Dabur India Q3 Results Review - Decent Performance; Maintain Buy: Yes Securities

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Yes Securities Report.Dabur India Ltd.'s Q3 FY24 performance was in-line with expectation. The performance was decent especially in the current operating environment. Rural growth saw bounce back for Dabur and grew ahead of urban by 200 basis points on the back of moderating inflation, distribution infrastructure expansion and building of rural centric portfolio.India fast-moving consumer goods volumes grew 6% (4% excluding inorganic) even while muted and delayed winter season had an impact on the Healthcare and Winter portfolio. Gross margin continues to improve as cost of goods sold saw deflation this quarter.This is aiding Dabur deliver decent operating margin even after taking a hit from ‘Namaste’s’ legal cost regarding ongoing litigation. The company has maintained its Ebitda margin guidance of ~19.5% for FY24, which means Q4 will see a stronger expansion versus previous quarters.Improved commentary, better near-term earnings visibility and valuation comfort, makes us maintain our 'Buy' rating with a revised target price of Rs 650 (Rs 640 earlier)..Click on the attachment to read the full report:.Budget 2024: Provision For Rs 75,000 Crore As 50-Year Interest-Free Loan For States.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Dabur India Q3 Results Review - Decent Performance; Maintain Buy: Yes Securities

Consolidated gross margin was up 310 bps YoY to 48.6% (up 30 basis points QoQ).

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Dabur India Q3 Results Review - Decent Performance; Maintain Buy: Yes Securities

Consolidated gross margin was up 310 bps YoY to 48.6% (up 30 basis points QoQ).

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