Dabur India Ltd. — Annual Report 2019

May 3, 2019

Ref: SEC/SE/2019-20 Date: May 02, 2019

Scrip Symbol: NSE- DABUR, BSE Scrip Code: 500096

To, Corporate Relation Department BSE Ltd Phiroze Jeejeebhoy Towers Dalal Street, Mumbai- 400001

National Stock Exchange of India Ltd Exchange Plaza, 5th Floor Plot No. C/l, G Block Bandra - Kurla Complex Bandra CE), Mumbai - 400051

Sub: Audited Financial and Seement-wise Results for the quarter and year ended on March 31, 2019 and recommendation of Dividend

1. In Compliance of Regulation 30 & 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, (hereinafter referred as 'Listing Regulations') we are pleased to submit the Audited Financial and Segment wise results of the Company (Consolidated as well as standalone), for the quarter and year ended on March 31, 2019 along with Auditors Report thereon and the statement of Assets and Liabilities as at the year ended on March 31, 2019 (Consolidated as well as standalone).

The above results have been duly approved by the Board of Directors of the Company in its meeting held today i.e. 2nd May, 2019. The Board meeting commenced at 12.00 Noon and concluded at L 50PM^

In terms of Regulation 47 of the Listing Regulations, the extract of consolidated financial results, in the prescribed format, shall be published on 3rd May, 2019 in all editions of Hindustan Times [English Edition] and Delhi-NCR editions of Hindustan [Hindi daily).

The full format of the standalone and consolidated Financial Results for the quarter and year ended on March 31, 2019 shall be available on the websites of the Stock Exchanges where equity shares of the Company are listed i.e. www.nseindia.com and www.bseindia.com and on the Company's website at www.dabur.com.

• 1. Pursuant to Regulation 30 and 43 of the Listing Regulations, we wish to inform you that the Board of Directors of the Company in its meeting held today has recommended Final Dividend of Rs. 1.50 per equity share having face value of Re. I/ each (i.e. 150%) for the financial year 2018-19.
• 1. Pursuant to provisions of Regulation 42 of the Listing Regulations, the Company has fixed Book closure from Friday, 9th August, 2019 to Friday, 16th August, 2019 (both days inclusive) for the purpose of 44th Annual General Meeting [AGM] and for the ascertainment of shareholders entitled to receive the dividend, if approved by the shareholders at the ensuing AGM to be held on 30th August, 2019.

Further, pursuant to Regulation 30 of the Listing Regulations, we wish to inform you that in case dividend is approved by the shareholders at the ensuing AGM the Company will make the payment of aforesaid dividend from 19th September, 2019 onwards.

This is for your information and records.

Thanking You,

Yours faithfully,

For Dabur India Limited

r-

Executive V P (Finance) and Company Secretary

End: as above

Walker ChandiokScCo LLP

Walker Chandiok& Co LLP (Formerly Walker, Chandiok & Co) L-41 Connaught Circus New Delhi 110001 India

T+91 11 4278 7070 F+91 11 4278 7071

Independent Auditor's Report on Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To the Board of Directors ofDabur India Limited

• 1. We have audited the consolidated financial results of Dabur India Limited ('the Company') and its subsidiaries (the Company and its subsidiaries together referred to as 'the Group'), and its joint venture (Refer Annexure 1 for the list of subsidiaries and joint venture included in the consolidated financial results) for the year ended 31 March 2019, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligadoas and Disclosure Requirements) Regulations, 2015. Attention is drawn to Note 7 to these consolidated financial results regarding the figures for the quarter ended 31 March 2019 as reported in these consolidated financial results, which are the balancing figures between audited consolidated figures in respect of the fuU financial year and the published consolidated year to date figures up to the end of the third quarter of the financial year. Also, the figures up to the end of the third quarter had only been reviewed and not subjected to audit. These consolidated financial results are based on the consolidated financial statements for the year ended 31 March 2019 prepared in accordance with the accounting principles generally accepted in India, including Indian Accounting Standards ('lad AS') specified under Section 133 of the Companies Act, 2013 ('the Act') and published consolidated year to date figures up to the end of the third quarter of the financial year prepared in accordance with the recognition and measiirement principles laid down in Ind AS 34, Interim Financial Reporting, specified under Section 133 of the Act, and SEBI Circulars CIR/CFD/CMD/15/2015 dated 30 November 2015 and CIR/CFD/FAC/62/2016 dated 5 July 2016, which are the responsibiUty of the Company's management. Our responsibility is to express an opinion on these consolidated financial results based on our audit of the consolidated financial statements for the year ended 31 March 2019 and our review of consolidated financial results for the nine months period ended 31 December 2018.
• 1. We conducted our audit in accordance with the auditing standards generally accepted m India. Those standards require that 'we plan and perform the audit to obtain reasonable assurance about whether the financial results are free of material misstatetnent(s). An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by management. We believe that our audit provides a reasonable basis for our opinion. ^T^Ii5^\

Chartered Accountants

office at L-41 Connauaht Cirniis New Delhi linnni Inriia

Walker Chandiok&.CoLLP

Independent Auditor's Report on Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

• 1. In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the report of other auditors on separate financial statements and on other financial information of the subsidiaries, these consolidated financial results:
  • (i) include the financial results for the year ended 31 March 2019, of the entities listed in Annexure 1;
  • (ii) are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circulars CIR/CFD/CMD/15/2015 dated 30 November 2015 and CIR/CFD/FAC/62/2016 dated 5 July 2016 in this regard; and
  • (iii) give a ticue and fair view of the consolidated net profit (including other comprehensive income) and other financial information in conformity -with the accounting principles generally accepted in India including Ind AS specified under Section 133 of the Act for the year ended 31 March 2019.
• 1. We did not audit the financial statements of 23 subsidiaries included in these consolidated financial results, whose financial statements reflect total assets of ? 2,938.81 crores and net assets of ? 1,736.33 crores as at 31 March 2019, and total revenues of ? 2,716.39 crores and net profit after tax (including other coraprehensive income) of ? 184.47 crores for the year ended on that date. These financial statements have been audited by other auditors whose reports have been furnished to us by the management and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and our report in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,read with SEBI Cu:cukrs CIR/CFD/CMD/15/2015 dated 30 November 2015 and CIR/CFD/FAC/62/2016 dated 5 July 2016, in so far as it relates to the aforesaid subsidiaries are based solely on the reports of such othei auditors. Our opinion on the consolidated financial results is not modified in respect of this matter with respect to our reUance on the 'work done by and the reports of the other auditors.
• 1. The consolidated financial results also include the Group's share of net profit (including other comprehensive income) of ? 0.97 crores for the year ended 31 March 2019, as considered in these consolidated fuiancial results, in respect of one joint venture, whose financial statements have not been audited by us. These financial statements are ua-audited and have been furnished to us by the management and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of this joint venture and our report in terms of Regulation 33 of the SEBI (Listing Obligadons and Disclosure Requirements) Regulations, 2015, read with SEBI Circulars CIR/CFD/CMD/15/2015 dated 30 November 2015 and CIR/CFD/FAC/62/2016 dated 5 July 2016, in so far as it relates to the aforesaid joint venture are based solely on such un-audited financial statements. In our opinion and according to the information and explanations given to us by the management, these financial statements are not material to the Group. Our opinion on the consolidated financial results is not modified in respect of this matter.

For Walker Chandiok & Co LLP Chartered Accountants Firm Regisfa-ation No.: 001076N/N500013

Place: New Delhi Date: 02 May 2019

Walker Chandiok&.CoLLP

Annexure 1

List of entities included in the Statement

Subsidiaries:

H & B Stores Limited, Dermovia Skin Essentials INC, Dabur International Limited, Naturelle LLC, Dabur Egypt Limited, African Consumer Care Limited, Dabur Nepal Private Limited, Asian Consumer Care Pakistan Private Limited, Asian Consumer Care Private Limited, Hobi Kozmedk, EA Pazarlania, Dabur Lanka Private Limited, Namaste Laboratories LLC, Urban Laboratories International LLC, Hau: Rejuvenation & Revitalizadon Nigeria Lmiited, Healing Hair Laboratories International LLC, Dabur (UK) Limited, Dabur Consumer Care Private Limited, Dabur Tunisie, Dabur Pakistan Private Limited, Dabur Pars, Dabur South Africa (PTY) Limited, D and A Cosmetics Proprietary Limited (w.e.f 05 April 2018) and Atlanta Body and Health Products Proprietaty Limited (w.e.f 05 April 2018)

T oint venture: Forum I Aviation Private Limited

Statement of audited consolidated financial results for the quarter and year ended 31 March 2019 &

						(?ins)crore
I.No	'articulars	Qndedrteuar e	dinrtereceg quar	Codinrrespong	Cuntrreyear	Priouevs year
		(31//29)0301	deden	ndedtequarr e	deden	deden
			1//2(312018)	(31//28)0301	(31//2)03019	1//2(303018)
		(Ref7)oterne	(Ud) uditena	(Ref7)oterne	(Ad)udite	(Ad)udite
1	income
	Ree fions (ref1)atotevenuromoperern	2,128.19	2,199.21	2,032.91	8,533.05	7,748.34
	Other income	66.06	.2755	73.24	296.17	30185.
	Total income	2,194.25	2,274.46	2,106.15	8,829.22	8,053.52
2[E	xpenses
	Coofrialsed(iludingcise d)stteutymaconsumncex	903.20	844.78	927.52	3,493.41	3,246.54
	Purchofk iradstn tasesoce	201.97	198.14	131.04	802,98	66805.
	Chs in irief finisheddsck-inadndk-itoto-trangenvens ogoo, se aworn	(3]5.84	72.37	J5)6.18	12.64	(693J5.
	progress
	ploe befitseemyeenexpens	241.88	237.59	180.74	937.91	792.79
	:instsanceco	12.40	16.74	13.24	59.58	53.05
	Deiationndrtisionatseprecaamoexpen	46.22	44.85	42.59	176.90	162.18
	Other expenses
	Adrtisndublicityt aveemenp	97.77	178.07	12645.	608.33	606.71
	Others	261.99	222.87	238.97	938.22	884.99
	Total expenses	1,7299.5	1,815.41	1,6036.5	029.977,	6,346.13
3	'rofitbefoshofofit/floss)frojointdionalntptreareprmveureanexce	464.66	459.05	502.59	1,799.25	1,707.39
	items
	Shofofit/(lo) of jointtureareprssven	(05).0	0.52	(08).1	0.96	0.24
4	Profit befionalitendpttaoreexcemsax	464.61	459.57	502.41	1,800.21	1,707.63
5	Exionalite(refee 6)ptotcemsr n	75.34			75.34	14.54
6	ofefPrit btaorex	389.27	459.57	502.41	1,724.87	1,693.09
7	Tasex expen
	Cunttarrex	145.07	93.59	152.02	406.99	371.34
	Defedtarrex	(127.29	(1.23:	(46.79	(1)28.37	(3)5.99
	Nefitfoheiod/yt pr troperear	371.49	367.21	397.18	1,446.25	1,357.74
8	Otheehsivincer compreneom
)a	Itethwill nbeclaified tofit or loatotmsressoprss	4.17	(0.76)	(2.14)	9 1.8	(4);.20
	Inclatingitethwill nbeclaified tofit oe ttoatotomaxremsressoprr	(01;.7	0.16	(0.16)	(0.22)1	0.15
	oss
)b	Itethwill blasified tofit or loatmserecssoprss	(1.48	(2.58);	6.92	0.01	(2)8.04
	e tlatingtoitethatwill bdasifiedtorofit or loncomaxremseresspss	(1.21:	(8).05	0.86	'1.21	8.79
9	Tol cehsivince fthriod/ytaompreneomorepeear	372.26	355.98	402.66	1,449.14	1,334.44
	Nefittribublet pattatoro:
	Owofthholdinersengcompany	370.43	366.05	396.20	1,442.33	1,354.39
	Nollinintnttn-corogeres	1.06	1.16	0.98	3.92	3.35
	Otheehsivincribbleattutator compreneome:
	Owofthholdinersengcompany	1.0t	(10.16	5.4	1.97	(21.72
	Nollinintnttn-corogeres	(0.31	(1.07:	0.0	0.92	(1.58
10I	l (h)Paid-ityhaitaFaalf ?leesreccevueoac	176.63	176.63	176.15	176.63	176.15
11	upquapIOth				_5,455.05
E12	ityerequ(Fh)(n)ninshluef?leotlisedarerareacevaoacannua					5,530.37
	gsp
	Basic(?)	2.10	2.07	2.25	8.17	7.69
	(?)Diluted	2.03	2.06	2.24	8.14	7.66

^

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SIGNED FOR IDENTiFICATION PURPOSES

Audited consolidated segment wise revenue, results, assets and liabilities for the quarter and year ended 31 March 2019

						(?ins)crore
SI.No	Partilacurs	Qndedrteuar e	Predingec	Codirresponng	Cuntrreyear	Priouevs year
		(31/03/2019)	ndedtequarr e	ndedtequarr e	deden	deden
			(31/12/2018)	(31/03/2018)	(31/03/2019)	(31/03/2018)
		(Ref7)oterne	(Uudited) na	(Ref7)oterne	(Audited)	(Audited)
1	Set rgmenevenue
	A.Ce bineonsumer carusss	1,788.56	1,911.56	1,677.43	7,132.86	6,414.08
	B.Fd bineoousss	279.07	226.60	293.40	1,158.61	1,097.74
	C.Retail bineusss	31.46	34.24	27.89	124.39	114.29
	D.Othtsersegmen	21.43	21.42	24.84	89.28	97.03
	E.Ullod othingteratnacaeroperevenue	677.	5.39	9.35	27.91	25.20
	Ree fionatvenuromopers	2,128.19	2,199.21	2,032.91	8,533.05	7,748.34
2	Set rultgmeness
	A.Ce bineonsumer carusss	452.03	464.65	428.71	1,748.20	1,596.11
	B.Foodbineusss	45.38	29.64	.3557	17495.	158.14
	Retail bineusss	0.92	1.33	0.42	4.12	3.14
	D.Othtsersegmen	1.35	1.72	1.71	307.	2.81
	SubTolta	499.68	497.34	486.21	1,935.11	1,760.20
	Le: Finatsssnce cos	12.40	16.74	13.24	598.5	53.05
	Le: Ulloblendituffallableinct ossnacaexpereneunocome	22.62	21.55	(29.62)	76.28	(0.24)1
	it/(s)Profit befshofoflosfrojointndtuoreareprmvenrea	464.66	459.05	502.59	1,799.25	1,707.39
	ptionaliteexcems
	it /(ls)haofofofjointntreprosveure	(0.05	0.52	(0.18:	0.96	0.24
	Profit befionalitendpttaoreexcemsax	464.61	459.57	502.41	1,800.21	1,707.63
	Exionalite(refe6)ptotecemsr n	75.34			75.34	14.54
	Profit beftaorex	389.27	459.57	502.41	1,724.87	1,693.09
	Le: Tssaxexpenses	17.78	92.36	105.23	278.62	335.35
	fitfo/Net pr theiodroperyear	371.49	36217.	39187.	1,446.25	1,357.74
3	Set aetsgmenss
	CA.e bineonsumer carusss	3,40995.	3,397.77	3,324.37	3,405.99	3,324.37
	B.Fdbusinooess	847.07	765.53	790.64	847.07	790.64
	C.Ril bineetausss	63.23	61.80	55.92	63.23	.9255
	D.0thetsr segmen	47.39	47.41	37.06	47.39	37.06
	E.Ullodtenaca	4,072.96	3,928.16	4,493.64	4,072.96	4,493.64
	Tolta	8,436.64	8,200.67	8,701.63	8,436.64	8,701.63
4	Set liabilitiesgmen
	A.Ce bineonsumer carusss	1,165.02	1,078.81	1,079.98	1,165.02	1,079.98
	B.Fd bineoousss	453.85	416.76	456.20	453.85	456.20
	C.Ril bineetausss	32.0	030.97	27.14	32.00	27.1
	D.0thetsr segmen	14.1	413.25	15.44	14.14	15.4
	E.Ullotednaca	1,108.57	1,388.23	1,389.82	1,108.57	1,389.82
	Tolta	2,3.5877	2,928.02	2,968.58	2,3.5877	2,968.58

r^fy/

SIGNED FOR IDENTIFECATiQN PURPOSES

Notes_:

• 1 Revenue for the year ended 31 March 2019 is not comparable with the previous year ended 31 March 2018 because revenue uptill 30 June 2017 is net of VAT but gross of excise duty, however revenue with effect from 01 July 2017 is net of Goods and Service Tax (GST). Similarly, cost of goods sold and expenses are also not comparable.
• 2 The audited consolidated financial results of the Company for the quarter and year ended 31 March 2019 have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 2 May 2019. The statutory auditors have expressed an unmodified audit opinion on these consolidated financial results.
• 3 The Company has proposed a final dividend of ? 1.50 per share (150 % on par value of ? 1 each) for the financial year 2018-19 aggregating to ? 319.41 crores including dividend tax.
• 4 The Company has appointed Mr. Ajit Mohan Sharan as an additional director, in the category of non-executive independent director, w.e.f. 31 January 2019 for a term of five consecutive years.
• 5 The Company has appointed Mr. Mohit Malhotra as an additional director, in the category of whole time director, w.e.f. 31 January 2019 for a term of five consecutive years. Mr.Mohit Malhotra has also been appointed as Chief Executive Officer (CEO) of the Company w.e.f. 1st April 2019 in place of Mr. Sunil Duggal. Consequently, Mr.Sunil Duggal will remain as whole time director till 15 May 2019 and will continue as a non-executive director till 30 July 2020.
• 6 The exceptional item of Rs.75.34 crs for the quarter and year ended 31 March 2019 represents charge on account of impairment of goodwill in one of its wholly owned subsidiary M/s Hobi Kozmetic, Turkey in view of currency devaluation. This impairment pertains to consumer care segment business of the Company
• 7 Figures for the quarters ended 31 March 2019 and 31 March 2018 are the balancing figures between audited figures for the full financial year and the reviewed year to date figures upto the third quarter of the respective financial years.
• 8 The key standalone financial information of the Company is given below:

Particulars	Qutendedarr e(31/03/)2019	Predingrteecquarded (31/12/2018)en	Codingrrespontendedquarr e(31/03/)2018	Cuntdedrreyearen(31/03/2019)	Priouevs yeardeden(31/03/2018)
	(Refee 7)otr n	(Uudited)na	(Refe)ote7r n	(Audited)	(Ad)udite
Ree ftiovenuromoperans	1,598.43	1,664.46	1,509.62	6,273.19	5,609.06
Profit befotaxre	421.84	395.38	449.14	1,503.35	1,373.13
/yeNerofit ftheiodt porperar	414.33	312.14	353.58	1,264.29	1,072.05
Otheheiveinmer comprensco	6.58	25.93	(1.99)	(3.17)	(29.56;.
e fd/yTotalrehsive itheriocompenncomorpeear	420.91	338.07	351.59	1,261.12	1,042.49

9 The Company is identified as a Large Corporate as per the applicability criteria given under the SEBI circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018 and has submitted the following disclosure to stock exchanges on 26 April 2019.

S.No	Particulars	Details
1	Naofthe Cmeompany	Dabur IndiaLimited
2	CIN	L24230DL19PLC00790875
3 O	ding lbowiofC31 Mh 2019 (in? c)utstang tonermrrongompanyasonarcrores	? 200crores
4	Higheditting durithious finaialalithofCredit RatiAst2018-2019crerange prevncyearong wnamenggency	Loedit ratitengrmcrng:
		CRIS(Sle)ILAAAtab
		ICRAAAA(Stable)
		Sht tdittinorermcrerag:
		Crisil A1+
5	NaofSk Ehae ihich thefinhall baid. Inofshfall inthuiredbowidetocortmexcngn we se pcasee reqrrongunr	Natiol Sk Ehaf IndiaLimitedtocnaxcnge o
	the frkramewo

10 The figures of the previous year have been re-grouped/re-classified to render them comparable with the figures of the current year.

^

^ a For and on behalf of Board of Directors -<-a>. ^ c.

Dr. Anand C. Burman Chairman DIN : 00056216

Place: New Delhi Date: 2 May 2019

y

Consolidated Statement of Assets and Liabilities as at 31 March 2019 ^

			(?inics]rore
	'artilacurs	Aats	Aats
		/03/312019	/03/312018
		(Audited)	(Audited)
	\SSETS
	Nontetn-curreasss
	(a) Plandiprtynttrope, paequmen	1,547.97	1,552.10
	(b) Cital wk-inapor-progress	636.7	41.51
	(c) Itmt prtynvesenrope	52.10	54.16
	(d)Gdwilloo	336.07	411.54
	(e) Othinibletaeterngasss	32.92	10.31
	(f)Fincialetanasss
	(i)Itmtsnvesen	2,633.35	3,091.78
	(ii)Loans	17.56	18.96
	(iii)Others	.6677	4.11
	(g) N(n)nttatseton-currexasse	0.89	3.33
	(h) Othnteternon-curreasss	88.13	74.08
	Tol Ntanteton-curreasss	4,850.41	261.885,
	Cuntetrreasss
	(a)Inientveors	1,300.53	1,256.18
	(b) Fincialetanasss
	(i)Itmtsnvesen	725.41	713.39
	(ii) Tdeivablerareces	833.56	706.08
	(iii)Cashndhuivaltsacaseqen	107.69	153.80
	(iv) Bkbalathth(iii)abanncesoeranove	220.47	152.26
	(v)Loans	11.04	34.88
	(vi)Others	26.47	28.27
	(c) Ct (t)nttaurrexassene	1.32	1.96
	(d) Othntetercurreasss	359.50	391.01
	(e) Aheldfoaletsssr se	0.24	1.92
	Total cnteturreasss	3,586.23	3,439.75
	TOTAL ASSETS	436.64	701.63
B	EQUITYANDLIABILITIES	8,	8,
	Equity
	(a) Eityhaitalqusrecap	176.63	176.15
	(b) Othityerequ	5,455.05	5,530.37
	EquittribublehaholdeofthCoattatoysrersempany	631.685,	706.525,
	(c) Nllinintroteston-congre	31.38	26.53
	Tol eitytaqu	5,663.06	733.055,
2	Liabilities
	Noliabilitientn-curres
	(a) Fincialliabilitieans
	(i)Binorrow	26.05	364.34
	gs(ii) Othfiial liabilitieernancs	4.56	4.25
	(b)Pvisiroons	59.52	56.50
	(c) Defdliabilitie(n)taeterrexs	23.14	109.05
	Tol nliabilitiestanton-curre	113.27	534.14
	I Cliabilitie
3	nturres
	(a) Fincialliabilitieans
	(i)Binorrowgs	498.23	464.49
	(ii) Tdeablerapays
	Duicrdall eisetontemoansmerprs	]54.6	7.37
	Dutotheoers	1,400.8;	1,402.9;
	(iii)Othfiial liabilitieernancs	327.62	238.20
	(b)Othliabilitientercurres	1'198.	173.03
	(c)Prisiovons	130.2^	104;7.
	(d)Culiabiliti(n)nttaetrreesxTol cliabilitietant	50.6;	40.9;
	urres"'[."ni1	2,660.3	2,434.44
	TOEQSTALUITl' ANDLIABILITIE./•	8,436.64	8,701.6
	^'•'^w^	SIGNED	FOR
	((t!*iI^	DENTIFiC	ATiCI
	\°v>

^7^

^

PURPOSES

Walker ChandiokScCo LLP

Walker Chandiok & Co LLP (Formerly Walker, Chandiok & Co) L-41 Connaught Circus New Delhi 110001 India

T+91 1142787070 F+91 1142787071

Independent Auditor's Report on Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To the Board of Directors ofDabur India Limited

• 1. We have audited the standalone financial results ofDabur India Limited ('the Company') for the year ended 31 March 2019, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requicements) Regulations, 2015. Attention is drawn to Note 6 to these standalone financial results regarding the ^figures for the quarter ended 31 March 2019 as reported in these standalone financial results, which are the balancing figures between audited standalone figures in respect of the full financial year and the published standalone year to date figures up to the end of the third quarter of the financial year. Also, the figures up to the end of the third quarter had only been reviewed and not subjected to audit. These standalone financial results are based on the standalone financial statements for the year ended 31 March 2019 prepared in accordance with the accounting principles geneiaUy accepted in India, including Indian Accounting Standards ('lad AS') specified under Section 133 of the Companies Act, 2013 ('the Act') and published standalone year to date figures up to the end of the third quarter of the financial year prepared in accordance with the recognidon and measurement principles laid down in Ind AS 34, Interim Financial Reporting, specified under Section 133 of the Act, and SEBI Circulars CIR/CFD/CMD/15/2015 dated 30 November 2015 and CIR/CFD/FAC/62/2016 dated 5 July 2016, which are the responsibility of the Company's management. Our responsibility is to express an opinion on these standalone financial results based on our audit of the standalone financial statements for the year ended 31 March 2019 and our review of standalone financial results for the nine months period ended 31 December 2018.
• 1. We conducted our audit in accordance -with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial results are free of material misstatement(s). An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by management. We believe that our audit provides a reasonable basis for our opinion.

Offices in Benqaluru, Chandiaarh Chennai. Guraaon, Hyderabad. Kolkata, Mumbai, New Delhi. Noida and Pune

Walker Chandiok&CoLLP

Independent Auditor's Report on Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

• 1. In our opinion and to the best of our information and according to the explanations given to us, these standalone financial results:
  • (i) are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosiire Requirements) Regulations, 2015, read with SEBI Circulars CIR/CFD/CMD/15/2015 dated 30 November 2015 and CIR/CFD/FAC/62/2016 dated 5 July 2016 in this regard; and
  • (ii) give a tcue and faur view of the standalone net profit (including other comprehensive income) and other financial informadon in conformity with the accounting principles generally accepted in India, including Ind AS specified under Section 133 of the Act for the year ended 31 March 2019.

For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No: 001076N/N500013

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Statement of audited standalone financial results for the quarter and year ended 31 March 2019 ^-

SI.No	Partilacurs	Qndedrteuar e	dirterecengquar	Codirreon	Cuntrreear	Prio
		(31/03/2019)	deden	spngtendedarr e	ydeden	evusyearded
			(31//28)1201	qu(31/03/2018)	(31/03/2019)	en
						(31/03/2018)
		(Ref6)oterne	(Uudited)na	(Ref6)oterne	(Ad)udite	(Audited)]
1	inceom
	Ree fions (fe1)atotvenuromoperrer ne	1,598.43	1,664.46	1,509.62	6,273.19	5,609.06
	Other income	63.05	67.35	70.84	274.74	283.23
	Tol intacome	1,661.48	1,731.81	1,580.46	6,54937.	892.295,
2[E	xpenses
	Coofrialsed(iludingised)stteutymaconsumncexc	568.10	571.56	591.85	2,262.51	2,077.03
	f sPuhatockintradrcses oe	270.19	224.08	215.57	984.91	916.46
	Chs iinvrief finisheddsck-inadndtoto-trangenens ogoo, se a	(1)7.78	68.21	(33.27)	10.09	(74.03)1
	rk-inwo-progress
	Emplobefitsyeeneexpense	143.21	147.86	101.77	2.3357	461.13
	Fistsnanceco	6.31	9.55	5.92	29.80	21.89
	Deiationndrtisionatprecaamoexpense	28.64	27.97	26.33	108.83	102.50
	Other expenses
	Adrtisndublicityt aveemenp	76.91	146.96	811.7	490.75	461.95
	Others	164.06	140.24	141.44	585.36	537.69
	Tol etaxpenses	1,239.64	1,336.43	1,131.32	5,044.58	4,504.62
3	fitefI Pbptiol itdtarooreexcenaemsanx	421.84	39385.	449.14	1,503.35	1,387.67
4	Etiol itxcepnaems					14.54
5	Profitbefotarex	421.84	395.38	449.14	1,503.35	1,373.13
6	Taxexpense
	Cunttarrex	134.63	85.24	143.81	369.28	340.33
	Defedtarrex	(127.12)	(2.00:	(48.25	(130.22)	(39.25)1
7	Nfitfoheiod/etr tproperyear	414.33	312.14	353.58	1,264.29	1,072.05
	Otheehsivincr compreneome
)a	ifiefitItethatwill notbecladtolomsressproorss	3.32	(0.76	0.68	1.04	(07).7
	Inclatingithaillt bclaifiedfite ttos tt wtoomaxreemnoeresspro	(0.71:	0.16	(05).1	(0.22)	0.16
	loorss
b)	siffitItethatwill bclaiedtolomseressroorss	5.18	348.5	(38).3	.2
	pInclatingithaillbeclasifiedfite ttos tt wtoomaxreemressroor	(1.21'	(85).0	0.86	(50)1.21	(3)7.74
	ploss					8.79
9	Talehsivinfoheiod/otr tcomprenecomeperyear	420.91	338.07	351.59	1,261.12	1,042.49
10	[Paiduitshpital(Fluef ?1h)peqarecaacevaoeac-uy	176.63	176.63	176.15	176.63	176.15
11	IOthityerequ				3,792.19	4,050.71
12	Eaingha(Faluof?1 eh)(nalid)otrns persreace veacannuse
	Basic(?)	2.35	1.77	2.01	167.	6.09
	(?)Diluted	2.34	1.76	2.00	7.13	6.06

SIGNED FOR IDENTIFiCATSON PURPOSES

Audited standalone segment wise revenue, results, assets and liabilities for the quarter and year ended 31 March 2019

						far(?ins)crore
SI.No	Partilacurs	Qrtendeduar e	Predingrteecquar	Codirresponng	Cuntrreeary	Priouevs year
		(31//29)0301	deden	ndedtequarr e	deden	deden
			(31//28)1201	(31/03/2018)	(31/03/2019)	(31/03/Z018)
		(Ref6)oterne	(Uudited) na	(Ref6)oterne	(Audited)	(Audited)
1	Set rgmenevenue
	A.Cbusinonsumer careess	1,332.82	1,429.20	1,224.92	5,157.60	4,0.6655
	B.Fdbusinooess	238.60	209.38	253.64	1,006.25	947.38
	Othetsr segmen	21.43	21.42	24.84	89.28	97.03
	D.Ullodhetinteotenacar operagrevenu	585.	4.46	6.22	20.06	13.99
	Ree fionatvenuromopers	1,598.43	1,664.46	1,509.62	6,273.19	5,609.06
2	Seultt rgmeness
	A.Cbusinonsumer careess	417.30	398.23	383.07	1,471.21	1,293.01
	B.Fdbusinooess	30.72	25.39	38.14	122.84	103.32
	C.Othtsersegmen	1.35	1.72	1.71	307.	2.81
	SubTolta	449.37	4Z345.	422.92	1,601.35	1,399.14
	Le: Finatsssnce cos	6.31	9.55	5.92	29.80	21.89
	Le: Ullobleditffallableinct oessnacaexpenureneunocom	21.2	220.41	(3)2.14	68.20	(10.42)1
	Profit befionalitendpttaoreexcemsax	421.84	39385.	449.14	1,503.35	1,387.67
	Exptionalitecems					14.54
	Profitbefotarex	421.84	395.38	449.14	1,503.35	1,373.13
	Le: Tssaxexpenses	7.51	83.24	95.56	239.06	301.08
	fitfo/yNeheiodt pr troperear	414.33	312.14	353.58	1,264.29	1,072.05
3	Set aetgmensss
	CA.businonsumer careess	1,802.55	1,741.81	1,740.45	1,802.55	1,740.45
	B.Fdbusinooess	319.39	275.64	284.10	319.39	284.10
	C.Othtsersegmen	35.10	35.07	25.73	35.10	25.73
	D.Ullodtenaca	3,421.74	3,196.98	3,762.42	3,421.74	3,762.42
	Total	5,578.78	5,249.50	5,812.70	8.785,57	812.705,
4	Set liabilitiesgmen
	CA.businonsumer careess	811.92	748.61	762.86	811.92	762.86
	B.Fdbusinooess	26117.	257.97	268.27	26117.	268.27
	C.Othtsersegmen	14.14	13.25	15.44	14.14	15.44
	D.Ullodtenaca	516.79	699.90	539.27	516.79	539.27
	Total	1,609.96	1,7193.7	1,58845.	1,609.96	1,585.84

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SIGNED r'C-;:~i IDENTiFICATiON PURPOSES

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Notes:

• 1 Revenue for the year ended 31 March 2019 is not comparable with the previous year ended 31 March 2018 because revenue uptill 30 June 2017 is net of VAT but gross of excise duty, however revenue with effect from 01 July 2017 is net of Goods and Service Tax (GST). Similarly, cost of goods sold and expenses are also not comparable.
• 2 The audited standalone financial results of the Company for the quarter and year ended 31 March 2019 have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 2 May 2019. The statutory auditors have expressed an unmodified audit opinion on these standalone financial results.
• 3 The Company has proposed a final dividend of ? 1.50 per share ( 150 % on par value of ? 1 each) for the financial year 2018-19 aggregating to ? 319.41 crores including dividend tax.
• 4 The Company has appointed Mr. Ajit Mohan Sharan as an additional director, in the category of non-executive independent director, w.e.f. 31 January 2019 for a term of five consecutive years.
• 5 The Company has appointed Mr. Mohit Malhotra as an additional director, in the category of whole time director, w.e.f. 31 January 2019 for a term of five consecutive years. Mr.Mohit Malhotra has also been appointed as Chief Executive Officer(CEO) of the Company w.e.f. 1 April 2019 in place of Mr. Sunil Duggal. Consequently, Mr.Sunil Duggal will remain as whole time director till 15 May 2019 and will continue as a non-executive director till 30 July 2020.
• 6 Figures for the quarters ended 31 March 2019 and 31 March 2018 are the balancing figures between audited figures for the full financial year and the reviewed year to date figures upto the third quarter of the respective financial years.
• 7 The Company is identified as a Large Corporate as per the applicability criteria given under the SEBI circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018 and has submitted the following disclosure to stock exchanges on 26 April 2019.

S. No	Partilacurs	Dailset
1 N	ofthCameeompany	Dabur IndiaLiitedm
2	wc	C0L24230DL1975PL07908
3	Odilobingf C31Mch2019(in?s)utstteanngngrmorrooompanyasonarcrorew	?200crores
4	Highdittindurinthiofiial yr 2018-2019loitht cesreraggeprevusnanceaangwofCdit RingAatnameregency	Lodiintet ratngrmcreg:CRISILAAA(Sble)taICRAAAA(Sble)ta
		Shdiint tt ratorermcreg:CrisilA1+
5	NaofSckEhainhichthfinshall bid, inofhortfall intomexcngeeeepacaseswthiredboindehefrkr terequrrowgunamewor	Natiol SckEhaofIndiLiitedtonaxcngeam

8 The figures of the previous year have been re-grouped/re-classified to render them comparable with the figures of the current year.

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SIGNED FOR IDENTIFICATION PURPOSES

For and on behalf of Board of Directors

c* ^^-^

Dr. Anand C. Burman Chairman DIN : 00056216

Place: New Delhi Date: 2 May 2019

Standalone Statement of Assets and Liabilities as at 31 March 2019

		(?ins)crore
ticularars	Aats	Aats
	/03/312019	/03/312018
	(Audited)	(Audited)
ASSETS
lonntts-curreasse
a)Plandiprtynttrope, paequmen	971.88	971.34
b)Cital wk-inapor-progress	21.69	26.82
c)Instt prtyvemenrope	49.37	50.36
d)Othintaibletserngasse	15.37	8.78
e)Fincialetanasss
(i)Insttsvemen	2,236.74	2,719.67
(ii)Loans	13.14	15.43
(iii)Others	.6477	4.09
;f)No(n)nttatsetn-currexasse	0.86	3.28
);gOthenttsr non-curreasse	674.7	54.09
alotntetnon-curreasss	3,454.43	3,853.86
ntts;urreasse
)Inieantveors	732.90	704.79
b)Fiialetnancasss
(i)Itmtsnvesen	72405.	713.39
(ii) Tdeivablrarecees	431.46	321.34
(iii)Cashndhuivaltsacaseqen	23.16	77.67
(iv) B(iii)kbalaththabanncesoeranove	101.55	9.35
(v)Loans	4.56	1.41
O(vi)thers	14.12	4.06
c)Othntetercurreasss	91.20	126.83
Tol ctanttsurreasse	2,124.35	1,958.84
TOSSSTAL AET	5,578.78	5,812.70
EQSUITl'ANDLIABILITIEB
Equity
) E[aityhaitalqusrecap	176.63	176.15
(b) Othityerequ	3,792.19	4,050.71
Tol eitytaqu	3,968.82	4,226.86
2 Liabilities
Noliabilitientn-curres
(a) Fincialliabilitieans
(i)Binorrowgs	26.05	201.04
(ii) Othfiial liabilitieernancs	4.56	4.25
(b) Pvisiroons	52.76	50.04
(c) Defdliabilitie(n)taeterrexs	8.32	96.03
Total nntliabilitieson-curre	91.69	351.36
3Cliabilitienturres
(a) Fincialliabilitieans
(i)Binorrowgs	108.72	85.49
(ii) Tdeablerapays
Dutoicrdall entiseemoansmerprs	54.61	377,
Duthtoeoers	943.71	953.25
(iii)Othfiial liabilitieernancs	264.83	81.60
(b) Othliabilitientercurres	57.48	38.48
(c)Pvisiroons	81.09	64.39
I (d)Cliabiliti(n)nttaeturreesx	7.83	3.90
Tol cliabilitietanturres	1,518.27	1,234.48
TOTAL EQUITYANDLIABILITIES	5,578.78	5,812.70

SIGNED FOR

IDENTIFiCATiON||( ^ PURPOSES ^ ' ^

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Ref: SEC/SE/2019-20 Date: May 02, 2019

Scrip Symbol: NSE- DABUR, BSE Scrip Code: 500096

To, Corporate Relation Department BSE Ltd. Phiroze feejeebhoy Towers Dalal Street, Mumbai- 400001

National Stock Exchange of India Ltd. Exchange Plaza, 5th Floor Plot No. C/l, G Block Bandra - Kurla Complex Bandra (E), Mumbai - 400051

Sub: Declaration pursuant to Regulation 33f31fd1 of the SEBI fListine Oblieation and Disclosure Reauirementsl fAmendmenti Reeulations, 2016 w.r.t Audit Report with Unmodified Opinion

DearSir(s),

I, Lalit Malik, Chief Financial Officer of Dabur India Limited [CIN: L24230DL1975PLC007908^ having its Registered office at 8/3 AsafAli Road New Delhi, 110002, India hereby declare that, the Statutory Auditors of the Company, M/s. Walker Chandiok & Co LLP, Chartered Accountants, [Firm Registration No. 001076N/N500013) have issued an Audit Report with unmodified opinion on the Annual Audited Financial Results of the Company (Standalone & Consolidated] for year ended 31 March, 2019.

This declaration is given pursuant to Regulation 33[3][d) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 as amended by the SEBI [Listing Obligation and Disclosure Requirements] [Amendment) Regulations, 2016 vide Circular no. CIR/CFD/CMD/56/2016 dated May 27, 2016.

This is for your information and records.

Thanking You,

Yours faithfully,

For Dabur India Limited

\

Lalit Malik Chief Financial Officer