External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Expect improvement in volume CAGR, revenue to grow by 10/9% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver growth of 10/9% on YoY/four-year CAGR in revenue in Q4FY23 (vs 12/8% in Q4FY22 and 8/10% in Q3FY23)</li><li>Companies have started seeing a gradual recovery in demand, however, it still falls short of a full recovery</li><li>Urban markets returned to positive volume growth while rural markets still remain muted</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.

Expect improvement in volume CAGR, revenue to grow by 10/9% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver growth of 10/9% on YoY/four-year CAGR in revenue in Q4FY23 (vs 12/8% in Q4FY22 and 8/10% in Q3FY23)Companies have started seeing a gradual recovery in demand, however, it still falls short of a full recoveryUrban markets returned to positive volume growth while rural markets still remain mutedContent 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 & Alco Bev: Respite in demand and margins pressure

<ul><li>Expect similar volume CAGR, revenue to grow by 9/11% on YoY/three-year CAGR: Our FMCG coverage universe is expected to deliver growth of 9/11% on YoY/three-year CAGR in revenue in Q3FY23 (vs 17/10% in Q3FY22 and 8/11% in Q2FY23)</li><li>Rural demand remained tepid while some green shoots were visible at the end of the quarter</li><li>Urban demand too was not different from that seen in Q2</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.

Expect similar volume CAGR, revenue to grow by 9/11% on YoY/three-year CAGR: Our FMCG coverage universe is expected to deliver growth of 9/11% on YoY/three-year CAGR in revenue in Q3FY23 (vs 17/10% in Q3FY22 and 8/11% in Q2FY23)Rural demand remained tepid while some green shoots were visible at the end of the quarterUrban demand too was not different from that seen in Q2Content 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 & Alco Bev (Q3FY23 Results Preview): Unchanged demand trend, some respite in margins

<ul><li>Dabur: Dabur delivered an in-line performance with revenue growth of 6% YoY (11% on three-year CAGR)</li><li>Domestic revenue/volume grew 7/1% YoY, with three-year CAGR at 12/9% vs HUL’s 11/3% and Nestle’s 13/8%</li><li>Dabur is sustaining its volume outperformance among peers</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: Dabur delivered an in-line performance with revenue growth of 6% YoY (11% on three-year CAGR)Domestic revenue/volume grew 7/1% YoY, with three-year CAGR at 12/9% vs HUL’s 11/3% and Nestle’s 13/8%Dabur is sustaining its volume outperformance among peersContent 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: Dabur, Crompton Consumer

<ul><li>Volume weakness to continue, revenue to grow by 15/10% on YoY/three-year CAGR (weak ex-ITC): Our FMCG coverage universe is expected to deliver growth of 10/15% on YoY/three-year CAGR in revenue in Q2FY23 (vs 12/7% in Q2FY22 and 24/11% in Q1FY23)</li><li>ITC’s strong reported growth will drive the aggregate growth for Q2FY23, ex-ITC we expect overall weakness in volume</li><li>Demand trends in our FMCG universe for Q2FY23 will be similar to the trends seen in the previous two quarters where demand was impacted by the retail inflation (particular in rural).</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.

Volume weakness to continue, revenue to grow by 15/10% on YoY/three-year CAGR (weak ex-ITC): Our FMCG coverage universe is expected to deliver growth of 10/15% on YoY/three-year CAGR in revenue in Q2FY23 (vs 12/7% in Q2FY22 and 24/11% in Q1FY23)ITC’s strong reported growth will drive the aggregate growth for Q2FY23, ex-ITC we expect overall weakness in volumeDemand trends in our FMCG universe for Q2FY23 will be similar to the trends seen in the previous two quarters where demand was impacted by the retail inflation (particular in rural).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.

FMCG & Alco Bev (Q2FY23 Results Preview): Growth and margin to remain under pressure

<ul><li>Dabur: Dabur’s Q1 revenue growth and EBITDA margin were in line</li><li>Revenue grew 8% YoY (HSIE 8%), with three-year CAGR at 7%</li><li>Domestic revenue/volume grew 10/5% YoY, with three-year CAGR at 12/8% vs HUL 9/2%, Nestle 11/7%</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.

Dabur: Dabur’s Q1 revenue growth and EBITDA margin were in lineRevenue grew 8% YoY (HSIE 8%), with three-year CAGR at 7%Domestic revenue/volume grew 10/5% YoY, with three-year CAGR at 12/8% vs HUL 9/2%, Nestle 11/7%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: Dabur, Britannia Industries, Godrej Consumers, GAIL (India)

India

Dabur India Limited is a leading Indian multinational consumer goods company specializing in Ayurvedic and natural healthcare products. The company operates in key consumer product categories, including healthcare, hair care, oral care, skin care, home care, and food and beverages, offering over 250 herbal and Ayurvedic products. Dabur was founded in 1884 by S. K. Burman in Kolkata, India, and is currently headquartered in Ghaziabad, Uttar Pradesh, India.

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Dabur (DABUR IN)

FMCG & Alco Bev: Respite in demand and margins pressure

Our FMCG coverage universe is expected to deliver growth of 10/9% on YoY/four-year CAGR in revenue in Q4FY23 (vs 12/8% in Q4FY22 and 8/10% in Q3FY23)

HDFC Securities

FMCG & Alco Bev (Q3FY23 Results Preview): Unchanged demand trend, some respite in margins

Our FMCG coverage universe is expected to deliver growth of 9/11% on YoY/three-year CAGR in revenue in Q3FY23 (vs 17/10% in Q3FY22 and 8/11% in...

HDFC Securities

HSIE Results Daily: Dabur, Crompton Consumer

Dabur: Dabur delivered an in-line performance with revenue growth of 6% YoY (11% on three-year CAGR) Domestic revenue/volume grew 7/1% YoY, with...

HDFC Securities

FMCG & Alco Bev (Q2FY23 Results Preview): Growth and margin to remain under pressure

Demand trends in our FMCG universe for Q2FY23 will be similar to the trends seen in the previous two quarters where demand was impacted by the...

HDFC Securities

HSIE Results Daily: Dabur, Britannia Industries, Godrej Consumers, GAIL (India)

Revenue grew 8% YoY (HSIE 8%), with three-year CAGR at 7%. Domestic revenue/volume grew 10/5% YoY, with three-year CAGR at 12/8% vs HUL 9/2%,...

HDFC Securities

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