DABUR · Fast Moving Consumer Goods
Dabur India Ltd. reported revenue of ₹3,349 cr for April to June 2024, +7.0% on the year and +19.0% on the quarter.
Operating profit (EBITDA) was ₹655 cr, a margin of 19.6%, +23 bps on the year and +300 bps on the quarter. Operating costs grew +6.7%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹494 cr, +8.1% on the year and +44.9% on the quarter, with earnings per share of ₹2.82. Profit before other income, one-offs and tax grew 6.2%, so the profit growth came from the business itself. The tax rate of 23% is in line with its recent average.
Pharma quarters swing with US generic launches and price erosion, while India formulations grow more steadily. Currency gains and other income can be material, so headline profit needs a check against operating profit. The quarterly statements do not carry the US and India split, R&D spend and any FDA observations; those come with the filing read.
On earnings per share of ₹10.60 over the last four quarters, the stock at ₹375.25 trades at 35.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3,255 cr | ₹2,815 cr | ₹3,349 cr | ₹3,029 cr | ₹3,355 cr | ₹2,830 cr | ₹3,405 cr | ₹3,191 cr | ₹3,559 cr | ₹3,038 cr | ₹3,764 cr | ₹3,563 cr |
| YoY | — | — | +7% | −5% | +3% | +1% | +2% | +5% | +6% | +7% | +11% | +12% |
| EBITDA margin | 20.5% | 16.6% | 19.6% | 18.3% | 20.3% | 15.1% | 19.6% | 18.4% | 20.6% | 15.2% | 19.7% | 17.7% |
| Other income, % of PBT | 19% | 28% | 20% | 28% | 20% | 34% | 22% | 24% | 18% | 37% | 23% | 27% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 23% | 25% | 23% | 24% | 22% | 24% | 23% | 22% | 22% | 24% | 22% | 23% |
| Net profit | ₹506 cr | ₹341 cr | ₹494 cr | ₹418 cr | ₹516 cr | ₹313 cr | ₹508 cr | ₹445 cr | ₹554 cr | ₹362 cr | ₹586 cr | ₹499 cr |
| YoY | — | — | +8% | −18% | +2% | −8% | +3% | +6% | +7% | +16% | +15% | +12% |
| Core profit YoY | — | — | +6% | −26% | −1% | −16% | +1% | +10% | +11% | +10% | +12% | +9% |
| EPS | ₹2.90 | ₹1.97 | ₹2.82 | ₹2.40 | ₹2.95 | ₹1.81 | ₹2.90 | ₹2.55 | ₹3.16 | ₹2.08 | ₹3.33 | ₹2.85 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Dabur India Ltd. reported revenue of ₹3,349 cr (+7.0% on the year) and net profit of ₹494 cr (+8.1% on the year) for April to June 2024.
Profit before other income, exceptional items and tax moved +6.2% on the year, against +8.1% for reported profit.
None of the 7 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.