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Dabur: Taxing woes for the quarter - Views on News from Equitymaster
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Dabur: Taxing woes for the quarter
Feb 1, 2011

Dabur India Limited has announced its 3QFY11 results. The company has reported a 17% YoY and 10.9% YoY growth in sales and net profits respectively. Here is our analysis of the results.

Performance summary
  • Consolidated net sales for 3QFY11 increased by a robust 17% YoY on the back of strong performance by the company’s consumer care division, consumer health division and foods business.
  • Operating (EBITDA) margins increased by 0.7% during 3QFY11. This comes on the back of lower advertisement costs and lower staff costs partially offset by higher raw material costs (all as a percentage of sales).
  • Net profit for 3QFY11 increased by 11% YoY. This increase is on the back of growth in operating profits partly offset by fall in other income, higher interest costs and increase in effective tax rates.
  • Net profit for 9mFY11 increased by 14.6% YoY while net profit margin stood flat at 14.1%. This performance came on the back of higher operating income and fall in interest costs. The net income growth was capped by lower other income and higher effective tax rate.
Consolidated performance snapshot
(Rs m) 3QFY10 3QFY11 % Change 9mFY10 9mFY11 % Change
Netsales 9,286 10,869 17.0% 25,558 29,948 17.2%
Expenditure 7,500 8,704 16.1% 20,749 24,201 16.6%
Operatingprofit (EBDITA) 1,785 2,165 21.2% 4,808 5,747 19.5%
EBDITAmargin (%) 19.2% 19.9%   18.8% 19.2%  
Otherincome 38 20 -48.5% 175 159 -9.0%
Interest 28 54 91.1% 151 144 -4.2%
Depreciation 145 233 61.1% 413 567 37.2%
Profitbefore tax 1,651 1,897 15.0% 4,419 5,195 17.6%
MinorityInterest (15) (4)   (8) 3  
ExtraordinaryItems - -   - -  
Tax 273 357 30.8% 749 976 30.2%
Profitafter tax/(loss) 1,393 1,544 10.9% 3,678 4,216 14.6%
Netprofit margin (%) 15.0% 14.2%   14.4% 14.1%  
No.of shares (m) 866 1,741 866 1,741
Dilutedearnings per share (Rs)*         3.2  
Priceto earnings ratio (x)*         28.8  

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