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>The company’s consolidated revenue grew by 5% YoY to Rs 2,815 Cr with India business volume growing by 4.2%, led by stable growth across categories.</li><li>However, the Healthcare and winter portfolio segment was impacted due to a delay in the onset of winter.</li><li>The company’s International business grew by 12% YoY (in cc terms). </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 5% YoY to Rs 2,815 Cr with India business volume growing by 4.2%, led by stable growth across categories.However, the Healthcare and winter portfolio segment was impacted due to a delay in the onset of winter.The company’s International business grew by 12% YoY (in cc terms). 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 - Beat On Operating Front; Maintain BUY

<ul><li>The company’s consolidated revenue grew by 7% YoY to Rs 3,203 Cr, with its domestic business growing by 3.4% (3% volume growth/5% volume growth ex-beverage) and strong double-digit growth in HPC and HC segments as it continued to gain market share.</li><li>However, the Beverages segment was impacted owing to the uneven distribution of rainfall and shifts in the festive season.</li><li>The company’s International business grew 23.6% YoY (in cc terms). </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 3,203 Cr, with its domestic business growing by 3.4% (3% volume growth/5% volume growth ex-beverage) and strong double-digit growth in HPC and HC segments as it continued to gain market share.However, the Beverages segment was impacted owing to the uneven distribution of rainfall and shifts in the festive season.The company’s International business grew 23.6% YoY (in cc terms). 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  - Recovery On the Cards; 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.

<ul><li>We attended the analyst meet of Dabur India previously hosted in 2019 when the newly-appointed CEO Mr Mohit Malhotra laid down the new strategic roadmap</li><li>This analyst meet was a recap of strategies along with their outcomes during 2019-2023 (FY15-19 revenue CAGR was 2% vs 8% during FY19-23)</li><li>We could also meet Mr Philipe Haydon who was recently appointed as the head of Dabur’s healthcare business and who was earlier the CEO of Himalaya Wellness (1980-2020)</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 attended the analyst meet of Dabur India previously hosted in 2019 when the newly-appointed CEO Mr Mohit Malhotra laid down the new strategic roadmapThis analyst meet was a recap of strategies along with their outcomes during 2019-2023 (FY15-19 revenue CAGR was 2% vs 8% during FY19-23)We could also meet Mr Philipe Haydon who was recently appointed as the head of Dabur’s healthcare business and who was earlier the CEO of Himalaya Wellness (1980-2020)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 -  Recap; More Energy to Grow Healthcare. Maintain ADD

<ul><li>The company’s consolidated revenue grew by 11% YoY to Rs 3,130 Cr, with its domestic business growing by 8% (3% volume growth) and strong double-digit growth in HPC and HC segments as it continued to gain market share.</li><li>However, the Beverages segment got impacted owing to unseasonal rains. International business grew 21% YoY (in cc terms).</li><li>The management highlighted that the demand slump in rural areas has bottomed out and is now seeing a recovery and expects a further recovery in 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 11% YoY to Rs 3,130 Cr, with its domestic business growing by 8% (3% volume growth) and strong double-digit growth in HPC and HC segments as it continued to gain market share.However, the Beverages segment got impacted owing to unseasonal rains. International business grew 21% YoY (in cc terms).The management highlighted that the demand slump in rural areas has bottomed out and is now seeing a recovery and expects a further recovery in 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 - Recovery On the Cards; Maintain BUY

Thematic (Sector/Industry)

<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 - Beat On Operating Front; Maintain BUY

The company’s consolidated revenue grew by 5% YoY to Rs 2,815 Cr with India business volume growing by 4.2%, led by stable growth across categories.

Axis Direct

Dabur India - Recovery On the Cards; Maintain BUY

The company’s consolidated revenue grew by 7% YoY to Rs 3,203 Cr, with its domestic business growing by 3.4% (3% volume growth/5% volume growth ex...

Axis Direct

Dabur - Recap; More Energy to Grow Healthcare. Maintain ADD

We attended the analyst meet of Dabur India previously hosted in 2019 when the newly-appointed CEO Mr Mohit Malhotra laid down the new strategic...

HDFC Securities

Dabur India - Recovery On the Cards; Maintain BUY

The management highlighted that the demand slump in rural areas has bottomed out and is now seeing a recovery and expects a further recovery in...

Axis Direct

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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