Dabur: Robust sales and margins improve - Views on News from Equitymaster

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Dabur: Robust sales and margins improve

Jan 29, 2013

Dabur India Limited has announced its third quarter results for financial year 2012-2013 (3QFY13). The company has reported a 12% YoY and 22% YoY growth in sales and net profits respectively. Here is our analysis of the results.

Performance summary
  • Revenues grew by 12% led by double-digit growth in all business segments. During 9mFY13, topline was up by 18%.
  • Operating margin improved by 100 basis points backed by controlled input costs and lower other expenses. For 9mFY13, operating margin slid by 40 basis points due to steep rise in ad-spends.
  • Aided by robust rise in operating profit, jump in other income coupled with lower interest expense, earnings increased by a steep 22% in 3QFY13. During 9mFY13, earnings grew by 18.7%.
Consolidated picture
(Rs m) 3QFY12 3QFY13 % Change 9mFY12 9mFY13 % Change
Revenues 14,573 16,360 12.3% 39,336 46,325 17.8%
Expenditure 12,263 13,615 11.0% 32,754 38,755 18.3%
Operating profit (EBDITA) 2,309 2,745 18.9% 6,582 7,570 15.0%
EBDITA margin (%) 15.8% 16.8% 0.9% 16.7% 16.3% -0.4%
Other income 167 220 31.8% 460 715 55.3%
Interest 183 78 -57.5% 481 439 -8.7%
Depreciation 239 305 28.0% 739 842 14.0%
Profit before tax 2,055 2,582 25.7% 5,822 7,003 20.3%
Tax 337 478 41.7% 1,087 1,320 21.4%
Minority Interest (10) (6)   (8) 9  
Extraordinary Items - -   - (46)  
Profit after tax/(loss) 1,728 2,111 22.2% 4,744 5,629 18.7%
Net profit margin (%) 11.9% 12.9%   12.1% 12.2%  
No. of shares (m)         1,743  
Diluted earnings per share (Rs)*         4.2  
Price to earnings ratio (x)*         31.8  

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