Results - Analysis

01-Aug-2025, 11:20
On consolidated basis

Quarter ended June 2025 compared with Quarter ended June 2024.

Net sales (including other operating income) of Dabur India has increased 1.66% to Rs 3404.58 crore.  Sales of Foods segment has gone down 11.71% to Rs 620.86 crore (accounting for 18.28% of total sales).  Sales of Others segment rose 9.22% to Rs 43.84 crore (accounting for 1.29% of total sales).  Sales of Retails business segment has gone down 11.59% to Rs 26.16 crore (accounting for 0.77% of total sales).  Sales of Consumer Care Business segment has gone up 5.37% to Rs 2,704.92 crore (accounting for 79.66% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 2.94% to Rs 730.90 crore.  PBIT of Foods segment fell 18.17% to Rs 80.46 crore (accounting for 11.01% of total PBIT).  PBIT of Others segment rose 43.70% to Rs 6.84 crore (accounting for 0.94% of total PBIT).  PBIT of Retails business reported loss of Rs 0.50 crore compared to profit of Rs 0.06 crore.  PBIT of Consumer Care Business segment rose 6.13% to Rs 644.10 crore (accounting for 88.12% of total PBIT).  

PBIT margin of Foods segment fell from 13.98% to 12.96%.  PBIT margin of Others segment rose from 11.86% to 15.60%.  PBIT margin of Retails business segment fell from 0.20% to 1.91%.  PBIT margin of Consumer Care Business segment rose from 23.64% to 23.81%.  Overall PBIT margin rose from 21.26% to 21.52%.  

Operating profit margin has jumped from 19.56% to 19.62%, leading to 1.95% rise in operating profit to Rs 667.82 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 42.37% to 42.27%.   Purchase of finished goods cost rose from 7.70% to 10.20%.   Employee cost decreased from 10.07% to 10.03%.   Other expenses fell from 19.42% to 17.68%.   Selling and administration expenses fell from 7.36% to 6.00%.   

Other income rose 11.26% to Rs 143.97 crore.  PBIDT rose 3.49% to Rs 811.79 crore.  Provision for interest rose 6.03% to Rs 34.63 crore.  

PBDT rose 3.38% to Rs 777.16 crore.  Provision for depreciation rose 4.60% to Rs 114.14 crore.  

Profit before tax grew 3.17% to Rs 663.02 crore.  Share of profit/loss was 100% lower at Rs -0.4 crore.  Provision for tax was expense of Rs 154.33 crore, compared to Rs 148.1 crore.  Effective tax rate was 23.29% compared to 23.05%.

Minority interest increased 2.60% to Rs -5.62 crore.  Net profit attributable to owners of the company increased 2.76% to Rs 513.91 crore.  

Promoters' stake was 66.22% as of 30 June 2025 ,compared to 66.24% as of 30 June 2024 .  

Full year results analysis.

Net sales (including other operating income) of Dabur India has increased 1.28% to Rs 12563.09 crore.  Sales of Foods Business segment has gone down 3.58% to Rs 2,100.61 crore (accounting for 16.77% of total sales).  Sales of Others segment rose 22.40% to Rs 150.29 crore (accounting for 1.20% of total sales).  Sales of Retails business segment has gone down 6.40% to Rs 115.47 crore (accounting for 0.92% of total sales).  Sales of Consumer Care Business segment has gone up 2.19% to Rs 10,160.10 crore (accounting for 81.11% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has slumped 2.54% to Rs 2,554.78 crore.  PBIT of Foods Business segment fell 11.84% to Rs 267.64 crore (accounting for 10.48% of total PBIT).  PBIT of Others segment rose 42.31% to Rs 16.85 crore (accounting for 0.66% of total PBIT).  PBIT of Retails business reported loss of Rs 0.79 crore compared to profit of Rs 1.27 crore.  PBIT of Consumer Care Business segment fell 1.45% to Rs 2,271.08 crore (accounting for 88.90% of total PBIT).  

PBIT margin of Foods Business segment fell from 13.94% to 12.74%.  PBIT margin of Others segment rose from 9.64% to 11.21%.  PBIT margin of Retails business segment fell from 1.03% to 0.68%.  PBIT margin of Consumer Care Business segment fell from 23.18% to 22.35%.  Overall PBIT margin fell from 21.20% to 20.40%.  

Operating profit margin has declined from 19.35% to 18.44%, leading to 3.50% decline in operating profit to Rs 2,316.34 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 41.98% to 41.71%.   Purchase of finished goods cost rose from 9.80% to 10.53%.   Employee cost increased from 10.03% to 10.23%.   Other expenses rose from 18.76% to 19.18%.   Selling and administration expenses fell from 6.87% to 6.85%.   

Other income rose 14.03% to Rs 550.1 crore.  PBIDT fell 0.56% to Rs 2866.44 crore.  Provision for interest rose 31.66% to Rs 163.5 crore.  Loan funds declined from Rs 1,365.09 crore as of 31 March 2024 to Rs 950.37 crore as of 31 March 2025.  Inventories rose to Rs 2,300.11 crore as of 31 March 2025 from Rs 1,946.97 crore as of 31 March 2024.  Sundry debtors were lower at Rs 888.50 crore as of 31 March 2025 compared to Rs 898.72 crore as of 31 March 2024.  Cash and bank balance declined from Rs 666.36 crore as of 31 March 2024 to Rs 578.01 crore as of 31 March 2025.  Investments rose to Rs 7,467.86 crore as of 31 March 2025 from Rs 6,932.69 crore as of 31 March 2024 .  

PBDT fell 2.01% to Rs 2702.94 crore.  Provision for depreciation rose 11.62% to Rs 445.6 crore.  Fixed assets declined from Rs 3,642.11 crore as of 31 March 2024 to Rs 3,009.79 crore as of 31 March 2025.  Intangible assets increased from Rs 405.12 crore to Rs 1,148.89 crore.  

Profit before tax down 4.32% to Rs 2,257.34 crore.  Provision for tax was expense of Rs 517.47 crore, compared to Rs 547.43 crore.  Effective tax rate was 22.92% compared to 23.21%.

Minority interest increased 13.26% to Rs -27.21 crore.  Net profit attributable to owners of the company decreased 4.07% to Rs 1,767.63 crore.  

Equity capital increased from Rs 177.20 crore as of 31 March 2024 to Rs 177.23 crore as of 31 March 2025.  Per share face Value remained same at Rs 1.00.  

Promoters' stake was 66.27% as of 31 March 2025 ,compared to 66.25% as of 31 March 2024 .  

Cash flow from operating activities decreased to Rs 1,986.75 crore for year ended March 2025 from Rs 2,013.47 crore for year ended March 2024.  Cash flow used in acquiring fixed assets during the year ended March 2025 stood at Rs 569.54 crore, compared to Rs 563.86 crore during the year ended March 2024.  

Other Highlights

International Business grew 12.7% YoY in INR terms in Q1 FY26. In terms of region wise, MENA business grew 10.1% YoY, Bangladesh up 10.2%, Turkey up 36%, Egypt up 4.4%, UK up 41%, Nigeria  up 10%, and Sub-Saharan Africa grew by 20% on YoY basis.

In Q1 FY26, international business contributed 26% to total sales.

In Q1 FY26, in home & personal care segment grew 5% YoY, healthcare declined 4.4%, and F&B down 14.3% on YoY basis.

In Q1 FY26, Toothpastes recorded 7.3% growth YoY on a high base. Dabur Honey reported 11% YoY growth.

During the quarter, Hair care portfolio grew 7% YoY, Home care up 10.1%, and skincare up 9.2% on a YoY basis. Under healthcare segment, Digestives portfolio grew 7.7% YoY.

Management Comments :
Dabur India, Chief Executive Officer Mr. Mohit Malhotra said, This performance was anchored by solid market share gains across 95% of our portfolio, reflecting the trust of our consumers, the resilience of our brands and the agility of our teams to navigate challenges and deliver ahead of expectations.

While urban markets, riding on the strong performance of Modern Trade and emerging channels, have shown signs of sequential improvement, it still lags rural growth. We recognize that rural consumers are the growth engine for us. Through targeted initiatives such as expanding our rural footprint, enhancing last-mile connectivity, and rolling out tailored product formats, we have deepened our engagement and trust in these communities. Mr. Malhotra said.

 

Dabur India : Consolidated Results

Quarter ended Year ended Particulars 202506 202406 Var.(%) 202503 202403 Var.(%) Net Sales (including other operating income) 3,404.58 3,349.11 1.66 12,563.09 12,404.01 1.28 OPM (%) 19.62 19.56 6 bps 18.44 19.35 -91 bps OP 667.82 655.03 1.95 2,316.34 2,400.23 -3.50 Other Inc. 143.97 129.40 11.26 550.10 482.41 14.03 PBIDT 811.79 784.43 3.49 2,866.44 2,882.64 -0.56 Interest 34.63 32.66 6.03 163.50 124.18 31.66 PBDT 777.16 751.77 3.38 2,702.94 2,758.46 -2.01 Depreciation 114.14 109.12 4.60 445.6 399.21 11.62 PBT 663.02 642.65 3.17 2257.34 2359.25 -4.32 Share of Profit/(Loss) from Associates -0.4 -0.2 -100.00 0.55 -0.51 LP PBT before EO 662.62 642.45 3.14 2257.89 2358.74 -4.28 EO Income 0 0 - 0 0 - PBT after EO 662.62 642.45 3.14 2257.89 2358.74 -4.28 Taxation 154.33 148.1 4.21 517.47 547.43 -5.47 PAT 508.29 494.35 2.82 1740.42 1811.31 -3.91 Minority Interest (MI) -5.62 -5.77 2.60 -27.21 -31.37 13.26 Net profit 513.91 500.12 2.76 1767.63 1842.68 -4.07 P/(L) from discontinued operations net of tax 0 0 - 0 0 - Net profit after discontinued operations 513.91 500.12 2.76 1767.63 1842.68 -4.07 EPS (Rs)* 2.90 2.82 2.76 9.97 10.39 -4.07 * EPS is on current equity of Rs 177.37 crore, Face value of Rs 1, Excluding extraordinary items. # EPS is not annualised bps : Basis points EO : Extraordinary items Figures in Rs crore Source: Capitaline Corporate Database

Dabur India : Consolidated Segment Results

Quarter ended Year ended % of (Total) 202506 202406 Var.(%) % of (Total) 202503 202403 Var.(%) Sales FMCG Business 0.00 0.00 0.00 - Foods 18.28 620.86 703.19 -11.71 16.77 2,100.61 2,178.59 -3.58 Others 1.29 43.84 40.14 9.22 1.20 150.29 122.79 22.40 Retails business 0.77 26.16 29.59 -11.59 0.92 115.47 123.37 -6.40 Consumer Health Business 0.00 0.00 0.00 - Consumer Care Business 79.66 2,704.92 2,567.18 5.37 81.11 10,160.10 9,942.20 2.19 Total Reported Sales 100.00 3,395.78 3,340.10 1.67 100.00 12,526.47 12,366.95 1.29 Less: Inter segment revenues   0.00 0.00 -   0.00 0.00 - Net Sales 100.00 3,395.78 3,340.10 1.67 100.00 12,526.47 12,366.95 1.29 PBIT FMCG Business 0.00 0.00 0.00 - Foods 11.01 80.46 98.33 -18.17 10.48 267.64 303.60 -11.84 Others 0.94 6.84 4.76 43.70 0.66 16.85 11.84 42.31 Retails business -0.07 -0.50 0.06 PL -0.03 -0.79 1.27 PL Consumer Health Business 0.00 0.00 0.00 - Consumer Care Business 88.12 644.10 606.90 6.13 88.90 2,271.08 2,304.53 -1.45 Total PBIT 100.00 730.90 710.05 2.94 100.00 2,554.78 2,621.24 -2.54 Less : Interest 34.63 32.66 6.03 163.50 124.18 31.66 Add: Other un-allcoable -33.65 -34.94 3.69 -133.94 -138.32 3.17 PBIT Margin(%) FMCG Business   0.00 0.00 0.00 Foods   12.96 13.98 -102.40   12.74 13.94 -119.46 Others   15.60 11.86 374.37   11.21 9.64 156.92 Retails business   -1.91 0.20 -211.41   -0.68 1.03 -171.36 Consumer Health Business   0.00 0.00 0.00 Consumer Care Business   23.81 23.64 17.14   22.35 23.18 -82.63 PBT 100.00 662.62 642.45 3.14 100.00 2,257.34 2,358.74 -4.30

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