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Dabur: Moving along... - Views on News from Equitymaster
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Dabur: Moving along...
Nov 2, 2015

Dabur India declared results for the quarter ended September 2015. The company reported a revenue growth of 9% YoY during the quarter, while profits moved up by 19% YoY. Here is our analysis of the results.

Performance summary

  • Consolidated revenues rise by 9% YoY led by retail and consumer care businesses.
  • Operating profits grow at a faster pace of 15% YoY as margins expand by 1.1% YoY to 19.3%. Margins expand due to lower input costs.
  • Net profits rise by 19% YoY, led by a good operating show coupled with higher other income.
  • Board declares dividend of Rs 1.25 per share (on shares having face value of Re 1).

Consolidated Financial Performance

(Rs m) 2QFY15 2QFY16 Change 1HFY15 1HFY16 Change
Net sales 19,296 20,962 8.6% 37,984 41,657 9.7%
Expenditure 15,787 16,917 7.2% 31,796 34,395 8.2%
Operating profit (EBDITA) 3,508 4,045 15.3% 6,189 7,262 17.3%
EBDITA margin (%) 18.2% 19.3%   16.3% 17.4%  
Depreciation 292 329 12.6% 559 655 17.1%
EBIT 3,216 3,716 15.5% 5,630 6,607 17.4%
EBIT margin (%) 16.7% 17.7%   14.8% 15.9%  
Interest 102 124 21.3% 203 241 18.6%
Other income 389 547 40.7% 748 1,026 37.1%
Exceptional items - -   - -  
Profit before tax 3,503 4,140 18.2% 6,175 7,392 19.7%
Tax 616 728 18.2% 1,176 1,360 15.6%
Effective tax rate 17.6% 17.6%   19.0% 18.4%  
Profit after tax/(loss) 2,888 3,412 18.2% 4,999 6,033 20.7%
Minority interest/ Share of associate company (13) (0)   (16) (10)  
Net profit after tax 2,875 3,411 18.7% 4,983 6,022 20.9%
Net profit margin (%) 14.9% 16.3%   13.1% 14.5%  
No. of shares (m)       1,756.4 1,759.1  
Diluted earnings per share (Rs)*         6.7  
Price to earnings ratio (x)         41.0  

(*On a trailing 12-month basis)
Data Source: Company, Equitymaster research

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