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. 

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 India Limited has become one of India's leading FMCG companies and India's most trusted name.</li><li>Today, it also stands as one of the world's largest Ayurvedic and Natural Health Care companies.</li><li>The company’s FMCG portfolio includes 9 distinct Power Brands: Dabur Chyawanprash, Dabur Honey, Dabur Honitus, Dabur PudinHara, and Dabur Lal Tail in the Healthcare space; Dabur Amla, Dabur Red Paste, and Vatika in the Personal Care category; and Real in the Food &amp; Beverages space.</li></ul><div><div><div><div><h3></h3></div></div></div></div><p><em>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.</em></p>

Dabur India Limited has become one of India's leading FMCG companies and India's most trusted name.Today, it also stands as one of the world's largest Ayurvedic and Natural Health Care companies.The company’s FMCG portfolio includes 9 distinct Power Brands: Dabur Chyawanprash, Dabur Honey, Dabur Honitus, Dabur PudinHara, and Dabur Lal Tail in the Healthcare space; Dabur Amla, Dabur Red Paste, and Vatika in the Personal Care category; and Real in the Food &amp; Beverages space.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.

<ul><li>DABUR’s result in Q2FY23was broadly in line withour estimates. ConsolidatedRevenueat Rs 2,986Cr grew 6.0% YoY (Our estimates: Rs 2,976 Cr),driven by7% YoY growth in India standalone biz (LY Growth of 11.5%; 3-year CAGR of 12%) and an underlying Volume decline of 1% in the India FMCG business.</li><li>International Business recorded 12.3% CC growth with strong performance seenacross geographies (led by strong growths in Turkey (86%), Nepal (25%) and Egypt (23%)).</li><li>Consolidated Revenue for the quarter reported a 3-year CAGR of 10.5%.</li></ul><p><em>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.</em></p>

DABUR’s result in Q2FY23was broadly in line withour estimates. ConsolidatedRevenueat Rs 2,986Cr grew 6.0% YoY (Our estimates: Rs 2,976 Cr),driven by7% YoY growth in India standalone biz (LY Growth of 11.5%; 3-year CAGR of 12%) and an underlying Volume decline of 1% in the India FMCG business.International Business recorded 12.3% CC growth with strong performance seenacross geographies (led by strong growths in Turkey (86%), Nepal (25%) and Egypt (23%)).Consolidated Revenue for the quarter reported a 3-year CAGR of 10.5%.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 - In-Line with Estimates; Acquires Badshah Masala

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>The current excess rainfall across India is so far not leading to any material damage in rural India. </li>
<li>
<a href="https://www.smartkarma.com/entities/britannia-industries-ltd" target="_blank" data-smartkarma-citation="entities:16495:1" rel="noopener">Britannia Industries (BRIT IN)</a> continues to operate in a favourable environment and is possibly even immune to down trading. </li>
<li>
<a href="https://www.smartkarma.com/entities/dabur-india-ltd" target="_blank" data-smartkarma-citation="entities:242:1" rel="noopener">Dabur India Ltd (DABUR IN)</a> channels remain optimistic about matching YoY value growth, however, in terms of volume there still is quite a bit of ambiguity. </li>
</ul>


The current excess rainfall across India is so far not leading to any material damage in rural India. 

Britannia Industries (BRIT IN) continues to operate in a favourable environment and is possibly even immune to down trading. 

Dabur India Ltd (DABUR IN) channels remain optimistic about matching YoY value growth, however, in terms of volume there still is quite a bit of ambiguity. 


India Channel Insight #42 | Britannia, Dabur

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dabur-india-ltd" target="_blank" data-smartkarma-citation="entities:242:1" rel="noopener">Dabur India Ltd (DABUR IN)</a> is over-exposed to rural India where the recovery is uncertain and slow. </li>
<li>Channel feedback with regards to relationships with distributors and the company's strategic direction has been poor. </li>
<li>A weak operating environment coupled with a weak on-ground execution suggests underperformance may continue. </li>
</ul>



Dabur India Ltd (DABUR IN) is over-exposed to rural India where the recovery is uncertain and slow. 
Channel feedback with regards to relationships with distributors and the company's strategic direction has been poor. 
A weak operating environment coupled with a weak on-ground execution suggests underperformance may continue. 


Dabur India Ltd (DABUR IN) | Some Things Never Change

<ul>
<li>Our checks primary done over North of India suggest a stable to improving rural environment </li>
<li>There is a sense of aggression in <a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a>, <a href="https://www.smartkarma.com/entities/britannia-industries-ltd" target="_blank" data-smartkarma-citation="entities:16495:1" rel="noopener">Britannia Industries (BRIT IN)</a> is well placed to grow volumes &amp; <a href="https://www.smartkarma.com/entities/nestle-india-ltd" target="_blank" data-smartkarma-citation="entities:13101:1" rel="noopener">Nestle India (NEST IN)</a> is expected to be a steady performer. </li>
<li>
<a href="https://www.smartkarma.com/entities/dabur-india-ltd" target="_blank" data-smartkarma-citation="entities:242:1" rel="noopener">Dabur India Ltd (DABUR IN)'</a> s image at the distributor level is quite shocking and <a href="https://www.smartkarma.com/entities/marico-ltd" target="_blank" data-smartkarma-citation="entities:16903:1" rel="noopener">Marico Ltd (MRCO IN)</a>'s products are more prone to volatility. </li>
</ul>


Our checks primary done over North of India suggest a stable to improving rural environment 
There is a sense of aggression in ITC Ltd (ITC IN), Britannia Industries (BRIT IN) is well placed to grow volumes &amp; Nestle India (NEST IN) is expected to be a steady performer. 

Dabur India Ltd (DABUR IN)' s image at the distributor level is quite shocking and Marico Ltd (MRCO IN)'s products are more prone to volatility. 


India Channel Insight #35 | ITC, Britannia, Nestle India, Dabur, Marico

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)

Pick of the Week - Dabur India Ltd

Dabur India Limited has become one of India's leading FMCG companies and India's most trusted name. Today, it also stands as one of the world's...

Axis Direct

Dabur India - In-Line with Estimates; Acquires Badshah Masala

International Business recorded 12.3% CC growth with strong performance seenacross geographies (led by strong growths in Turkey (86%), Nepal (25%)...

Axis Direct

India Channel Insight #42 | Britannia, Dabur

We interacted with Britannia and Dabur dealers/distributors to understand the current operating and demand environment along with the potential...

Pranav Bhavsar

Dabur India Ltd (DABUR IN) | Some Things Never Change

With the COVID tailwind no longer available, a tough operating environment, and strengthening competition, Dabur's lack of strategic focus is...

Pranav Bhavsar

India Channel Insight #35 | ITC, Britannia, Nestle India, Dabur, Marico

This channel insight shares key takeaways from speaking to channels across north India that are associated with ITC, Britannia, Nestle India,...

Pranav Bhavsar

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