DABUR · Fast Moving Consumer Goods
Dabur India Ltd. reported revenue of ₹3,029 cr for July to September 2024, −5.5% on the year and −9.6% on the quarter.
Operating profit (EBITDA) was ₹553 cr, a margin of 18.3%, −237 bps on the year and −130 bps on the quarter. Over the last 6 quarters the margin has ranged from 16.6% to 20.6%, averaging 19.1%. Operating costs grew −2.6%, faster than revenue at −5.5%, so operating profit grew less than sales.
Net profit was ₹418 cr, −17.6% on the year and −15.4% on the quarter, with earnings per share of ₹2.40. Profit before other income, one-offs and tax fell 26.2%, so 9 points of the headline growth came from outside the core business. The tax rate of 24% 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 ₹10.09 over the last four quarters, the stock at ₹375.25 trades at 37.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, 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.
Operating margin slipped on the year.
Source: Quarterly statements
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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹3,029 cr (−5.5% on the year) and net profit of ₹418 cr (−17.6% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved −26.2% on the year, against −17.6% for reported profit.
None of the 7 checks that could run raised a question.
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