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Revenue
₹2,815 Cr
verified against source
Revenue YoY
—
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's Q4 FY24 consolidated revenue grew 5.1% INR (7.3% constant currency), with India business volume growth of 4.2%. Gross margin expanded 280bps YoY, and PAT grew 16.2%. The operating margin for FY24 reached 19.4% (20.2% like-to-like). Rural consumption showed recovery, growing ahead of urban for the first time in three years. However, health supplements and beverages were impacted by unseasonal weather. Management guided for mid-to-high single-digit volume growth in FY25, with operating margins targeting ~20%. Key risks include continued weather volatility impacting seasonal portfolios and the ongoing US legal case costing ~INR 80-90 crore annually.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets volume growth of 5-7.5% for FY25, driven by rural recovery and distribution expansion.
- On a like-to-like basis (excluding legal costs), operating margin is expected to be around 20%, with gradual improvement.
- The US legal case will incur similar costs as FY24, around INR 80-90 crore, spread quarterly.
- Beverage business targets double-digit growth in FY25, assuming normal summer weather.
Risks flagged
- Unseasonal rains and delayed winters hurt health supplements and beverages; similar weather risks persist.
- Legal costs of INR 80-90 crore annually continue; case outcome remains uncertain despite management confidence.
- Emerging market currency devaluations impacted INR revenue by 2.5% in FY24; risk continues.
- Analyst raised concern about unorganized players gaining share in rural recovery; management acknowledged but downplayed risk.
Key quotes
- Rural grew ahead of urban for the first time in last three years.
- We are optimistic that with the expected normal monsoon and improving macroeconomic indicators, FMCG demand will see a gradual uptick, primarily driven by rural that augurs well for Dabur.
- We've been able to achieve corporate separatedness of Dabur International and Dermoviva from Namaste. So no Dabur entity is involved in it, including Dabur International and Dermoviva, only Namaste is involved, which is less than 1% of our turnover.
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