) expected to reach INR 450 crore exit run rate this year, targeting INR 500 crore next year.
- New therapeutics division with 400 specialists targeting INR 150 crore incremental revenue in FY24, reaching 70,000 allopathic doctors.
- Full-year guidance for international business: double-digit growth in constant currency, with distribution changes fully resolved.
Risks flagged
- Beverage portfolio declined ~1.6% in Q1 due to unseasonal rains in North and West India; full-year growth may be muted if weather patterns persist.
- Recent study questioned Dabur Honey purity; management strongly refutes claims but reputational risk remains, though past controversies led to market share gains.
- Subsidiary Namaste LLC named in lawsuit alleging harmful effects of hair relaxers; portfolio is <1% of revenue and insured, but legal outcome uncertain.
- Spices inflation at 19% and fruit concentrate inflation impacting food margins; may offset deflation in other raw materials.
Key quotes
- We stand by the purity of Dabur Honey. Our every single batch of Dabur Honey is dispatched from a factory, it complies with all FSSAI parameters.
- We have gained 200 basis points of improvement in the growth as far as the natural category is concerned.
- We have money sitting in our balance sheet for acquisition purposes. We are continuously scouting on targets for D2C also.
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