Dabur India - Firstcut Q3FY14 - Microsec

Dabur India Ltd. announced its Q3'FY14 results on January 22, 2014.

Q3 FY'14 Result

For the quarter ended December 31, 2013, the Company's topline reported a growth of ~17%(YoY) at INR1,909 crore and its EBITDA increased by ~14%(YoY) to INR298 crore from INR262 crore. EBITDA Margins remain stable at 15.6% for Q3FY14 as compared to 16.0% in Q3FY13. Company's bottomline witnessed a growth of ~15%(YoY) at INR243 crore as the Company made new launches in both domestic and international markets. Consequently, advertising and publicity expenses as a percentage of sales increased to 15.2% in Q3FY14 as compared to 14.4% in Q3FY13. On the 9MFY14 front, the company's revenues increased by ~15% (YoY) and Consolidated PAT (excluding extraordinary & exceptional items) grew by ~20% (YoY).

The following were the Key Highlights of the Segments during Q3'FY14:

- Revenues from the Consumer Care segment grew by ~18%(YoY) whereas PBIT of the same grew by 9%(YoY).

- Revenues from Food business also showed a growth of ~18%(YoY) whereas PBIT increased significantly by ~56%(YoY).

- Revenue from Retail business increased by ~15%(YoY) whereas as losses came down at INR0.93 crore during Q3FY14 from INR2.7 crore in Q3FY13.

- During the quarter, Interim Dividend (INR0.75 per share having par value of INR1) aggregating to INR153.02 cr. including tax has been paid.

- While the Company has been increasing its distribution reach in rural markets through Project Double, in order to increase its visibility in urban markets the company launched a new initiative, Project CORE(Chemist Outlet and Range Expansion) during the quarter.

At the CMP of INR161, the stock discounts its FY14E EPS of INR5.5 by 29.2x.

Source : Equity Bulls

Keywords