28 October 2015
2QFY16 Results Update | Sector:
Consumer
Dabur
BSE SENSEX
27,040
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
Free float (%)
S&P CNX
8,171
DABUR IN
1,756.5
317 / 205
-6/8/27
364
31.9
CMP: INR272
TP: INR290 (+7%)
Neutral
In-line results; foods segment impacts consolidated volumes
Dabur’s (DABUR) 2QFY16 results were in-line,
with consolidated sales up 8.7%
YoY to INR20.9b (est. INR21.2b) and underlying volume growth of 5.5% (est. 7%),
impacted by calendar shift in the foods segment and supply-related issues at
Nepal subsidiary. Consolidated volume growth (excluding the foods segment)
stood at 7%. EBITDA was up 15.9% YoY to INR4b (est. INR4b) while recurring PAT
grew 18.7% YoY to INR3.4b (est. INR3.3b).
Mixed Performance across segments—toothpaste posts 29% growth:
Consolidated consumer care segment posted 9.6% sales growth while domestic
FMCG sales were up 8.8%. Oral care was up 18.7%, home care 12.4%, OTC &
ethicals 10.7%, hair care 9.4% and health supplements 9%. While the foods
segment was up a mere 2.4% (impacted by shift in Diwali sales), skin care 2.2%
and digestives 1.5%, international business posted 8.8% YoY sales growth (6.4%
constant currency growth)—led by Turkey, Nepal and Namaste business.
Consolidated gross margin expanded 190bp YoY to 55%.
However, higher other
expenses (up 50bp YoY) and marginal increase in ad spends and staff costs (up
10bp YoY each) curtailed the gross margin flow-through, expanding EBITDA margin
120bp YoY to 19.1% (est. 18.8%).
1HFY16 consolidated performance:
Sales was up 9.7%, EBITDA 17.8% and PAT
20.7%. Gross margin expanded 260bp and EBITDA margin 120bp.
Concall takeaways:
1) Overall rural demand is weak; however, rural markets grew
ahead of urban for Dabur in 2QFY16—given its portfolio offering. 2) Project Lead:
170 people on board, with plans to expand it to 275 by FY16; currently 6-7
products are being offered to 27,000 doctors. 3) Expect 2HFY16 to be stronger for
international business.
Valuation and View:
We largely retain our estimates wherein we build in 11.9%
sales growth over FY15-17 with 120bps EBITDA margin expansion on account of
lower commodity costs. We estimate a 17% PAT CAGR over FY15-17. Though
supply-related issues at the Nepal subsidiary impacted volume recovery in
2QFY16, we believe Dabur still offers one of the better earnings visibilities in the
sector on the back of its balanced portfolio and recent investments to expand
distribution. However, we believe valuations at 38x FY16E EPS and 33x FY17E EPS
are rich. Maintain
NEUTRAL
with a target price of INR290 (33x Sept’17E EPS).
M.Cap. (INR b) / (USD b) 477.0/7.3
Financials & Valuation (INR Billion)
Y/E Mar
2015 2016E 2017E
Sales
EBITDA
Adj. PAT
78.1
13.0
10.7
86.3
15.3
12.6
7.2
18.1
23.3
33.8
29.5
37.9
11.6
97.7
17.6
14.6
8.3
15.8
28.2
32.2
29.4
32.7
9.6
Adj.EPS(INR) 6.1
EPS Gr. (%) 15.7
BV/Sh.(INR)
RoE (%)
RoCE (%)
P/E (x)
P/BV (x)
19.1
35.5
29.7
44.7
14.2
Estimate change
TP change
Rating change
Gautam Duggad
(Gautam.Duggad@MotilalOswal.com); +91 22 3982 5404
Manish Poddar
(Manish.Poddar@MotilalOswal.com); +91 22 3027 8029
/ Vishal Punmiya
(Vishal.Punmiya@MotilalOswal.com)
Investors are advised to refer through disclosures made at the end of the Research Report.
Motilal Oswal research is available on
www.motilaloswal.com/Institutional-Equities,
Bloomberg, Thomson Reuters, Factset and S&P Capital.

Dabur
Key quarterly charts
Exhibit 1: Consol sales grew 8.7% YoY, in-line with estimates
34.5
29.8
23.0 21.4
20.6
12.3 12.3 12.7
14.5
16.5 15.2
Net Sales (INR m)
Sales Growth (% YoY)
13.2
10.4 9.2 10.2 10.7
8.7
Source: Company, MOSL
Exhibit 2: Domestic volumes were up 5.5% impacted by
supply issues in Nepal subsidiary (foods segment)
Volume growth (%)
Exhibit 3: Gross margin expanded 190bp YoY
Gross Margin (%)
Source: Company, MOSL
Source: Company, MOSL
Exhibit 4: Ad spends were up 10bp YoY..
A&P to sales (%)
15.7
13.6 13.4
14.4
15.4
15.2
15.4
15.4
16.0
Exhibit 5: EBITDA margin expanded 120bp YoY
EBITDA Margins (%)
11.9
10.1
12.5
13.0
12.9
13.2
13.6
13.3
Source: Company, MOSL
Source: Company, MOSL
28 October 2015
2

Dabur
Exhibit 6: PAT grew 18.7% YoY, 5% above estimates
PAT (INR m)
20.6
16.0
8.4
11.9
16.4
22.2
17.6
20.7
23.5
15.3
17.3
13.3
15.1 16.2
PAT Growth (%)
21.0
23.9
18.7
Source: Company, MOSL
Exhibit 7: Segment wise sales breakup (INR m)
Segments
Health Supplements
Digestives
OTC & Ethicals
Hair Care
Home Care
Oral Care
Skin Care
Consumer Care
Foods
Domestic – FMCG
Others
Domestic – Total
Retail
International – Total (incl. acquisitions)
Total
2QFY16
2,152
743
1,280
3,058
962
2,130
603
10,928
2,442
13,370
472
13,842
279
7,022
21,143
2QFY15
% Change
1,975
9.0
732
1.5
1,156
10.7
2,796
9.4
856
12.4
1,795
18.7
590
2.2
9,900
10.4
2,385
2.4
12,285
8.8
493
-4.3
12,778
8.3
216
29.2
6,454
8.8
19,448
8.7
Source: Company, MOSL
Exhibit 8: Category wise performance
Category Growth (%)
Hair Care
Health Supplements
Oral Care
Foods
Digestives
Skin care
Home Care
OTC & Ethicals
IBD (organic)
2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16
13.2
15.7
7.0
18.1
11.9
24.8
23.0
-
24.8
13.9
12.0
13.6
22.1
-5.4
15.7
30.5
-
9.0
9.6
22.6
12.3
22.6
1.3
11.1
33.3
-
19.7
11.8
7.5
8.6
18.7
15.0
13.0
26.0
11.8
18.5
4.0
12.7
18.7
22.0
12.0
17.5
25.1
11.2
25.8
6.9
19.5
10.4
17.6
17.7
13.4
16.0
13.2
29.0
5.8
17.6
17.4
20.7
23.2
10.0
12.8
10.9
20.0
8.5
21.6
7.9
20.5
11.3
4.4
14.8
4.3
12.4
13.9
10.2
8.1
29.0
12.4
9.7
10.2
7.5
17.5
12.1
13.5
11.3
11.8
11.6
4.0
16.2
8.8
16.0
7.4
13.0
11.6
19.6
11.0
16.6
12.1
7.7
16.5
12.7
1.2
17.5
15.5
1.7
5.2
12.0
16.7
10.3
9.4
9.0
18.7
2.4
1.6
2.2
12.4
10.8
9.5
Source: Company, MOSL
28 October 2015
3

Dabur
Consol sales up 8.7%; Gross margins expanded 190bp
Consolidated net sales grew 8.7% YoY to INR20.9b (est. INR21.2b) with volume
growth of 5.5% (est. 7%) impacted by calendar shift in Foods segment and
supply issues in Nepal subsidiary. Consolidated volumes growth ex Foods stood
at 7%.
Gross margin expanded 190bp YoY to 55%. However higher other expenses (up
50bp YoY) and marginal increase in ad spends and staff cost (up 10bp YoY each)
curtailed the gross margin flow through, resulting in EBITDA margin expansion of
120bp YoY to 19.1% (est. 18.8%).
Thus EBITDA grew 15.9% YoY to INR 4.0b (est. INR4.0b). Recurring PAT grew
18.7% YoY to INR3.4b (est INR3.3b).
Domestic business posted 5% YoY volume growth
Domestic business reported 8.1% YoY sales growth with underlying volume
growth of 5%. Consumer care segment posted 9.6% YoY sales growth with Oral
care, OTC & Ethicals and Home care posting double digit sales growth.
Hair care (23% of sales) grew 9.4% YoY with Hair Oils posting 14% growth
(double digit volume growth) driven by perfumed and coconut hair oil while
shampoo portfolio saw slowdown due to increased competitive intensity.
Oral care (16% of sales) posted healthy 18.7% YoY sales growth with toothpaste
witnessing strong 28% growth led by Dabur Red (double digit volume led
growth) & Meswak (double digit growth). Dabur strategy of defocusing on LUP
SKU’s of Babool has led to growth this quarter, though led by lower base.
Health supplements (16% of sales) grew 9% YoY with double digit growth in
Dabur Honey and flat quarter from Dabur Chyawanprash.
OTC & Ethicals (10% of sales) clocked 10.8% YoY sales growth with
Lal tail
posting good growth and
Ethicals
posting moderate growth.
Home Care (7% of sales) posted 12.4% YoY growth with good growth in
Odonil
and
Odomos.
Digestives (6% of sales) grew at 1.6% YoY while Skin Care (4% of sales) grew at
2.2% YoY.
Foods segment (18% of sales) grew at 2.4% with single digit growth in REAL fruit
juices on account of calendar shift in festive season YoY and supply disruptions
in Nepal.
EBIT margins for Foods division and Consumer Care expanded by 160bp and
190bp YoY to 16% and 24.2% resp.
Retail business revenues grew 29% YoY; it reported EBIT loss of INR2m.
IBD (33% of consolidated sales)
International business posted 8.8% YoY sales growth (6.4% constant currency
growth). Organic international business grew 9.5%, impacted by political
disturbances in the MENA region and currency fluctuations in Nigeria and Egypt.
Key growth markets such as GCC, Turkey, Nepal and Bangladesh posted 9%,
22.2%, 15.3% and 2.7% growth resp.
Gross margin contracted 20bp to 63.8%. Lower ad spends (down 50bp YoY) and
reduced other expenses (down 70bp YoY) were partially offset by higher staff
costs (up 30bp YoY) resulted in EBITDA margin expansion (up 70bp YoY) to
20.1%. Thus EBITDA grew 14.1% YoY to INR1.4b.
PAT grew 13.4% YoY to INR1.1b.
28 October 2015
4

Dabur
Key Takeaways from Concall
Quarterly Performance
Overall rural demand continues to be weak. However for Dabur rural markets
grew ahead of urban in 2Q16 due to its portfolio offering. Management expects
demand to revive in 4QFY16 and 1QFY17.
Dabur is lapping up 1-2% price increase during 2Q16 in the overall portfolio.
Hair Oil:
Product renovations in the segment are yielding results and thereby the
segment posted double digit volume growth. Dabur
Amla
continuous to be the
chief driver.
Oral Care:
Dabur outperformed the category. In the medium term Dabur
expects
Babool
could post higher growth given price rationalization of its
offerings while growth in
RED
and
Meswak
could moderate.
Skin care:
Gulabari
saw double digit growth. Dabur plans to launch multiple
premium offerings within the skin care category in the next 12 months.
Shampoo:
Dabur initiated 30% price cut in the Shampoos segment and is
witnessing increased trade margin being offered by competitors. It expects trade
activity to stabilize in next two more quarters
Digestives:
Hajmola was impacted by low price regional competition.
Health supplements:
Chyawanprash posted muted growth during 2Q16 mainly
due to lower institutional sales.
Other
Dabur witnessed slowdown in urban general trade channel while Modern trade
posted 25% growth.
Project Lead:
Dabur has 170 people on board and plans to expand it to 275 by
year end; currently it is offering 6-7 products under the project to 27,000
doctors.
Food:
Segment has 44-45% gross margin. ~60% of supply can be handled by
other plants in the Foods segment due to supply related issues at Nepal
subsidiary.
Guidance
Expect H216 to be stronger for international business with revival of Egypt and
Namaste business.
28 October 2015
5

Dabur
Valuation and view
We largely retain our estimates wherein we build in 11.9% sales growth over
FY15-17E with 120bps EBITDA margin expansion on account of lower
commodity costs. We estimate a 17% PAT CAGR over FY15-17E.
Though volume recovery in 2Q16 was impacted by supply related issues at the
Nepal subsidiary, we believe Dabur still offers one of the better earnings
visibilities in the sector led by its balanced portfolio and recent investments
behind distribution expansion.
However, valuations at 38x and 33x FY16E and FY17E EPS, resp are rich in our
view. Maintain NEUTRAL with a target price of INR INR290 (33x Sept’17E EPS).
Exhibit 9: Dabur P/E (x): Valuations offer little comfort
48.0
40.0
32.0
24.0
16.0
8.0
15.2
26.8
PE (x)
Peak(x)
Avg(x)
39.2
33.9
Min(x)
Exhibit 10: Dabur P/E premium vs. Sensex approaching peak
170
120
70
20
-30
64.9
Dabur PE Relative to Sensex PE (%)
LPA (%)
109.6
Source: Company, MOSL
Source: Company, MOSL
Exhibit 11: Valuation Matrix of coverage universe
Company
Consumer
Asian Paints
Britannia
Colgate
Dabur
Emami
Godrej Consumer
GSK Consumer
Hind. Unilever
ITC
Jyothy Labs
Marico
Nestle
Pidilite Inds.
Radico Khaitan
United Spirits
Retail
Jubilant Foodworks
Shopper's Stop
Titan Company
Reco
Price
(INR)
827
3,188
978
272
1,083
1,287
5,988
817
355
313
393
6,326
565
101
3,140
1,513
388
350
P/E (x)
EV/EBITDA (x)
ROE (%) Div. (%)
Mkt Cap EPS Growth YoY (%)
(USD M) FY15 FY16E FY17E FY15 FY16E FY17E FY15 FY16E FY17E FY15
FY15
12,214
5,862
4,094
7,341
3,781
6,741
3,876
27,218
43,764
873
3,901
9,387
4,454
205
7,024
1,523
490
4,784
15.8 22.4 18.7
45.1 49.8 20.3
13.9
4.9
21.1
15.7 18.1 15.8
20.7 24.2 30.0
22.0 27.1 23.8
-13.5 21.0 16.1
6.4
7.9
8.8
8.5
13.9 10.2
48.7 18.7 -5.2
18.1 20.8 20.7
6.8 -10.8 21.4
9.3
24.8 16.9
-10.4 13.2 33.9
Loss -152.6 115.5
-6.2
7.9
11.1
30.0
40.2
-4.4
62.6
43.0
20.7
55.8 45.6
66.6 44.5
47.6 45.4
44.7 37.9
50.6 40.7
48.3 38.0
43.2 35.7
46.7 43.3
29.6 26.0
44.6 37.6
44.2 36.6
48.6 54.4
55.7 44.6
17.7 15.6
-66.6 126.6
89.3
79.3
37.8
68.7
56.6
39.5
38.4
37.0
37.5
32.7
31.3
30.7
30.7
39.8
23.6
39.7
30.3
44.8
38.2
11.7
58.8
42.3
39.6
32.7
37.9
48.2
31.7
35.9
45.3
34.6
29.4
33.5
19.9
37.6
29.5
29.0
36.7
12.2
64.4
38.4
17.7
26.8
31.0
30.5
28.7
30.2
32.4
29.0
25.7
30.1
17.5
30.5
23.7
32.1
27.9
10.3
55.0
30.0
15.5
28.4
25.9
24.7
23.7
25.8
25.6
23.9
21.6
27.4
15.9
25.8
19.4
27.1
23.7
8.6
34.3
19.7
12.7
23.3
32.4
56.4
81.6
35.5
44.9
21.4
29.7
108.1
33.7
16.8
36.0
48.2
23.7
8.6
-21.7
17.2
5.3
26.6
0.9
0.5
1.3
0.8
0.7
0.6
0.8
1.8
1.8
1.3
0.6
1.0
0.0
0.8
0.0
0.2
0.2
0.8
Neutral
Buy
Neutral
Neutral
Buy
Neutral
Neutral
Neutral
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Buy
Buy
Neutral
Neutral
Note: For Nestle FY15 means CY14
Source: Company, MOSL
28 October 2015
6

Dabur
Story in charts
Exhibit 12: Expect sales to post 11.9% CAGR over FY15-17E
Sales (INR b)
29.6%
20.3%
16.3%
14.8%
10.7%
41
FY11
53
FY12
61
FY13
71
FY14
78
FY15
10.6%
86
FY16E
13.2%
Sales growth (%)
12.5
10.5
10.6
9.5
8.1
8.1
5.5
Exhibit 13: Lowest volume growth in many quarters
Volume growth (%)
98
FY17E
FY11
FY12
FY13
FY14
FY15
1QFY16 2QFY16
Source: Company, MOSL
Source: Company, MOSL
Exhibit 14: IBD sales grew 7% in 2QFY16
IBD Sales (INR b)
22.4
16.2
8.9
18.3
24.4
Exhibit 15: Steady margin improvement driven by benign
input cost
EBITDA Margin (%)
18.7
19.0
17.7
16.4
6.9
7.0
15.7
16.1
16.6
18.0
FY11
FY12
FY13
FY14
FY15
1QFY16 2QFY16
FY10
FY11
FY12
FY13
FY14
FY15 FY16E FY17E
Source: Company, MOSL
Source: Company, MOSL
Exhibit 16: PAT CAGR growth of 17% over FY15-17E
PAT (INR b)
19.1%
12.3%
13.4%
19.1%
PAT growth (%)
18.1%
Exhibit 17: RoE (x) and RoCE (x)
RoE (%)
48.9
15.8%
32.8
41.5
40.3
38.5
35.5
29.7
33.8
29.5
32.2
29.4
RoCE (%)
16.5%
26.1
28.4
29.8
5.7
FY11
6.4
FY12
7.7
FY13
9.1
FY14
10.7
FY15
12.6
FY16E
14.6
FY17E
FY11
FY12
FY13
FY14
FY15
FY16E
FY17E
Source: Company, MOSL
Source: Company, MOSL
28 October 2015
7

Dabur
Financials and valuations
Income Statement
Y/E March
Net Sales
Change (%)
Total Expenditure
EBITDA
Change (%)
Margin (%)
Depreciation
Int. and Fin. Charges
Other Income - Recurring
Profit before Taxes
Change (%)
Margin (%)
Tax
Deferred Tax
Tax Rate (%)
Profit after Taxes
Change (%)
Margin (%)
Minority Interest
Adjusted PAT
Exceptional Items
Reported PAT
2011
40,774
20.3
33,038
7,736
22.0
19.0
952
291
586
7,079
16.8
17.4
1,330
60
19.6
5,689
12.6
14.0
3
5,686
0
5,686
2012
52,836
29.6
44,153
8,683
12.2
16.4
1,032
538
792
7,905
11.7
15.0
1,383
81
18.5
6,441
13.2
12.2
-8
6,449
0
6,449
2013
61,467
16.3
51,813
9,653
11.2
15.7
847
589
1,313
9,530
20.6
15.5
1,738
88
19.2
7,704
19.6
12.5
24
7,680
-46
7,634
2014
70,543
14.8
59,155
11,388
18.0
16.1
975
542
1,491
11,363
19.2
16.1
2,105
86
19.3
9,172
19.1
13.0
25
9,146
-7
9,139
2015
78,065
10.7
65,108
12,957
13.8
16.6
1,150
401
1,788
13,194
16.1
16.9
2,347
162
19.0
10,685
16.5
13.7
26
10,658
0
10,658
(INR Million)
2016E
86,334
10.6
71,076
15,258
17.8
17.7
1,325
466
2,289
15,755
19.4
18.2
3,057
95
20.0
12,604
18.0
14.6
20
12,585
0
12,585
2017E
97,709
13.2
80,134
17,576
15.2
18.0
1,435
487
2,604
18,257
15.9
18.7
3,542
110
20.0
14,605
15.9
14.9
27
14,579
0
14,579
Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Minority Interest
Loans
Capital Employed
Gross Block
Less: Accum. Depn.
Net Fixed Assets
Capital WIP
Goodwill
Investments
Current
Non-current
Curr. Assets, L&A
Inventory
Account Receivables
Cash and Bank Balance
Others
Curr. Liab. and Prov.
Current Libilities
Provisions
Net Current Assets
Miscelleneous Expense
Deferred Tax Liability
Application of Funds
E: MOSL Estimates
28 October 2015
2011
1,741
12,170
13,911
41
16,280
30,232
19,338
-4,351
14,987
324
0
4,197
4,178
18
19,768
7,085
3,555
2,805
6,324
8,855
7,394
1,461
10,913
0
-189
30,231
2012
1,742
15,430
17,172
30
11,172
28,375
21,445
-5,033
16,412
268
0
4,825
4,812
13
20,498
8,239
4,617
4,184
3,458
13,355
9,361
3,994
7,143
0
-274
28,374
2013
1,743
19,209
20,952
121
12,577
33,649
21,330
-5,511
15,819
926
0
9,286
9,273
13
21,055
8,444
4,841
3,618
4,151
13,074
10,431
2,643
7,981
0
-362
33,649
2014
1,744
24,816
26,560
159
9,511
36,230
24,128
-6,459
17,669
217
0
10,765
10,751
13
24,469
9,725
6,753
5,194
2,797
16,442
13,330
3,112
8,027
0
-448
36,230
2015
1,757
31,785
33,541
182
9,608
43,331
25,409
-6,638
18,771
503
0
18,134
18,120
13
23,655
9,733
7,108
2,760
4,053
17,144
14,122
3,022
6,511
0
-587
43,331
(INR Million)
2016E
1,757
39,216
40,973
201
9,791
50,965
27,609
-7,963
19,646
503
0
19,947
19,932
15
30,141
13,586
7,154
5,903
3,498
18,686
15,001
3,685
11,456
0
-587
50,965
2017E
1,757
47,825
49,581
228
8,941
58,750
29,809
-9,399
20,410
503
0
23,936
23,919
18
35,662
15,242
8,097
8,240
4,084
21,175
16,977
4,198
14,488
0
-587
58,750
8

Dabur
Financials and valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout %
Valuation (x)
P/E
Cash P/E
EV/Sales
EV/EBITDA
P/BV
Dividend Yield (%)
Return Ratios (%)
RoE
RoCE
Working Capital Ratios
Debtor (Days)
Asset Turnover (x)
Leverage Ratio
Debt/Equity (x)
2011
3.3
2.7
8.0
1.1
34.3
2012
3.7
3.1
9.9
1.2
32.3
2013
4.4
3.9
12.0
1.4
31.7
2014
5.2
4.7
15.2
1.6
30.5
2015
6.1
5.4
19.1
2.2
37.0
2016E
7.2
6.4
23.3
2.5
35.0
2017E
8.3
7.5
28.2
2.9
35.0
73.3
87.3
9.0
54.7
27.5
0.4
61.6
69.7
7.7
49.0
22.6
0.5
51.8
58.0
6.6
41.0
17.8
0.6
44.7
50.2
6.0
35.9
14.2
0.8
37.9
42.4
5.3
30.2
11.6
0.9
32.7
36.3
4.6
25.8
9.6
1.1
48.9
32.8
41.5
26.1
40.3
28.4
38.5
29.8
35.5
29.7
33.8
29.5
32.2
29.4
32
1.3
32
1.9
29
1.8
35
1.9
33
1.8
30
1.7
30
1.7
1.2
0.7
0.6
0.4
0.3
0.2
0.2
Cash Flow Statement
Y/E March
OP/(loss) before Tax
Int./Div. Received
Depreciation & Amort.
Interest Paid
Direct Taxes Paid
(Incr)/Decr in WC
CF from Oper.
Extraordinary Items
(Incr)/Decr in FA
Free Cash Flow
(Pur)/Sale of Invt.
CF from Invest.
Issue of Shares
(Incr)/Decr in Debt
Dividend Paid
Others
CF from Fin. Act.
Incr/Decr of Cash
Add: Opening Bal.
Closing Balance
E: MOSL Estimates
28 October 2015
2011
7,079
-586
952
291
-1,330
-8,176
-1,770
0
-9,503
-11,273
-1,556
-11,059
0
14,487
-1,952
1,175
13,709
881
1,923
2,804
2012
7,905
-792
1,032
538
-1,383
5,150
12,450
0
-2,052
10,398
-629
-2,680
0
-5,107
-2,086
-1,197
-8,390
1,380
2,805
4,184
2013
9,530
-1,313
847
589
-1,738
-1,403
6,512
0
-542
5,969
-4,461
-5,003
1
1,404
-2,434
-1,045
-2,074
-566
4,184
3,618
2014
11,363
-1,491
975
542
-2,105
1,529
10,812
0
-2,090
8,723
-1,479
-3,568
2
-3,065
-2,788
183
-5,668
1,576
3,618
5,194
2015
13,194
-1,788
1,150
401
-2,347
-917
9,694
0
-1,567
8,127
-7,369
-8,936
2
97
-3,948
658
-3,191
-2,433
5,194
2,761
(INR Million)
2016E
15,755
-2,289
1,325
466
-3,057
-1,803
10,398
0
-2,200
8,198
-1,813
-4,013
2
183
-4,405
978
-3,242
3,143
2,760
5,903
2017E
18,257
-2,604
1,435
487
-3,542
-695
13,339
0
-2,200
11,139
-3,989
-6,189
2
-850
-5,103
1,138
-4,813
2,337
5,903
8,240
9

Dabur
Corporate profile: Dabur India
Company description
Dabur India is the second largest FMCG company in
India, in terms of Product portfolio. Dabur is a
market leader in Chyawanprash category and is
increasing its presence in other traditional
categories like Hair Care, oral care, household care
and foods. Dabur's acquisition of Fem Care given it
a strategic presence in the high potential skin care
segment.
Exhibit 18: Sensex rebased
Exhibit 19: Shareholding pattern (%)
Jun-15
Promoter
DII
FII
68.2
4.6
21.1
Mar-15
68.2
4.7
21.0
6.2
Jun-14
68.2
5.6
19.7
6.6
Exhibit 20: Top holders
Holder Name
LIC of India
Baring India Pvt Equity Fund III Listed Investments Ltd
Matthews Pacific Tiger Fund
Genesis Indian Investment Company Ltd General Sub
% Holding
3.4
1.5
1.4
1.2
Others
6.1
Note: FII Includes depository receipts
Exhibit 21: Top management
Name
Anand Burman
Amit Burman
Saket Burman
Mohit Burman
Sunil Duggal
Designation
Chairman
Vice Chairman
Director
Director
Executive Director
Exhibit 22: Directors
Name
Anand Burman
Amit Burman
Saket Burman
Mohit Burman
Ajay Dua*
P N Vijay*
Name
S Narayan*
R C Bhargava*
Sanjay K Bhattacharrya*
Sunil Duggal
P D Narang
Falguni Nayar*
*Independent
Exhibit 23: Auditors
Name
G Basu & Co
PricewaterhouseCoopers
Ramanath Iyer & Co
Type
Statutory
Internal
Cost Auditor
Exhibit 24: MOSL forecast v/s consensus
EPS
(INR)
FY16
FY17
MOSL
forecast
7.2
8.3
Consensus
forecast
7.4
8.7
Variation
(%)
-2.6
-5.0
28 October 2015
10

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12