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Beverage weakness due to unseasonal rains
View Risks →Dabur India Limited — Q1 FY24
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.
bullish
high
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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.
डाबर इंडिया ने पहली तिमाही में मजबूत प्रदर्शन किया। कंपनी का कुल कारोबार 3,130 करोड़ रुपये से अधिक रहा, जो पिछले साल से 11% ज्यादा है। भारत में कारोबार 8% बढ़ा, खासकर हेल्थकेयर और होम केयर उत्पादों की बिक्री दोगुनी संख्या में बढ़ी। विदेशों में कारोबार 20.6% बढ़ा। कंपनी का मुनाफा 5.4% बढ़कर 464 करोड़ रुपये हुआ, लेकिन बड़े विज्ञापन खर्च और बादशाह कंपनी खरीदने के कारण मुनाफा कम बढ़ा। गांवों में डाबर की बिक्री 8% बढ़ी, जबकि बाजार में औसत 4% रही। कंपनी ने 90% उत्पादों में बाजार हिस्सेदारी बढ़ाई है। जोखिमों में कोल्ड ड्रिंक की कमजोर बिक्री, शहद की शुद्धता को लेकर विवाद और अमेरिकी कंपनी पर मुकदमा शामिल है। कंपनी 19-19.5% मुनाफा बनाए रखने की योजना बना रही है।
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Read Transcript →Quarter Snapshot
Hair Oil Market Share
17.4%
+200bps YoY
Highest ever market share in hair oils, driven by strong execution and portfolio strategy.
Oral Care Volume Growth
8%
+5.5pp YoY
Volume growth outpaced category (2.5%), with Dabur Red gaining 50bps market share.
International Business CC Growth
20.6%
+20.6pp YoY
Strong recovery led by Egypt (+45%) and Turkey (+52%), distribution issues resolved.
Direct Outlet Reach
1.4M
+0.1M QoQ
Targeting 1.5M by year-end; village coverage at 1 lakh+ villages with 13,000 Yodhas.
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Guidance and risk preview
Management reiterated maintaining EBITDA margin in the 19-19.5% range, with any gross margin upside reinvested into media.
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.
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