A recent stock correction has brought valuations to reasonable levels. Analysts seemed positive on the stock.
The demand environment is unchanged compared to Q2FY25.
Rural demand is slowly recovering, but urban demand is subdued.
Dabur made inventory corrections at the end of Q2FY25 to improve distributor return on investment (ROI), which had a significant impact on primary sales performance in Q2 (domestic revenue down 8 per cent).
The management expects gross margins to improve gradually. Its operating margin was 20 per cent pre-Covid but contracted in FY24 due to high raw material costs and increased brand investments.
Given a 2 per cent price hike, the company is confident about sustaining earnings before interest, taxes, depreciation and amortisation (Ebitda) margins at 19-20 per cent.
The portfolio of Chyawanprash, Honey, Honitus, and Lal Tail has seen modest growth due to the delayed winter.
The winter portfolio usually has 30-35 per cent revenue contribution in Q3 and an estimated 15 per cent contribution in FY25.
Primary revenue growth has normalised from October, with a price hike.
Diese Geschichte stammt aus der December 17, 2024-Ausgabe von Business Standard.
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Diese Geschichte stammt aus der December 17, 2024-Ausgabe von Business Standard.
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