Dabur India Ltd

About

Dabur India is one of the leading fast moving consumer goods (FMCG) players dealing in consumer care and food products.(Source : 202003 Annual Report Page No:280)

Key Points

In Chawanprash segment they have around 60% Market share in India.
In Honey segment they have around 40% Market share in India.

See full details
  • Market Cap 108,759 Cr.
  • Current Price 615
  • High / Low 659 / 483
  • Stock P/E 60.8
  • Book Value 43.4
  • Dividend Yield 0.77 %
  • ROCE 27.3 %
  • ROE 23.7 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 24.88%
  • Company has been maintaining a healthy dividend payout of 39.98%
  • Debtor days have improved from 30.47 to 21.47 days.

Cons

  • Stock is trading at 14.19 times its book value
  • The company has delivered a poor sales growth of 3.94% over past five years.

Peer comparison

Sector: FMCG Industry: Personal Care - Indian

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
2,125 2,199 2,128 2,273 2,212 2,353 1,865 1,980 2,516 2,729 2,337 2,612
1,674 1,754 1,671 1,816 1,722 1,860 1,513 1,563 1,947 2,155 1,895 2,060
Operating Profit 451 445 457 458 490 493 352 417 569 574 442 552
OPM % 21% 20% 21% 20% 22% 21% 19% 21% 23% 21% 19% 21%
Other Income 81 76 -9 54 42 54 56 72 88 81 85 85
Interest 16 17 12 15 15 10 9 8 7 7 9 8
Depreciation 43 45 46 53 54 54 59 57 60 57 67 61
Profit before tax 474 460 389 443 462 482 340 424 590 591 452 568
Tax % 20% 20% 5% 18% 13% 17% 17% 19% 18% 16% 16% 23%
Net Profit 377 366 370 363 403 398 281 342 482 492 378 437
EPS in Rs 2.13 2.07 2.10 2.05 2.28 2.25 1.59 1.93 2.73 2.78 2.14 2.47

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
3,387 4,070 5,294 6,140 7,058 7,795 7,869 7,614 7,722 8,515 8,685 9,547 10,193
2,777 3,295 4,401 5,148 5,897 6,475 6,350 6,102 6,104 6,775 6,892 7,545 8,056
Operating Profit 610 774 893 992 1,162 1,320 1,518 1,512 1,617 1,740 1,792 2,002 2,137
OPM % 18% 19% 17% 16% 16% 17% 19% 20% 21% 20% 21% 21% 21%
Other Income 61 58 55 100 126 154 217 296 291 222 205 325 338
Interest 20 29 54 59 54 40 48 54 53 60 50 31 30
Depreciation 50 95 103 85 97 115 133 143 162 177 220 240 245
Profit before tax 601 708 790 948 1,136 1,319 1,554 1,611 1,693 1,725 1,728 2,056 2,200
Tax % 17% 20% 19% 19% 19% 19% 19% 21% 20% 16% 16% 18%
Net Profit 501 569 645 763 914 1,066 1,251 1,277 1,354 1,442 1,445 1,693 1,789
EPS in Rs 2.89 3.27 3.70 4.38 5.24 6.07 7.11 7.25 7.69 8.17 8.18 9.58 10.12
Dividend Payout % 35% 35% 38% 34% 33% 33% 32% 31% 81% 34% 37% 50%
Compounded Sales Growth
10 Years:9%
5 Years:4%
3 Years:7%
TTM:21%
Compounded Profit Growth
10 Years:12%
5 Years:7%
3 Years:7%
TTM:21%
Stock Price CAGR
10 Years:20%
5 Years:17%
3 Years:15%
1 Year:20%
Return on Equity
10 Years:29%
5 Years:26%
3 Years:25%
Last Year:24%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
87 174 174 174 174 176 176 176 176 177 177 177
Reserves 848 1,217 1,543 1,921 2,482 3,178 3,995 4,671 5,530 5,455 6,429 7,487
Borrowings 179 1,051 1,068 1,151 708 734 805 975 938 699 522 509
935 1,481 1,415 1,462 1,948 2,019 1,956 1,910 2,058 2,106 2,209 2,661
Total Liabilities 2,049 3,923 4,200 4,709 5,312 6,106 6,932 7,732 8,702 8,437 9,337 10,833
647 1,499 1,641 1,582 1,767 1,877 1,667 1,958 2,028 1,969 2,253 2,243
CWIP 30 32 27 93 22 50 45 42 42 64 147 147
Investments 264 420 483 929 1,076 1,813 2,691 3,240 3,805 3,359 2,800 4,160
1,108 1,972 2,050 2,105 2,447 2,365 2,529 2,492 2,827 3,045 4,137 4,283
Total Assets 2,049 3,923 4,200 4,709 5,312 6,106 6,932 7,732 8,702 8,437 9,337 10,833

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
499 531 597 870 1,098 1,047 1,187 1,227 1,092 1,499 1,614 2,115
-230 -1,056 -260 -622 -104 -876 -730 -807 -541 338 -517 -1,404
-233 613 -198 -234 -804 -417 -374 -339 -577 -1,888 -1,043 -613
Net Cash Flow 36 88 138 13 190 -245 82 81 -27 -51 54 97

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 13 32 32 29 35 33 38 31 33 36 34 21
Inventory Days 151 133 112 144 150 136 104 153 169 154 164 179
Days Payable 142 125 56 109 149 137 112 181 190 172 176 197
Cash Conversion Cycle 22 41 88 64 36 33 30 3 13 17 22 3
Working Capital Days -1 33 22 12 2 7 21 17 26 23 24 5
ROCE % 56% 41% 32% 33% 36% 36% 35% 31% 28% 29% 28% 27%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
67.89 67.90 67.88 67.88 67.88 67.88 67.87 67.87 67.87 67.38 67.36 67.36
18.16 18.21 17.76 17.64 17.48 17.43 17.63 18.08 18.52 19.77 20.59 21.35
6.94 6.67 7.03 7.74 7.71 7.61 7.42 6.90 5.93 5.34 4.66 3.41
7.01 7.23 7.34 6.74 6.93 7.07 7.08 7.15 7.67 7.51 7.38 7.87

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