DABUR LTD

OVERVIEW OF A COMPANY

Dabur India limited is India's leading fast moving consumer good FMCG company
with interest in health care, personal care and foods. Dabur has a history of more than 100
years and the company has carved niche for itself in the field of Ayurvedic medicine. The
products of Dabur are marketed in more than 50 countries worldwide.

One Over its 120 years of existence, the Dabur has stood for goodness through a natural
lifestyle. An umbrella name for a variety of products, ranging from haircare to honey. Dabur
has consistently ranked among India’s top brands. Its brands are built on the foundation of
trust that a Dabur offering will never cause one harm.

The trust levels that this brand enjoys are phenomenally high. While ries and trout may ask
“what does Dabur stand for - shampoo or digestive tablets”? The answer is fairly simple, it
stands for India's fourth largest fast-moving consumer goods company that both consumer
and trade respect and trust unequivocally, and which has annual turnover of rupees 15 billion.

The company has kept an eye on new generations of customer with a range of products that
cater to a modern lifestyle, while managing not to alienate earlier generations of loyal
customers. Dabur is an investor friendly brand as its financial performance shows. There is an
abundance of information for its investors and prospective information including a daily
update on a share price. There’s a great sense of responsibility for investors fund on view.
This is a direct extension of Dabur philosophy of taking care of its constituents and it adds to
the sense of trust for the brand over all.

Dabur today operates in key consumer products categorized like hair care, oral care, health
care, skin care, home care and foods. The company has a wide distribution network, covering
over 6.7 million retail outlets with a high penetration in both urban and rural markets.
Dabur’s product also has a huge presence in the overseas market and are today available in
over 100 countries across the globe. Its brands are highly popular in the Middle East, Africa,
SAARC countries, US, Europe and Asia. Dabur’s overseas revenues account for 28.2% of the
total turnover.
HISTORY OF DABUR

The story of Dabur began with a small, but visionary endeavor by Dr. S. K. Burman,
a physician tucked away in Bengal. His mission was to provide effective and affordable cure
for ordinary people in far - flung villages. Dr. S. K. Burman started Dabur in 1884 as a small
pharmacy. Initially, he prepared Ayurvedic medicines to treat diseases like malaria, plague,
and cholera that had no cure during that period. It was his dedication, commitment and
empathy that made Dabur a renowned name among the masses. And today, after more than
120 years Dabur is known for its trustworthiness more than anything else. During this
passage of time, Dabur went through several structural and strategic chances to maintain its
market strength. The real mass production started in 1896. Early 1900s saw Dabur emerged
as the first company to provide health care through scientifically tested methods. It achieved
significant improvements after setting up research and development centers and
manufacturing automation. The launch of Dabur Amla hair oil and Chyawanprash was a boon
to the expanding business. To keep up with the times Dabur computerized its operation in
1957. It's Dant Manjan and digestive tablets were widely accepted as well. However, with a
large product portfolio in the market, Dabur had to maintain operational efficiency. To make
sure it adjusted to the business environment it become a public limited company in 1986
followed by diversification in Spain in 1992. A major change came when Dabur came up
with its IPO in 1994. Because of its position Dabur’s issue was 21 times oversubscribed.
Dabur further divided its business into three separate groups:

• Health Care products Division

• Family products Division

• Dabur Ayurvedic specialties Limited

overDabur India limited is a consumer care and health care products company. Product
portfolio offered by the company includes personal care products, health care products, home
care products, and foods. Dabur also offers Ayurveda-based health care products. It markets
its products in India as well as international market as Middle East, South-east Asia, Africa,
the European union and America. The company operates through four division namely
Consumer Care Division [CCD] that deal in FMCG products across a wide spectrum of
market segments; International Business Division [IBD] that focuses on developing Dabur’s
business abroad; Consumer Healthcare Division [CHD] that deals in the classical and OTC
range of products which are grantha raised and which follow strict Ayurvedic formations; and
retail divisions which is currently in the development phase. The company is headquartered at
Ghaziabad, Uttar Pradesh, India. In 1998, for the first time in the history of Dabur, a non-
family member took charge. Dabur handed over the operation to professionals. Successful
implementation off procedure, timely changes and maintaining its essence, Dabur achieved
its highest ever sales figure of Rs 1166.5 crores in 2000-2001. As FMCG sector was
struggling with a slow growth in the Indian economy Dabur decided to take enormous
strategic initiatives, recognize operation and improvise on its brand architecture beginning
2002. It decided to concentrate its marketing effort on Dabur, Vatika, Real, Anmol and
Hajmola to strengthen their brand equity, create differentiation and emerge as a pure FMCG
player recognized as Herbal brand. This was chosen after a study with Accenture, which
revealed that Dabur was mainly perceived as a herbal brand and connected with the age
group above 35. Also, larger retailer was making their foray into the FMCG market. Apart
from at HLL, P&G, Marcio and Himalayan, ITC was also posing a challenge. The supply
chain of Dabur was becoming complex because of the large array of product. Southern
market share in the sales figure was negligible. These factors posed a threat to Dabur and
hence small challenges were not enough.

VISION & MISSION OF DABUR INDIA

VISION OF DABUR

After the successful implementation of the 4-year business plan from 2002 to 2006, Dabur
has

launched another plan for 2010. The main objectives are:

1. Doubling of the sales figure from 2006.

2. The new plan will focus on expansion, acquisition and innovation. Although Dabur’s

international business has done well- growing by almost 29 percent to Rs.292 crores in

2006-07, plans are to increase it by leaps and bounds.

3. Growth will be achieved through international business, homecare, healthcare and foods.

4. Southern markets will remain as a focus area to increase its revenue share to 15 %.

5. With smoothly sailing through its previous plans, this vision seems possible. Time and
again, Dabur has made decision that led to its present position. However, if Dabur could

be more aggressive in its approach, it can rise to unprecedented levels.

MISSION OF DABUR

Dabur believes in the mission of being a leader in the natural foods & beverages industry

Dabur aims in offering quality products and distributing higher returns to stakeholder. “Real”

And “Real Active” are the two fruit juice brands of Dabur, which are packaged in different
flavors like – mixed fruit cucumber spinach juice and fruit beetroot carrot juice.

Apart from food, Dabur Health care offers wide range of Ayurvedic and Health care product.

Dabur Consumer Health is a department that deals with the marketing of Ayurvedic
medicines

worldwide. Dabur offers 350 Shastriya (Classical) ayurvedic treatments and solutions.

After a lot of market research Dabur foods came up with a new brand name as “Nature’s
Best”,

which was the initial brand of Dabur services network. The 1kg Nature’s best Tomato Ketup
was successfully launched after that.

OBJECTIVE OF DABUR INDIA

The objective of Dabur India Limited are as follow:

1. Focus on growing core brands across categories, reaching out to new geographies. Within

and outside India and improve operational efficiencies by leveraging technology.

2. Be the preferred to meet the health and personal grooming needs of target consumer with

safe, efficacious, natural solution by synthesizing deep knowledge of Ayurveda and herbs

with modern science.

3. Be a professionally managed employer of choice, attracting, developing, and retaining

quality personnel.

4. Be responsible citizen with a commitment to environmental protection.

5. Provide superior returns, relative to our peer group, to our shareholder.

BOARD OF DIRECTORS OF DABUR INDIA

Dabur has an Illustrious Board of Directors who is committed to take the company to newer
level

of corporate governance.

The Board comprises of:

CHAIRMAN

WHOLE TIME DIRECTORS

Mr. Mohit Malhotra Mr. P.D. Narang

PRODUCT LINE OF DABUR

Categories:
1. Health Care

2. Home Care

3. Personal Care

4. Ayurvedic Specialties

5. Foods

HEALTH CARE PRODUCTS:

1. Health Supplements

• Dabur Chyawanprash

• Dabur Glucose-D

• Dabur Chyawan Junior

2. Digestives

• Hamjola

• Hajmola Candy

• Anardana

• Pudin hara G

• Dabur Hingoli

3. Natural cures

• Bhringraj Ayurvedic Tail

• Badam Tail

• Sat Isabgol

• Sarbyna Strong

• Dabur Balm

4. Baby care
• Dabur Lal Tail

• Dabur Janma Ghunti

• Dabur baby olive oil

HOME CARE PRODUCTS:

• Odomos

• Odonil

• Sanifresh

• Dazz

• Odopic

PERSONAL CARE PRODUCTS:

1. Hair care oil

• Amla hair oil

• Vatika hair oil

• Anmol sarson Amla

• Amla lite hair oil

2. Hair care shampoo

• Vatika heena conditioning shampoo

• Vatika anti dandruff shampoo

• Anmol silky black shampoo

3. Skin care

• Gulabari Rose Water

• Vatika Fairness Face Pack

• Vatika Saffron Glow Soap with Sandal

• Gulabari Hydrating Rose Lotion

4. Oral care

• Dabur Red Toothpaste

• Babool Toothpaste

• Meswak Toothpaste

• Dabur Lal Dant Manjan

• Dabur Binaca Toothbrush

5. FOODS:

• Real

• Real active

• Hommade

• Lemoneez

• Capsico

AYURVEDIC SPECIALITIES

• Ayurveda

SWOT Analysis

The following SWOT Analysis looks at Dabur India which is operating in FMCG industry.
The Analysis shows Dabur India’s Strength, Weakness, Opportunities and Threats. The
SWOT Analysis will give you a clear picture of the business environment Dabur India is
operating in at the present time.

STRENGTHS

The strengths of a business or organization are positive elements, something they do well and
is under their control. The strength of a company or group and value to it, and can be what
gives it the edge in some areas over the competitors. The following section will outline main
strengths of
Dabur India.

• Dabur India limited is the century old company

• Well established brands in Dabur India

• High quality machinery, staff, ofces and equipment ensure the job is done to the utmost

standard, and is strength of Dabur India

• Leader in Herbal digestive where the product has 90% of the market share.

• Ayurvedic/Herbal product line.

• Product development strength.

• Strong distribution network.

• Extreme supply chain.

WEAKNESS

Weakness of a company or organization are things that need to be improved or performed

better, which are under their control. Weaknesses are also things that place you behind
competitors, or stop you being able to meet objectives. This section will present main
weaknesses of Dabur India.

• A serious weakness for Dabur India is the fact their products/services are of low quality,
meaning people will have better quality substitutes.

• Not reducing cost in the same way as their competitors/’means Dabur India is outlaying
more of their profits. Having higher cost then competitors is a major weakness.

• Over-pricing, setting to high prices for Dabur India products/services makes them
uncompetitive, which is a major weakness.

• Seasonal demand (like chayawanprash in winter)

• Low penetration (Chayawanprash)

OPPORTUNITIES
Opportunities are external changes, trends or needs that could enhance the business or
organization’s strategic position, or which could be of a benefit to them. This section will
outline opportunities that Dabur India is currently facing.

• Extends Vatika brand to new categories like skin care & body wash segment.

• Untapped market (chayawanprash)

• Market development

• Southern India market.

THREATS

Threats are factor which may restrict damage or put areas of the business or organization at
risk.

They are factors which are outside of the company’s control. Being aware of the threats and
being able to prepare for them make this section valuable when considering contingency
plans and strategies. This section will outline main threats Dabur India is currently facing.

• Competition in the FMCG sector from well-established names.

• Substitute products available on the market present a major threat to Dabur India.

• Consumer lifestyle changes could lead to less of a demand for Dabur India

product/services.

• Existing competition (like Himani, baidyanath,and zandu for Dabur chayanwanprash and

marico, keo karpin, HLL and bajaj for vatika hair oil )

• New entrants in the market.

MARKETING STRATEGIES

A marketing strategy is a long-term plan carried out promote the goods and services of a
company. Strategies are the long-term plans made to achieve the organizational goals and
marketing deals in the selling or promotion of goods and services with a primary aim of
customer satisfaction.

Dabur’s marketing strategy aims at continuing its brand image by providing a variety of
products and using print media and sales promotion for reaching out to its customers.
I. PRICE

Price is normally expressed in monetary terms. it is worth of a product or service in monetary

terms. Price is the value which a buyer passes on to the seller in lieu of the product or
services provided. Price is a crucial determinant of the fact whether the exchange between the
buyer and seller should materialize or not. While pricing the product three main factor should
be kept in mind-:

1. Cost

2. Competition

3. Consumer demand

Pricing strategies of Dabur

Dabur is today seen as far more proactive in the market Dabur is now an external oriented
company. Across the whole organization the company have one definition of winning and
that means not just growing but growing completely. Over the last two year, Dabur has
maintained its operating margins through judicious price hikes across products and reduction
in pack sizes.

The three main factors affecting the pricing strategies have been discussed:

1. COST

One of the most important factors to take care while pricing is the cost set the floor for
pricing decision.

2. COMPETTION

Competition is another important consideration while pricing. But when there are competitors
selling the same or similar products, the pricing freedom is considerably reduced. Its price
must fall in line with the competitors. Similarly, Dabur India limited also has many
competitors.

1. Hindustan unilever limited

2. Proctor and gamble

3. Pepsi co.
4. Colgate Palmolive

3. CONSUMER DEMAND

Dabur learned that majority of Indian population tends to go towards the Indianized natural
and herbal products thus they made it their USP.

II. PLACE

Place in the context of marketing mix refer to a set of decision that need to be taken in order
to make the product available to the customer for purchase and consumption.

CHANNEL OF DISTRIBUTION

Dabur ‘s distribution network is recognized as one of its key strengths. Its focus is not only to
enable easy access to our brands but also to touch consumer with a three-way convergence of
product availability, brand communication and higher levels of experience.

III. PROMOTION

Once the product has been manufactured, priced rightly and is distributed. There are different
promotional activities like Advertising, Sales promotion, Trade promotion, Personal selling,
etc. But one of the most convenient and effective one that most of the industries uses is the
Advertising and Sales Promotion.

ADVERTISING

Advertising is a form of communication that typically attempt to persuade potential

customers to purchase or to consume more of a particular brand of product or service.

Dabur has created the huge brand image and a vast product following by associating mega-
names like Amitabh Bachchan, Rani Mukherjee, Vivek Oberoi, mandira Bedi etc. Dabur
invested rupees 150 crore just on the advertising of “real fruit juice” and “real active”. So far,
the company has been successfully in this mission as the people now know the brand and ask
for its product by the name.

SALES PROMOTION

“An activity designed to boost the sales of a product or services. It may include an
advertising campaign, a free sample campaign, offering free gifts, trading stamps, exhibition,
setting up competition with attractive prices, telemarketing etc.
Sales promotion involved short-term investment to encourage buyers to purchase a product.
Its aim is to encourage immediate purchase of the product.

SALES PROMOTIONAL TOOLS OF DABUR

• Price promotion

• Coupons

• Gift with purchase

• Point-of-sale displays

• Free samples

• Sales contest

• Incentives

AWARDS AND ACHIVEMENTS

• Dabur ranked 182 in the ET-500 list of India Inc’s Heroes.

• Dabur ranked 7th most respected company in the Fast-Moving Consumer Goods space in

India.

• Dabur ranked among Top 10 Best companies to work for in the Goods and Durables

sectors.

• Dabur ranked 45 among most trusted brands in India, according to Brand Trust Report,

India Study, 2011.

• The Burman family, promoters of Dabur, ranked 20th in Forbes ‘The 100 richest Indians’

list.

• Dabur listed among the enterprises that are ‘Doing India Proud’ in Limca Book of records

2010. • Dabur ranked 200 in the Fortune India 500 list that ranks India’s 500 largest
corporations.

• Dabur India Limited ranked as India’s Most Customer Responsive FMCG Company.

• Dabur Chyawanprash Immune India Campaign and Dabur Glucose-D ace the pace bag
International Promotion Marketing Award of Asia 2010.

DABUR BALANCE SHEET 2019 to 2020 ANALYSIS :

 The company's current liabilities during FY20 down at Rs 25 billion as compared to

Rs 27 billion in FY19, thereby witnessing an decrease of -7.4%.
 Long-term debt stood at Rs 2 billion as compared to Rs 261 million during FY19, a
growth of 525.3%.
 Current assets rose 36% and stood at Rs 49 billion, while fixed assets fell 8% and
stood at Rs 45 billion in FY20.
 Overall, the total assets and liabilities for FY20 stood at Rs 93 billion as against Rs 84
billion during FY19, thereby witnessing a growth of 11%.

DABUR BALANCE SHEET 2020 to 2021 ANALYSIS :

 The company's current liabilities during FY21 stood at Rs 29 billion as compared to

Rs 25 billion in FY20, thereby witnessing an increase of 19.1%.
 Long-term debt down at Rs 1 billion as compared to Rs 2 billion during FY20, a fall
of 17.7%.
 Current assets fell 2% and stood at Rs 48 billion, while fixed assets rose 36% and
stood at Rs 61 billion in FY21.
 Overall, the total assets and liabilities for FY21 stood at Rs 108 billion as against Rs
93 billion during FY20, thereby witnessing a growth of 16%.

DABUR BALANCE SHEET 2021 to 2022 ANALYSIS :

 The company's current liabilities during FY22 stood at Rs 33 billion as compared to

Rs 29 billion in FY21, thereby witnessing an increase of 13.2%.
 Long-term debt stood at Rs 3 billion as compared to Rs 13 million during FY21, a
growth of 19011.5%.
 Current assets fell 10% and stood at Rs 43 billion, while fixed assets rose 32% and
stood at Rs 80 billion in FY22.
 Overall, the total assets and liabilities for FY22 stood at Rs 123 billion as against Rs
108 billion during FY21, thereby witnessing a growth of 13%.
Dabur Balance Sheet

Standalone Balance Sheet ------------------- in Rs. Cr. -------------------

Mar 23 Mar 22 Mar 21 Mar 20 Mar 19

12 mths 12 mths 12 mths 12 mths 12 mths

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS

Equity Share Capital 177.18 176.79 176.74 176.71 176.63

Total Share Capital 177.18 176.79 176.74 176.71 176.63

Reserves and Surplus 6,109.70 5,687.08 5,214.48 4,397.52 3,792.19

Total Reserves and Surplus 6,109.70 5,687.08 5,214.48 4,397.52 3,792.19

Total Shareholders Funds 6,286.88 5,863.87 5,391.22 4,574.23 3,968.82

NON-CURRENT LIABILITIES

Long Term Borrowings 249.45 249.10 19.62 24.68 26.05

Deferred Tax Liabilities [Net] 76.76 70.04 0.00 0.00 8.32

Other Long Term Liabilities 50.15 44.59 1.37 4.66 4.56

Long Term Provisions 57.68 56.57 55.55 54.69 52.76

Total Non-Current Liabilities 434.04 420.30 76.54 84.03 91.69

CURRENT LIABILITIES

Short Term Borrowings 307.76 261.88 151.96 89.28 108.72

Trade Payables 1,818.72 1,581.47 1,480.70 1,032.45 998.32

Other Current Liabilities 364.63 342.14 269.31 197.32 330.14

Short Term Provisions 140.41 122.34 134.43 122.80 81.09

Total Current Liabilities 2,631.52 2,307.83 2,036.40 1,441.85 1,518.27

Total Capital And Liabilities 9,352.44 8,592.00 7,504.16 6,100.11 5,578.78

ASSETS

NON-CURRENT ASSETS

Tangible Assets 1,771.40 1,329.19 1,131.00 1,060.75 971.88

Intangible Assets 0.00 23.44 26.42 25.15 15.37

Capital Work-In-Progress 0.00 128.48 107.26 105.83 21.69

Other Assets 0.00 46.37 47.39 48.38 49.37

Fixed Assets 1,771.40 1,527.48 1,312.07 1,240.11 1,058.31

Non-Current Investments 5,202.52 4,327.70 3,122.76 1,084.16 2,236.74

Deferred Tax Assets [Net] 0.00 0.00 17.45 21.62 0.00

Long Term Loans And Advances 51.41 0.00 16.37 16.78 13.14

Other Non-Current Assets 95.83 102.66 205.52 472.25 146.24

Total Non-Current Assets 7,121.16 5,957.84 4,674.17 2,834.92 3,454.43

CURRENT ASSETS

Current Investments 272.53 679.38 451.14 1,382.67 725.40

Inventories 1,223.77 1,237.96 1,114.16 809.14 732.90

Trade Receivables 561.18 454.55 281.24 379.63 431.46

Cash And Cash Equivalents 33.40 136.18 834.74 525.60 124.71

Short Term Loans And Advances 12.85 0.00 1.75 1.22 4.56

OtherCurrentAssets 127.55 126.09 146.96 166.93 105.32

Total Current Assets 2,231.28 2,634.16 2,829.99 3,265.19 2,124.35

Total Assets 9,352.44 8,592.00 7,504.16 6,100.11 5,578.78

OTHER ADDITIONAL INFORMATION

 CONTINGENT LIABILITIES, COMMITMENTS

Contingent Liabilities 0.00 440.96 586.95 298.28 618.31

CIF VALUE OF IMPORTS

EXPENDITURE IN FOREIGN EXCHANGE

Expenditure In Foreign Currency 0.00 100.69 107.71 86.20 84.46

REMITTANCES IN FOREIGN CURRENCIES FOR

DIVIDENDS

Dividend Remittance In Foreign Currency - - - - -

EARNINGS IN FOREIGN EXCHANGE

FOB Value Of Goods - - - - -

Other Earnings - 292.52 282.19 244.62 250.65

BONUS DETAILS

Bonus Equity Share Capital - 163.23 163.23 163.23 163.23

NON-CURRENT INVESTMENTS

Non-Current Investments Quoted Market Value - 4,229.01 3,024.07 985.47 2,138.00

Non-Current Investments Unquoted Book Value - 98.70 98.69 98.69 98.74

CURRENT INVESTMENTS

Current Investments Quoted Market Value - 726.67 451.14 1,382.67 700.40

Current Investments Unquoted Book Value - - 25.00 25.00 25.00

Dabur India Capital Structure :

Capital Structure

Period Instrument --- CAPITAL (Rs. cr) --- -PAIDUP-

From To Authorised Issued Shares (nos) Face Capital

Value

2021 2022 Equity Share 207 176.79 1767856483 1 176.79

2020 2021 Equity Share 207 176.74 1767425349 1 176.74

2019 2020 Equity Share 207 176.71 1767063892 1 176.71

The Capital Structure page of Dabur India Ltd. presents the Authorized Capital, Issued
Capital, and Paid-Up Equity Capital of the company over the period.

DABUR Cash Flow Statement 2019-2020

No. of months 12 12
Particulars % Change
Year Ending Mar-19 Mar-20

Cash Flow from Operating Activities Rs m 14,991 16,136 7.6%

Cash Flow from Investing Activities Rs m 3,369 -5,168 -

Cash Flow from Financing Activities Rs m -18,882 -10,430 -

Net Cash Flow Rs m -515 540 -

DABUR 2019-2020 Cash Flow Statement Analysis :

 DABUR's cash flow from operating activities (CFO) during FY20 stood at Rs 16
billion, an improvement of 7.6% on a YoY basis.

 Cash flow from investing activities (CFI) during FY20 stood at Rs -5 billion on a
YoY basis.

 Cash flow from financial activities (CFF) during FY20 stood at Rs -10 billion, an
improvement of 45% on a YoY basis.

 Overall, net cash flows for the company during FY20 stood at Rs 540 million from
the Rs -515 million net cash flows seen during FY19.

DABUR Cash Flow Statement 2020 – 2021

No. of months 12 12
Particulars % Change
Year Ending Mar-20 Mar-21
Cash Flow from Operating Activities Rs m 16,136 21,147 31.1%
Cash Flow from Investing Activities Rs m -5,168 -14,058 -
Cash Flow from Financing Activities Rs m -10,430 -6,134 -
 Net Cash Flow Rs m 540 970 79.6%

DABUR 2020 – 2021 Cash Flow Statement Analysis :

 DABUR's cash flow from operating activities (CFO) during FY21 stood at Rs 21
billion, an improvement of 31.1% on a YoY basis.

 Cash flow from investing activities (CFI) during FY21 stood at Rs -14 billion, an
improvement of 172.0% on a YoY basis.

 Cash flow from financial activities (CFF) during FY21 stood at Rs -6 billion, an
improvement of 41% on a YoY basis.

 Overall, net cash flows for the company during FY21 stood at Rs 970 million from
the Rs 540 million net cash flows seen during FY20.

DABUR Cash Flow Statement 2021 – 22

No. of
12 12
months %
Particulars
Mar- Mar- Change
Year Ending
21 22
Cash Flow from Operating
Rs m 21,147 18,023 -14.8%
Activities
Cash Flow from Investing
Rs m -14,058 -12,755 -
Activities
Cash Flow from Financing
Rs m -6,134 -4,905 -
Activities
Net Cash Flow Rs m 970 384 -60.4%

DABUR 2021 – 2022 Cash Flow Statement Analysis :

 DABUR's cash flow from operating activities (CFO) during FY22 stood at Rs 18
billion on a YoY basis.

 Cash flow from investing activities (CFI) during FY22 stood at Rs -13 billion on a
YoY basis.

 Cash flow from financial activities (CFF) during FY22 stood at Rs -5 billion, an
improvement of 20% on a YoY basis.

 Overall, net cash flows for the company during FY22 stood at Rs 384 million from
the Rs 970 million net cash flows seen during FY21.
 Per Share Data/Valuations 2019 – 2020
No. of Mths Year Ending 12 Mar-19* 12 Mar-20*

Sales per share (Unadj.) Rs 48.1 49.0

TTM Earnings per share Rs 8.2 8.2

Diluted earnings per share Rs 8.2 8.2

Price to Cash Flow x 44.6 46.7

TTM P/E ratio x 50.0 55.0

Price / Book Value ratio x 13.0 12.0

Market Cap Rs m 722,148 779,629

Dividends per share (Unadj.) Rs 2.8 3.0

Current Valuations for DABUR 2019 – 2020 :

 The trailing twelve-month earnings per share (EPS) of the company stands at Rs 8.2,
an improvement from the EPS of Rs 8.2 recorded last year.

 The price to earnings (P/E) ratio, at the current price of Rs 450.3, stands at 55.0 times
its trailing twelve months earnings.

 The price to book value (P/BV) ratio at current price levels stands at 12.2 times, while
the price to sales ratio stands at 9.2 times.

 The company's price to cash flow (P/CF) ratio stood at 46.7 times its end-of-year
operating cash flow earnings.

Per Share Data/Valuations 2020 – 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*

Sales per share (Unadj.) Rs 49.0 53.9

TTM Earnings per share Rs 8.2 9.6

Diluted earnings per share Rs 8.2 9.6

Price to Cash Flow x 47.7 44.4

TTM P/E ratio x 55.0 56.4

Price / Book Value ratio x 12.0 11.4

 Market Cap Rs m 779,629 860,559

Dividends per share (Unadj.) Rs 3.0 4.8

Current Valuations for DABUR 2020 – 2021 :

 The trailing twelve-month earnings per share (EPS) of the company stands at Rs 9.6,
an improvement from the EPS of Rs 8.2 recorded last year.

 The price to earnings (P/E) ratio, at the current price of Rs 540.7, stands at 56.4 times
its trailing twelve months earnings.

 The price to book value (P/BV) ratio at current price levels stands at 12.7 times, while
the price to sales ratio stands at 10.0 times.

 The company's price to cash flow (P/CF) ratio stood at 44.4 times its end-of-year
operating cash flow earnings.

Per Share Data/Valuations 2021 – 2022

No. of Mths Year Ending 12 Mar-21* 12 Mar-22*

Sales per share (Unadj.) Rs 54.1 61.6

TTM Earnings per share Rs 9.6 9.9

Diluted earnings per share Rs 9.6 9.8

Price to Cash Flow x 49.5 51.4

TTM P/E ratio x 56.5 55.7

Price / Book Value ratio x 11.4 12.5

Market Cap Rs m 860,559 1,026,020

Dividends per share (Unadj.) Rs 4.8 5.2

Current Valuations for DABUR 2021 - 2022 :

 The trailing twelve-month earnings per share (EPS) of the company stands at Rs 9.9,
an improvement from the EPS of Rs 9.6 recorded last year.
  The price to earnings (P/E) ratio, at the current price of Rs 548.0, stands at 55.7 times
its trailing twelve months earnings.

 The price to book value (P/BV) ratio at current price levels stands at 11.8 times, while
the price to sales ratio stands at 8.9 times.

 The company's price to cash flow (P/CF) ratio stood at 51.4 times its end-of-year
operating cash flow earnings.

Key Ratio Analysis 2019 - 2020

No. of Mths Year Ending 12 Mar-19* 12 Mar-20*

Current ratio x 1.3 2.0

Debtors’ Days Days 4 3

Interest coverage x 29.9 35.9

Debt to equity ratio x 0.0 0.0

Return on assets % 17.8 16.0

Return on equity % 26.0 22.2

Return on capital employed % 31.9 26.6

Ratio Analysis for DABUR 2019 – 2020 :

 Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.0x during FY20, from
1.3x during FY19. The current ratio measures the company's ability to pay short-term and
long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio improved and stood at
35.9x during FY20, from 29.9x during FY19. The interest coverage ratio of a company states
how easily a company can pay its interest expense on outstanding debt. A higher ratio is
preferable.

 Profitability Ratios

Return on Equity (ROE): The ROE for the company declined and down at 22.2% during
FY20, from 26.0% during FY20. The ROE measures the ability of a firm to generate profits
from its shareholders capital in the company.
Return on Capital Employed (ROCE): The ROCE for the company declined and down at
26.6% during FY20, from 31.9% during FY19. The ROCE measures the ability of a firm to
generate profits from its total capital (shareholder capital plus debt capital) employed in the
company.

Return on Assets (ROA): The ROA of the company declined and down at 16.0% during
FY20, from 17.8% during FY19. The ROA measures how efficiently the company uses its
assets to generate earnings.

Key Ratio Analysis 2020 – 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*

Current ratio x 2.0 1.6

Debtors’ Days Days 3 2

Interest coverage x 35.9 67.8

Debt to equity ratio x 0.0 0.0

Return on assets % 16.0 15.9

Return on equity % 22.2 22.5

Return on capital employed % 26.6 27.2

Ratio Analysis for DABUR 2020 – 2021 :

 Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.6x during FY21,
from 2.0x during FY20. The current ratio measures the company's ability to pay short-term
and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio improved and stood at
67.8x during FY21, from 35.9x during FY20. The interest coverage ratio of a company states
how easily a company can pay its interest expense on outstanding debt. A higher ratio is
preferable.
  Profitability Ratios

Return on Equity (ROE): The ROE for the company improved and stood at 22.5% during
FY21, from 22.2% during FY21. The ROE measures the ability of a firm to generate profits
from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company improved and stood at
27.2% during FY21, from 26.6% during FY20. The ROCE measures the ability of a firm to
generate profits from its total capital (shareholder capital plus debt capital) employed in the
company.

Return on Assets (ROA): The ROA of the company declined and down at 15.9% during
FY21, from 16.0% during FY20. The ROA measures how efficiently the company uses its
assets to generate earnings.

Key Ratio Analysis 2021 - 2022

No. of Mths Year Ending 12 Mar-21* 12 Mar-22*

Current ratio x 1.6 1.3

Debtors’ Days Days 2 2

Interest coverage x 67.8 59.8

Debt to equity ratio x 0.0 0.0

Return on assets % 15.9 14.5

Return on equity % 22.5 21.2

Return on capital employed % 27.7 27.2

Ratio Analysis for DABUR 2021 – 2022 :

 Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.3x during FY22,
from 1.6x during FY21. The current ratio measures the company's ability to pay short-term
and long-term obligations.
Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at
59.8x during FY22, from 67.8x during FY21. The interest coverage ratio of a company states
how easily a company can pay its interest expense on outstanding debt. A higher ratio is
preferable.

 Profitability Ratios

Return on Equity (ROE): The ROE for the company declined and down at 21.2% during
FY22, from 22.5% during FY22. The ROE measures the ability of a firm to generate profits
from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company declined and down at
27.2% during FY22, from 27.7% during FY21. The ROCE measures the ability of a firm to
generate profits from its total capital (shareholder capital plus debt capital) employed in the
company.

Return on Assets (ROA): The ROA of the company declined and down at 14.5% during
FY22, from 15.9% during FY21. The ROA measures how efficiently the company uses its
assets to generate earnings..

DABUR Income Statement 2019 – 20

No. of Mths Year Ending 12 Mar-19* 12 Mar-20* % Change
Net Sales Rs m 84,969 86,657 2.0%
Other income Rs m 2,962 3,053 3.1%
Total Revenues Rs m 87,931 89,710 2.0%
Gross profit Rs m 16,642 16,924 1.7%
Depreciation Rs m 1,769 2,205 24.6%
Interest Rs m 596 495 -16.9%
Profit before tax Rs m 17,239 17,277 0.2%
Tax Rs m 2,786 2,797 0.4%
Profit after tax Rs m 14,453 14,479 0.2%
Gross profit margin % 19.6 19.5
Effective tax rate % 16.2 16.2
Net profit margin % 17.0 16.7

DABUR Income Statement Analysis 2019 – 2020 :

 Operating income during the year rose 2.0% on a year-on-year (YoY) basis.
  The company's operating profit increased by 1.7% YoY during the fiscal.
Operating profit margins witnessed a fall and stood at 19.5% in FY20 as
against 19.6% in FY19.

 Depreciation charges increased by 24.6% and finance costs decreased by

16.9% YoY, respectively.

 Other income grew by 3.1% YoY.

 Net profit for the year grew by 0.2% YoY.

 Net profit margins during the year declined from 17.0% in FY19 to 16.7% in
FY20.

DABUR Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 86,657 95,316 10.0%
Other income Rs m 3,053 3,253 6.6%
Total Revenues Rs m 89,710 98,568 9.9%
Gross profit Rs m 16,924 20,027 18.3%
Depreciation Rs m 2,205 2,401 8.9%
Interest Rs m 495 308 -37.8%
Profit before tax Rs m 17,277 20,570 19.1%
Tax Rs m 2,797 3,611 29.1%
Profit after tax Rs m 14,479 16,960 17.1%
Gross profit margin % 19.5 21.0
Effective tax rate % 16.2 17.6
Net profit margin % 16.7 17.8
DABUR Income Statement Analysis 2020 – 2021 :

 Operating income during the year rose 10.0% on a year-on-year (YoY) basis.

 The company's operating profit increased by 18.3% YoY during the fiscal.
Operating profit margins witnessed a fall and down at 21.0% in FY21 as
against 19.5% in FY20.
  Depreciation charges increased by 8.9% and finance costs decreased by 37.8%
YoY, respectively.

 Other income grew by 6.6% YoY.

 Net profit for the year grew by 17.1% YoY.

 Net profit margins during the year grew from 16.7% in FY20 to 17.8% in
FY21.

DABUR Income Statement 2021-22

No. of Mths Year Ending 12 Mar-21* 12 Mar-22* % Change
Net Sales Rs m 95,617 108,887 13.9%
Other income Rs m 3,253 3,932 20.9%
Total Revenues Rs m 98,869 112,818 14.1%
Gross profit Rs m 20,027 21,688 8.3%
Depreciation Rs m 2,401 2,529 5.3%
Interest Rs m 308 386 25.3%
Profit before tax Rs m 20,570 22,705 10.4%
Tax Rs m 3,611 5,264 45.8%
Profit after tax Rs m 16,960 17,441 2.8%
Gross profit margin % 20.9 19.9
Effective tax rate % 17.6 23.2
Net profit margin % 17.7 16.0

DABUR Income Statement Analysis 2021 – 2022 :

 Operating income during the year rose 13.9% on a year-on-year (YoY) basis.

 The company's operating profit increased by 8.3% YoY during the fiscal.
Operating profit margins witnessed a fall and stood at 19.9% in FY22 as
against 20.9% in FY21.

 Depreciation charges increased by 5.3% and finance costs increased by 25.3%

YoY, respectively.

 Other income grew by 20.9% YoY.

  Net profit for the year grew by 2.8% YoY.

 Net profit margins during the year declined from 17.7% in FY21 to 16.0% in
FY22.

OVER ALL GROWTH :

Compounded Compounded Profit Stock Price CAGR Return on Equity

Sales Growth Growth
3 Years: 10% 3 Years: 4% 3Years: 6% 3 Years: 4%
TTM: 6% TTM: -6% 1 Year:7% Last Year: 20%

CONCLUSION :

Through its comprehensive range of products, it touches the lives of all consumers in all age
groups, across all social boundaries. And this legacy has helped them develop a bond of trust
with our customers. That guarantees us the best in all product carrying the Dabur name.

Dabur has strong distribution network. Dabur is the 4th largest FMCG company of India.
Dabur is one of the most trusted brands. Dabur is a direct selling business arm. Dabur also
render services to the community, focus on health and hygiene education, empowerment of
women, and water management.

Dabur India Limited's distribution over 1 million retail outlets across India directly and is its
products are available in over 6.3 million outlets in the country, nearly 80% of all retail
outlets

in India.

Dabur is one of the country's largest exporter: it has been recognized as the Golden Superstar

Trading House by the Government of India.