External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>The company’s consolidated revenue grew by 7% YoY to Rs 3,349 Cr with India business volume growing by 5.2%, led by recovery in rural markets, stable performance across the portfolio, distribution expansion and market share gains.</li><li>The company’s international business grew by 18.4% YoY (in cc terms).</li><li>The management highlighted with the normal monsoons it expects further recovery in the coming quarters. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The company’s consolidated revenue grew by 7% YoY to Rs 3,349 Cr with India business volume growing by 5.2%, led by recovery in rural markets, stable performance across the portfolio, distribution expansion and market share gains.The company’s international business grew by 18.4% YoY (in cc terms).The management highlighted with the normal monsoons it expects further recovery in the coming quarters. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dabur India  - Rural Is Seeing Sustained Sign of Recovery; Maintain BUY

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>We expect our consumer coverage to report revenue growth in mid-single-digits (6% yoy), driven by volume growth.</li><li>At an aggregate level, we expect revenue/EBITDA/net income growth of 5.6/6.3/6.7% respectively in 1QFY25.</li><li>Our ground checks suggest that the demand environment for FMCG products has started gradually improving because of (1) improving volume growth trends in rural areas on the back of a favourable base and the reducing impact of inflation</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect our consumer coverage to report revenue growth in mid-single-digits (6% yoy), driven by volume growth.At an aggregate level, we expect revenue/EBITDA/net income growth of 5.6/6.3/6.7% respectively in 1QFY25.Our ground checks suggest that the demand environment for FMCG products has started gradually improving because of (1) improving volume growth trends in rural areas on the back of a favourable base and the reducing impact of inflationContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FMCG, QSR & Alco Bev (Q1FY25 Results Preview): On an improving trajectory

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Dabur India (Dabur) to post mid to high single-digit revenue growth in Q1FY2025 with domestic volume growth of mid-single digits.</li><li>Gross margins and OPM to remain high y-o-y; operating profit to grow marginally ahead of revenue growth.</li><li>We expect Revenue/PAT to grow by 6%/7% y-o-y respectively in Q1. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dabur India (Dabur) to post mid to high single-digit revenue growth in Q1FY2025 with domestic volume growth of mid-single digits.Gross margins and OPM to remain high y-o-y; operating profit to grow marginally ahead of revenue growth.We expect Revenue/PAT to grow by 6%/7% y-o-y respectively in Q1. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dabur India Ltd - Good Q1 Update; Volume Growth Trend to Improve

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>India Dabur remains one of our preferred picks in the Consumer Goods sector, given its diversified portfolio and better execution.</li><li>The company’s thrust on rural remains firm, with distribution expansion continuing to see better growth.</li><li>Dabur, per its strategy, has been expanding TAM across brands with category extensions that are backed well by distribution and marketing. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India Dabur remains one of our preferred picks in the Consumer Goods sector, given its diversified portfolio and better execution.The company’s thrust on rural remains firm, with distribution expansion continuing to see better growth.Dabur, per its strategy, has been expanding TAM across brands with category extensions that are backed well by distribution and marketing. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dabur India - Muted Q1FY25 Commentary; Rural Recovery Positive

<ul><li>Ambuja Cement: We maintain ADD with an unchanged TP of INR 620/share (16.5x its consolidated FY26E EBITDA)</li><li>During Q4FY24, consolidated volumes rose 17% YoY owing to the low base and ramp-up of recently acquired Sanghi plants</li><li>Weak pricing across markets drove down NSR by INR 394/MT QoQ (-7%)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ambuja Cement: We maintain ADD with an unchanged TP of INR 620/share (16.5x its consolidated FY26E EBITDA)During Q4FY24, consolidated volumes rose 17% YoY owing to the low base and ramp-up of recently acquired Sanghi plantsWeak pricing across markets drove down NSR by INR 394/MT QoQ (-7%)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Ambuja Cement, Havells India, Dabur, ACC

India

Dabur India Ltd. manufactures soaps, detergents, hair oils, tooth powders, antacids and processed foods. The Company sells its products worldwide.

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Dabur India Ltd (DABUR IN)

Dabur India - Rural Is Seeing Sustained Sign of Recovery; Maintain BUY

The company’s consolidated revenue grew by 7% YoY to Rs 3,349 Cr with India business volume growing by 5.2%, led by recovery in rural markets

Axis Direct

FMCG, QSR & Alco Bev (Q1FY25 Results Preview): On an improving trajectory

We expect our consumer coverage to report revenue growth in mid-single-digits (6% yoy), driven by volume growth. At an aggregate level, we expect...

HDFC Securities

Dabur India Ltd - Good Q1 Update; Volume Growth Trend to Improve

Dabur India (Dabur) to post mid to high single-digit revenue growth in Q1FY2025 with domestic volume growth of mid-single digits.

Sharekhan

Dabur India - Muted Q1FY25 Commentary; Rural Recovery Positive

India Dabur remains one of our preferred picks in the Consumer Goods sector, given its diversified portfolio and better execution.

Emkay

HSIE Results Daily: Ambuja Cement, Havells India, Dabur, ACC

During Q4FY24, consolidated volumes rose 17% YoY owing to the low base and ramp-up of recently acquired Sanghi plants. Weak pricing across markets...

HDFC Securities

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