Dabur India Limited — Q4 FY24
Dabur's Q4 FY24 consolidated revenue grew 5.1% INR (7.3% constant currency), with India business volume growth of 4.2%.
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
96%Questions answered0Evaded / deflected12Questions auditedConsistentNumbers vs filing
Answered
High priority
Beverages decline and outlook for double-digit growth in FY25.
Asked by Abneesh Roy, Nuvama
Management gave a clear target of double-digit growth for beverages.
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Question
So wanted to understand Q1, very harsh summer projected. So would you see strong double-digit growth here coming back? And what would be your target for the full year also?
Mohit Malhotra, CEO
we have taken a target of double-digit growth for the full year going forward for the beverage business.
Answered
High priority
Badshah growth and margin outlook for FY25.
Asked by Abneesh Roy, Nuvama
Provided specific growth target and margin outlook.
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Question
how do you see growth in FY 2025? ... How do you see margins? Have you passed on fully, and how do you see overall sales growth in FY 2025?
Mohit Malhotra, CEO
Overall, we've taken a value growth of more than 20% in Badshah ... we think the margins in Badshah will expand next year
Answered
High priority
Oral care growth drivers and market share dynamics.
Asked by Abneesh Roy, Nuvama
Provided specific market share data and category outlook.
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Question
is the number four player losing market share? ... could this be precursor for revival in other categories?
Mohit Malhotra, CEO
We've gained around 20 basis points in oral care. ... Patanjali would have gained market share ... Colgate in my mind has lost market shares.
Answered
High priority
Rural recovery and organized vs unorganized share dynamics.
Asked by Mihir Shah, Nomura
Gave clear view on rural recovery and organized player advantage.
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Question
Should one expect rural recovery to continue and organized players also to benefit, or there will be a phase where organized players will not be a key beneficiary?
Mohit Malhotra, CEO
I think rural recovery should continue ... dividends will be more in organized going forward.
Answered
High priority
Volume growth outlook for Dabur.
Asked by Mihir Shah, Nomura
Provided specific volume growth target range.
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Question
on volume growth, how should one think about Dabur's volume growth going forward? ... can we see more constructive volume growth to sustain?
Mohit Malhotra, CEO
we've taken a target of a mid-volume growth, mid to high volume growth ... mid- to high single-digit volume growth
Answered
High priority
Gross margin tailwinds and margin outlook.
Asked by Mihir Shah, Nomura
Quantified gross margin improvement and cost savings.
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Question
what can be possible tailwinds for gross margin ... do you see potential higher gross margins going forward?
Mohit Malhotra, CEO
we've seen 280 basis points of gross margin inching up ... we should see around INR 100 crore benefit again coming in this year on back of cost saving.
Answered
High priority
Health supplements decline and Chyawanprash issues.
Asked by Arnab Mitra, Goldman Sachs
Explained reasons and outlined corrective actions.
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Question
is the problem limited to Chyawanprash ... what is the issue with Chyawanprash? Is the product losing appeal?
Mohit Malhotra, CEO
Chyawanprash is a relative problem. I think the weather did not support us ... we are modifying the format.
Answered
High priority
Update on US legal case and expected costs in FY25.
Asked by Arnab Mitra, Goldman Sachs
Provided specific cost figures and outlook.
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Question
any update on the legal case in the US? And do we expect the same level of legal costs in FY 2025 as we reported in FY 2024?
Mohit Malhotra, CEO
This year, we've incurred a cost of INR 105 crores, and next year, this will continue ... we've taken a budget of roughly around INR 80-odd to INR 80 crores-INR 90 crores
Answered
Medium priority
Distribution expansion pace and future focus.
Asked by Harit Kapoor, Investec
Provided specific expansion targets and strategy.
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Question
do we see now as consolidating ... or do you see this to be a continued, fairly sharp expansion?
Mohit Malhotra, CEO
distribution expansion is our very key strategy growth pillar ... huge headroom available to take up 14 lakhs to something like around 20 lakhs.
Answered
Medium priority
Pricing outlook for FY25.
Asked by Harit Kapoor, Investec
Confirmed 3% average price increase for FY25.
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Question
would FY 2025 also have a similar kind of 3% odd pricing ... you think, at an average of, you know, that will only happen through the year?
Mohit Malhotra, CEO
the weighted average of that will be around 3% for the full year, through the year.
Partial answer
High priority
Long-term earnings growth model and volume assumptions.
Asked by Vivek Maheshwari, Jefferies
Provided volume growth range but not a definitive long-term target.
gave range, not a firm target
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Question
from a three year longer term perspective ... will have to settle for growth which is more like 9% to 11% from an earnings perspective?
Mohit Malhotra, CEO
the volume should be around mid to high, and 7.5 should be the volume ... a better mix would be a five and a five and a five and a four
Answered
Medium priority
Why Q4 margins are significantly lower post-pandemic.
Asked by Vivek Maheshwari, Jefferies
Provided specific salience numbers explaining margin decline.
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Question
what has changed so much after pandemic that ... your margins actually move down fairly significantly?
Ankush Jain, CFO
business salience used to be 25% in Q4. Today, at this peak, it is 22.7%.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Q4 revenue INR 2,800 crore | ₹2,800 cr | ₹2,815 cr | Matches filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.