External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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>Aggregate revenue/EBITDA to grow by 8/9%: Our FMCG coverage universe is expected to deliver growth of 8/9% YoY in revenue/EBITDA in Q4FY22 (vs 24/22% in Q4FY21 and 16/12% in Q3FY22)</li><li>Inflationary pressure continued to disrupt demand in both urban and rural India; however, rural volume growth was weaker than urban</li><li>Volume growth has been decelerating even on 2/3 year CAGR (demand pressure, grammage reduction); however, downtrading was not witnessed</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.

Aggregate revenue/EBITDA to grow by 8/9%: Our FMCG coverage universe is expected to deliver growth of 8/9% YoY in revenue/EBITDA in Q4FY22 (vs 24/22% in Q4FY21 and 16/12% in Q3FY22)Inflationary pressure continued to disrupt demand in both urban and rural India; however, rural volume growth was weaker than urbanVolume growth has been decelerating even on 2/3 year CAGR (demand pressure, grammage reduction); however, downtrading was not witnessedContent 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: Rural Demand Struggles; Margin Pressures Continue

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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

Equity Bottom-Up

<ul><li>Dabur’s consolidated sales grew 0.6% YoY, impacted by weak urban demand, food inflation, and an unfavourable season.</li><li>The India business declined by 3.4% YoY, while the international business delivered strong constant currency growth of 19.3% YoY in Q4FY25.</li><li>However, the management remains optimistic, citing improving macroeconomic conditions supported by easing inflation, tax cuts, and a favourable monsoon.</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’s consolidated sales grew 0.6% YoY, impacted by weak urban demand, food inflation, and an unfavourable season.The India business declined by 3.4% YoY, while the international business delivered strong constant currency growth of 19.3% YoY in Q4FY25.However, the management remains optimistic, citing improving macroeconomic conditions supported by easing inflation, tax cuts, and a favourable monsoon.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 - Short-Term Challenges Persist; Downgrade to HOLD

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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’s 2QFY25 performance was largely in line with our estimate.</li><li>Consolidated revenue declined 5% YoY (in line) primarily due to a temporary adjustment in General Trade (GT) inventory because of the growth in emerging channels.</li><li>India revenue declined 8% YoY, while secondary sales grew by 2%.</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’s 2QFY25 performance was largely in line with our estimate.Consolidated revenue declined 5% YoY (in line) primarily due to a temporary adjustment in General Trade (GT) inventory because of the growth in emerging channels.India revenue declined 8% YoY, while secondary sales grew by 2%.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 - In-Line Quarter; Positive Commentary for 2HFY25

<ul><li>Dabur’s 2QFY25 results were in line with the preview update</li><li>Domestic volume declined 7.5% owing to inventory correction undertaken in GT channel to improve the ROI of distributors and unfavourable weather conditions impacting the beverage category</li><li>Management guided for mid to high single-digit value growth in 2HFY25, subject to the winter season remaining normal.</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’s 2QFY25 results were in line with the preview updateDomestic volume declined 7.5% owing to inventory correction undertaken in GT channel to improve the ROI of distributors and unfavourable weather conditions impacting the beverage categoryManagement guided for mid to high single-digit value growth in 2HFY25, subject to the winter season remaining normal.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 (2QFY25): On Par Performance. Maintain ADD

<ul><li>Missed the topline: Dabur’s Q2FY25 revenue missed expectations, with consolidated sales declining 5.5% YoY due to inventory correction in General Trade.</li><li>The India business degrew by 8% YoY, while the international business registered strong constant currency growth of 13% YoY in Q2FY25.</li><li>Management highlighted that the inventory correction is an exceptional one-time event and has guided for mid-to-high singledigit revenue growth in H2FY25. </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.

Missed the topline: Dabur’s Q2FY25 revenue missed expectations, with consolidated sales declining 5.5% YoY due to inventory correction in General Trade.The India business degrew by 8% YoY, while the international business registered strong constant currency growth of 13% YoY in Q2FY25.Management highlighted that the inventory correction is an exceptional one-time event and has guided for mid-to-high singledigit revenue growth in H2FY25. 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 Seeing Sustained Signs of Recovery; Maintain BUY

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: Rural Demand Struggles; Margin Pressures Continue

Aggregate revenue/EBITDA to grow by 8/9%: Our FMCG coverage universe is expected to deliver growth of 8/9% YoY in revenue/EBITDA in Q4FY22...

HDFC Securities

Dabur India Ltd - Short-Term Challenges Persist; Downgrade to HOLD

The India business declined by 3.4% YoY, while the international business delivered strong constant currency growth of 19.3% YoY in Q4FY25.

Axis Direct

Dabur - In-Line Quarter; Positive Commentary for 2HFY25

Consolidated revenue declined 5% YoY (in line) primarily due to a temporary adjustment in General Trade (GT) inventory because of the growth in...

Motilal Oswal

Dabur (2QFY25): On Par Performance. Maintain ADD

Domestic volume declined 7.5% owing to inventory correction undertaken in GT channel to improve the ROI of distributors and unfavourable weather...

HDFC Securities

Dabur India - Rural Seeing Sustained Signs of Recovery; Maintain BUY

Missed the topline: Dabur’s Q2FY25 revenue missed expectations, with consolidated sales declining 5.5% YoY due to inventory correction in General...

Axis Direct

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