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Revenue
₹3,349 Cr
verified against source
Revenue YoY
7%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Dabur India reported a steady Q1 FY25 with consolidated revenue growing 7% YoY in INR terms, driven by 5.2% volume growth in the domestic business. International business surged 18.4% in constant currency, though currency devaluation impacted INR growth. Gross margins expanded 120 bps YoY, aided by moderation in input costs and cost-saving initiatives. Operating profit grew 8.3%, with margin expansion of 30 bps. The company gained market share in 95% of its portfolio, with strong performance in oral care (11.4% growth), healthcare (7%), and HPC (8.1%). Rural recovery is underway, with sequential volume improvement over the past three quarters. Management remains optimistic about demand pickup driven by normal monsoons and rural-focused government spending. Key risk: intense competition in hair oils and pricing pressure in the juices/nectars segment due to cola price wars.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects volume growth to continue picking up in subsequent quarters, driven by rural recovery and government spending.
- Around 80% of gross margin gains will be reinvested into advertising and promotion, with balance flowing to operating margin.
- Management aims to grow home care (Odomos, Odonil) from ~INR 800 crore to INR 1,000 crore by expanding total addressable market.
- Legal costs expected to be ~INR 80 crore for FY25 vs INR 100 crore last year, with potential insurance recovery of 50%.
Risks flagged
- Bajaj and Emami have become aggressive in coconut oil, leading to margin squeeze and price corrections. Dabur's Sarson Amla underperformed due to softening mustard oil prices.
- Price premium of nectars vs colas widened from 2.2x to 3.2x due to aggressive pricing by new cola entrants, impacting nectar growth despite market share gains.
- Currency devaluation in Egypt, Nigeria, and Turkey impacted INR growth despite strong constant currency performance. CFO expects overlap by Q3.
- While rural recovery is visible in UP, Bihar, and Central India, South India continues to face demand weakness, which could weigh on overall growth.
Key quotes
- Our strategy of focusing on herbal categories, driven by Dabur Red toothpaste, has proven to be highly successful.
- We are the lead indicator, I would imagine, that we would be for the rural consumption.
- Our secondary sales have been higher than our primary sales. To that extent, the inventory levels of the stocks is actually depleted down.
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