Dabur India Ltd. — Annual Report 2021

May 7, 2021

Ref: SEC/SE/2021-22 Date: May 7, 2021

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

To,

Corporate Relation Department National Stock Exchange of India Ltd BSE Ltd Exchange Plaza, 5th Floor Phiroze Jeejeebhoy Towers Plot No. C/1, G Block Bandra - Kurla Complex Dalal Street, Mumbai- 400001 Bandra (FE), Mumbai - 400051

Sub: Audited Financial and Segment-wise Results for the quarter and year ended on March 31,2021

In Compliance of Regulation 30 and 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, 2021 along with Auditors Report thereon and the statement of Assets and Ljabilitics as at the year ended on March 31, 2021 (Consolidated as well as standalone).

The above results have been duly approved by the Board of Directors of the Company in its mecting held today i.e. 7 May, 2021. The Board meeting commenced at 11.45 AM and concluded at! ODPM,

In terms of Regulation 47 of the Listing Regulations, the extract of consolidated financi the prescribed format, shall be published on 8" May, 2021 in alle Edition) and Delhi-NCR editions of Hindustan (Ilindi daily). al results, in ditions of Hindustan Times (English

The full format of the standalone and consolidated Financial Results for the qu on March 31, 2021 shall be available on the websites of the Stock Exchat the Company are listed i.e. www.nseindia.com and www. bsei ndia.com arter and year ended iges where equity shares of and on the Company's website

• 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, 3.00 per equily share having face value of Re. l/- each (i.e, 300 %) for the financial year 2020-21.
• 1. Information regarding Book closure and dividend payment date, in case dividend is approved by the shareholders at the ensuing AGM the Company, will be informed in due course of time.

This is for your information and records.

Thanking You, Yours faithfully, For Dabur India Limited

Executive V P (Finance) and Company Secretary

Encl: as above

DABUR INDIA LIMITED, Punjabi Bhawan, 10, Rouse Avenue, New Delhi-110 002, Tel.: +91 11 71206000 Fax: +91 11 23222051 Regd. Office: 8/3, Asaf Ali Road, New Delhi - 110 002 (India) PAN: AAACDO474C, CIN: 124230DL1975PLC007908, Email: corpcomm@dabur.com, Website: www.dabur.com

Walker Chandiok & Co LLP 21" Floor, DLF Square Jacaranda Marg, DLF Phase Il Gurugram — 122 002 India T +91 124 4626099 F +91 124 4626001

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

To the Board of Directors of Dabur India Limited

Opinion

• We have audited the accompanying consolidated annual financial results ('the Statement') of Dabur India Limited ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group'), and its joint venture for the year ended 31 March 2021, attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'), including relevant circulars issued by the SEBI from time to time.
• . 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 reports of other auditor on separate audited financial statements of the subsidiaries as referred to in paragraph 12 below, the Statement:
  • (i) includes the annual financial results of the entities listed in Annexure 1;
  • (ii) presents financial results in accordance with the requirements of Regulation 33 of the Listing Regulations; and
  • (iii) gives a true and fair view in conformity with the applicable Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, 2013 ('the Act'). read with relevant rules issued thereunder, and other accounting principles generally accepted in India, of the consolidated net profit after tax and other comprehensive income and other financial information of the Group and its joint venture, for the year ended 31 March 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ('SAs') specified under section 143(10) of the Act. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Statement section of our report. We are independent of the Group and its joint venture, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ('the ICAI') together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the rules thereunder, and we have fulfilled our other ethical SO

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Dethi. Noida and Pune number AAC-2085 and its registered office

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

Responsibilities of Management and Those Charged with Governance for the Statement

• The Statement, which is the responsibility of the Holding Company's management and has been approved by the Holding Company's Board of Directors, has been prepared on the basis of the consolidated annual audited financial statements. The Holding Company's Board of Directors is responsible for the preparation and presentation of the Statement that gives a true and fair view of the consolidated net profit or loss after tax and other comprehensive income, and other financial information of the Group including its joint venture in accordance with the accounting principles generally accepted in India, including the Ind AS prescribed under section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Holding Company's Board of Directors is also responsible for ensuring accuracy of records including financial information considered necessary for the preparation of the Statement. Further, in terms of the provisions of the Act, the respective Board of Directors/ management of the companies included in the Group and joint venture, covered under the Act, are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding of the assets of the Group, and its joint venture, and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively, for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial results, that give a true and fair view and are free from material misstatement, whether due to fraud or error. These financial results have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.
• In preparing the Statement, the respective Board of Directors of the companies included in the Group and of its joint venture, are responsible for assessing the ability of the Group and of its joint venture, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless the respective Board of Directors/ management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
• The respective Board of Directors/ management of the companies included in the Group and of its joint venture, are responsible for overseeing the financial reporting process of the companies included in the Group and of its joint venture.

Auditor's Responsibilities for the Audit of the Statement

• Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Standards on Auditing, specified under section 143(10) of the Act, will always detect a material misstatement, when it exists. Misstatements can arise from fraud or error, and are considered material if, individually, or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Statement.
• As part of an audit in accordance with the Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
  • e Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
  • e Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Holding Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

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

• e Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
• e Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its joint venture, to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and its joint venture to cease to continue as a going concern.
• e Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.
• e Obtain sufficient appropriate audit evidence regarding the financial statements/ financial information of the entities within the Group, and its joint venture, to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Statement, of which we are the independent auditors. For the other entities included in the Statement, which have been audited by the other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.
• We communicate with those charged with governance of the Holding Company and such other entities included in the Statement, of which we are the independent auditor, regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
• 1. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
• 1. We also performed procedures in accordance with SEBI Circular CIR/CFD/CMD1/44/2019 dated 29 March 2019, issued by the SEBI under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

Other Matters

• 1. We did not audit the annual financial statements of 24 subsidiaries included in the Statement, whose financial information reflects total assets of = 3,452.73 crores as at 31 March 2021, total revenues of = 2,846.96 crores, total net profit after tax of = 332.36 crores, total comprehensive income of = 260.11 crores, and cash flows (net) of = 73.03 crores for the year ended on that date, as considered in the Statement. These annual financial statements have been audited by other auditors and whose audit report have been furnished to us by the management, and our opinion in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the audit report of such other auditor, and the procedures performed by us as Stated in paragraph 11 above. Our opinion is not modified in respect of this matter with respect to our reliance on the work done by and the reports of the other auditor.
• 1. The Statement includes the Group's share of net (loss) after tax of = 1.01 crores, and total comprehensive loss of = 1.01 crores for the year ended 31 March 2021, in respect of a joint venture, based on their annual financial information, which have not been audited by their auditors. These financial information have been furnished to us by the Holding Company's management. Our opinion, in so far as it relates to the amounts and disclosures included in respect of aforesaid joint venture, is based solely on such unaudited financial informations. In our opinion, and according to the information and explanations given to us by the

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

1. The Statement includes the consolidated financial results for the quarter ended 31 March 2021, being the balancing figures between the audited consolidated figures in respect of the full financial year and the published unaudited year-to-date consolidated figures up to the third quarter of the current financial year, which were subject to limited review by us.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm Registration No.: 001076N/N500013

Digitally signed N EERAJ by NEERAJ GOEL G O E L Date: 2021.05.07 13:17:23 +05'30"

Neeraj Goel Partner Membership No. 099514

UDIN: 21099514AAAACN7553

Place: Gurgaon Date: 7 May 2021

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

Annexure 1

List of entities included in the Statement (in addition to the Holding Company)

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 Kozmetik, RA Pazarlama, Dabur Lanka Private Limited, Namaste Laboratories LLC, Urban Laboratories International LLC, Hair Rejuvenation & Revitalization Nigeria Limited, 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, Atlanta Body and Health Products Proprietary Limited , Excel Investments FZE and Herbodynamic India Limited (incorporated on 24 February 2021).

Joint venture:

Forum | Aviation Private Limited.

	Dabur India Limited
	Statement of Audited consolidated financial results for the quarter and year ended 31 March 2021
SI.No	Particulars	Quarter ended	Preceding quarter]	Corresponding	Current year	(2 in crores)Previous year
		(31/03/2021)	ended(31/12/2020)	quarter ended(31/03/2020)	ended(31/03/2021)	ended(31/03/2020)
1	Income	(Refer Note 5)	(Unaudited)	(Refer Note 5)	(Audited)	(Audited)
	Revenue from operationsOther income	2,336.79	2,728.84
	Total income	84.982,421.77	80.932,809.77	1,865.3675.771,941.13	9,561.65325.299,886.94	8,703.59305.299,008.88
2	Expenses
	Cost of materials consumed (including excise duty)Purchases of stock in trade	1,067.75248.20	1,165.89274.93	880.62133.59	4,013.63982.53	3,750.66674.62
	Changes in inventories of finished goods, stock-in-trade and work-in-progress	(118.15)	(87.09)	(64.61)	(207.20)	(65.04)
	Employee benefits expenseFinance costs	268.368.63	274.046.86	230.068.56	1,033.4630.81	947.7449.54
	Depreciation and amortisation expense	66.59	57.17	58.83	240.13	220.45
	Other expensesAdvertisement and publicity	154.17	282.38	100.21	784.36	649.98
	OthersTotal expenses	273.991,969.54	244.502,218.68	233.231,580.49	952.197,829.91	953.287,181.23
3	Profit before share of loss from joint venture and exceptional items	452.23	591.09	360.64	2,057.03	1,827.65
4	Share of loss of joint ventureProfit before exceptional items and tax	(0.59)451.64	(0.10)590.99	(0.39)360.25	(1.01)2,056.02	(0.01)1,827.64
5	Exceptional items	:	:	20.00	-	100.00
67	Profit before taxTax expense	451.64	590.99	340.25	2,056.02	1,727.64
	Current taxDeferred tax	221.31(146.96)	99.13(1.64)	223.09(164.44)	505.18(144.11)	465.42(185.70)
	Net profit for the period/year	377.29	493.50	281.60	1,694.95	1,447.92
8a)	Other comprehensive incomeItems that will not be reclassified to profit or lossIncome tax relating to items that will not be reclassified to profit or loss	(1.05)0.27	2.55(0.89)	(33.28)11.17	6.60(2.40)	(28.83)10.39
b)	Items that will be reclasssified to profit or lossIncome tax relating to items that will be reclasssified to profit or loss	(100.36)19.08	44.93(11.69)	62.15(2.40)	(98.66)6.25	130.29(8.15)
9	Total comprehensive income for the period/year	295.23	528.40	319.24	1,606.74	1,551.62
	Net profit attributable to:
	Owners of the holding company	377.82	492.02	281.17	1,693.30	1,444.96
	Non-controlling interest	(0.53)	1.48	0.43	1.65	2.96
	Other comprehensive income attributable to:Owners of the holding company	(82.06)	35.21	36.13	(86.79)	101.59
	Non-controlling interest	0.00	(0.31)	1.51	(1.42)	2.11
10	Paid-up equity share capital (Face value of % 1 each)	176.74	176.74	176.71	176.74	176.71
1112	Other equityEarnings per share (Face value of = 1 each) (not annualised)				7,486.79	6,429.04
	Basic (2)Diluted (3)	2.142.13	2.782.78	1.591.59	9.589.55	8.188.15

	Dabur India LimitedAudited consolidated segment wise revenue, results, assets and liabilities for the quarter and year ended 31 March 2021
						si eg, amg see ys
						(Rin crores)
	SI.No Particulars	Quarter ended(31/03/2021)	Precedingquarter ended	Correspondingquarter ended	Current yearended	Previous yearended
			(31/12/2020)	(31/03/2020)	(31/03/2021)	(31/03/2020)
		(Refer Note 5)	(Unaudited)	(Refer Note 5)	(Audited)	(Audited)
1	Segment revenueA. Consumer care business	2,009.63	2,442.18	1,590.38	8,402.97	7,381.02
	B. Food businessC. Retail business	274.1423.13	236.4521.23	219.4428.27	984.7357.30	1,081.76124.42
	D. Other segments	23.95	23.60	20.47	94.43	90.35
	E. Unallocated other operating revenueRevenue from operations	5.942,336.79	5.382,728.84	6.801,865.36	22.229,561.65	26.048,703.59
2	Segment results
	A. Consumer care businessB. Food business	447.6737.84	597.3027.26	366.5823.64	2,066.50130.66	1,801.05139.90
	C. Retail businessD. Other segments	(0.94)0.96	(0.07)2.21	(2.25)(0.95)	(9.94)7.34	(1.90)4.19
	Sub Total	485.53	626.70	387.02	2,194.56	1,943.24
	Less: Finance costsLess: Unallocable expenditure net off unallocable income	8.6324.67	6.8628.75	8.5617.82	30.81106.72	49.5466.05
	Profit before share of loss from joint venture and exceptionalitems	452.23	591.09	360.64	2,057.03	1,827.65
	Share of loss of joint venture	(0.59)	(0.10)	(0.39)	(1.01)	(0.01)
	Profit before exceptional items and taxExceptional items	451.64-	590.99-	360.2520.00	2,056.02-	1,827.64100.00
	Profit before tax	451.64	590.99	340.25	2,056.02	1,727.64
	Less: Tax expensesNet profit for the period/year	74.35377.29	97.49493.50	58.65281.60	361.071,694.95	279.721,447.92
3	Segment assetsA. Consumer care business	4,283.00	4,420.44	3,915.51	4,283.00	3,915.51
	B. Food business	959.41	840.53	885.43	959.41	885.43
	C. Retail businessD.Other segments	110.4044.22	108.0245.81	140.6448.80	110.4044.22	140.6448.80
	E, UnallocatedTotal	5,450.1010,847.13	5,264.5010,679.30	4,363.639,354.01	5,450.1010,847.13	4,363.639,354.01
4	Segment liabilities
	A. Consumer care businessB. Food business	1,544.69352.78	1,815.13298.16	1,258.20372.59	1,544.69352.78	1,258.20372.59
	C. Retail businessD.Other segments	107.0720.11	102.1220.90	119.7316.35	107.0720.11	119.7316.35
	E, UnallocatedTotal	1,122.263,146.91	1,048.883,285.19	944.932,711.80	1,122.263,146.91	944.932,711.80

	Dabur India Limited
	Consolidated Cash Flow Statement for the year ended 31 March 2021		(2 in crores)
	Particulars	Current yearended	Previous yearended
A	CASH FLOW FROM OPERATING ACTIVITIES	(31/03/2021)(Audited)	(31/03/2020)(Audited)
	Profit before taxAdjustments for:	2,056.02	1,727.64
	Depreciation and amortisation expenseLoss on disposal of property, plant and equipment (net)	240.130.37	220.453.99
	Share based payment expenseProvision for disputed liabilities	43.3013.50	45.214.50
	Expected credit loss / impairment of financial and non-financial assetsProvision for employee benefits	5.9415.77	8.605.39
	Finance costInterest income	30.81(260.78)	41.12(241.20)
	Share of loss of joint ventureUnrealised foreign exchange loss / (gain) (net)	1.011.11	0.01(3.70)
	Loss/(gain) on fair valuation of financial instruments (net)Net gain on sale of other financial assets measured at FVTPL	0.76(15.82)	(1.13)(16.90)
	Net gain on sale of financial assets measured at FVTOCINet gain on sale of financial assets measured at amortised cost	(12.26)(0.42)	(6.90)(1.87)
	Effect of exchange rates on translation of operating cashflows	(71.81)	95.29
	Exceptional itemsOperating profit before working capital changes and other adjustments	-2,047.63	100.001,980.50
	Working capital changes and other adjustments:Inventories	(354.71)	(79.02)
	Trade receivablesCurrent and non-current financial assets	247.790.44	14.2814.74
	Other current and non-current assetsTrade payables	79.83433.78	(107.21)25.99
	Other current and non-current financial liabilities	62.50	31.71
	Other current liabilities and provisionsCash flow from operating activities post working capital changes	(81.27)2,435.99	41.571,922.56
	Direct taxes paid (net of refund)Net cash flow from operating activities (A)	(321.32)2,114.67	(308.94)1,613.62
B	CASH FLOWS FROM INVESTING ACTIVITIES
	Acquisition of property, plant and equipment, capital work-in-progress and intangible assetsProceeds from disposal of property, plant and equipment	(311.21)4.88	(417.46)16.97
	Purchase of investments / bank depositsProceeds from sale of investments / bank deposits	(7,634.78)6,273.72	(8,478.78)8,114.22
	Interest received	261.61	248.21
	Net cash used in investing activities (B) CASH FLOWS FROM FINANCING ACTIVITIES	(1,405.78)	(516.84)
C_	Proceeds from issue of equity share capital	0.03	0.08
	Repayment of non-current borrowings (including current maturities)Proceeds from / (repayment of) current borrowings (net)	(27.77)64.65	(175.10)(182.88)
	Principal payment of lease liabilitiesInterest payment of lease liabilities	(27.61)(11.27)	(25.18)(13.60)
	Dividend paidDividend distribution tax paid	(592.09)-	(512.45)(105.34)
	Finance costs paidNet cash used in financing activities (C)	(19.35)(613.41)	(28.50)(1,042.97)
	Increase in cash and cash equivalents (A+B+C)	95.48	53.81
	Cash and cash equivalents at the beginning of the yearNet unrealised foreign exchange gain	91.741.56	37.720.21
	Cash and cash equivalents at the end of the yearNotes :	188.78	91.74
	(a) Cash and cash equivalents comprises of:	As at	As at
	Cash and cash equivalents	31/03/2021241.23	31/03/2020163.94
	Balances with banks in cash credit accountsBalances with banks in over draft accounts	(36.73)(15.72)	(56.73)(15.47)
Cash	ConsolidatedFlow Statementequivalents asandcashCashper	188.78	91.74

	As at	As at
	31/03/2021	31/03/2020
Cash and cash equivalents	241.23	163.94
Balances with banks in cash credit accounts	(36.73)	(56.73)
Balances with banks in over draft accounts	(15.72)	(15.47)
ConsolidatedFlow Statementequivalents asCashandcashCashper	188.78	91.74

(b) The above Consolidated Cash Flow Statement has been prepared under the 'Indirect Method' as set out in Ind AS 7, 'Statement of Cash Flows'.

• The audited consolidated financial results of the Company for the quarter and year ended 31 March 2021 have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 07 May 2021. The statutory auditors have expressed an unmodified audit report on these consolidated financial results.
• During the quarter, the Company has allotted 4,873 equity shares of face value of = 1 each to the eligible employees of the Company on account of exercise of vested stock options pursuant to the Dabur Employee Stock Option Scheme.
• The Company has proposed a final dividend of = 3.00 per share (300 % on par value of % 1 each) for the financial year 2020-21 aggregating to = 530.23 crores.
• The Company has appointed Mr. Ankush Jain as Chief Financial Officer (CFO) with effect from 01 April 2021.
• Figures for the quarters ended 31 March 2021 and 31 March 2020 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.
• The figures of the previous periods have been re-grouped/re-classified, wherever necessary, to render them comparable with the figures of the current period.
• The key standalone financial information of the Company is given below:

The audited consolidated financial results of the Company for the quarter and year ended 31 March 2021 have been reviewed by the Audit Committee andapproved by the Board of Directors at its meeting held on 07 May 2021. The statutory auditors have expressed an unmodified audit report on theseconsolidated financial results.
During the quarter, the Company has allotted 4,873 equity shares of face value of = 1 each to the eligible employees of the Company on account ofexercise of vested stock options pursuant to the Dabur Employee Stock Option Scheme.
The Company has proposed a final dividend of = 3.00 per share (300 % on par value of % 1 each) for the financial year 2020-21 aggregating to = 530.23crores.
The Company has appointed Mr. Ankush Jain as Chief Financial Officer (CFO) with effect from 01 April 2021.
Figures for the quarters ended 31 March 2021 and 31 March 2020 are the balancing figures between audited figures for the full financial year and thereviewed year to date figures upto the third quarter of the respective financial years.
The figures of the previous periods have been re-grouped/re-classified, wherever necessary, to render them comparable with the figures of the currentperiod.
The key standalone financial information of the Company is given below:					(RX in crores)
Particulars	Quarter ended	Preceding	Corresponding	Current year	Previous year
	(31/03/2021)	quarter ended(31/12/2020)	quarter ended(31/03/2020)	ended(31/03/2021)	ended(31/03/2020)
	(Refer Note 5)	(Unaudited)	(Refer Note 5)	(Audited)	(Audited)
Revenue from operations	1,721.86	2,071.08	1,321.15	7,184.73	6,309.80
Profit before tax	362.76	483.37	309.33	1,683.31	1,408.47
Net profit for the period/year	300.27	399.51	257.00	1,381.89	1,170.35
Other comprehensive incomeTotal comprehensive income for the period/year	(63.34)236.93	40.13439.64	(15.09)241.91	(16.13)1,365.76	7.501,177.85

For and on behalf of Board of Directors

AMIT BURMAN

Amit Burman Chairman DIN : 00042050

Place: New Delhi Date: 07 May 2021

	Dabur India Limited
	Consolidated Statement of Assets and Liabilities as at 31 March 2021
	Particulars	As at	(2 in crores)As at
		31/03/2021(Audited)	31/03/2020(Audited)
	ASSETSNon-current assets
1	Property, plant and equipment(a)	1,811.70	1,820.98
	Capital work-in-progress(b)Investment property(c)	147.3050.50	146.5751.55
	Goodwill(d)Other intangible assets	336.0144.71	335.9744.18
	(e)Investments in joint venture(f)	11.27	12.28
	Financial assets(g)Investments(i)	3,402.35	1,396.95
	Loans(ii)(iii) Others	22.4888.65	24.64528.48
	Deferred tax assets (net)(h)	17.95	22.00
	Non-current tax assets (net)(i)	4.29	1.09
	Other non-current assets(j)Total Non-current assets	133.986,071.19	89.064,473.75
2	Current assets
	Inventories(a)Financial assets(b)	1,734.28	1,379.57
	Investments(i)(ii) Trade receivables	746.01561.58	1,391.03813.89
	© Cash and cash equivalents(iii)	241.23	163.94
	(iv) Bank balances other than (iii) aboveLoans(v)	1,087.8014.46	647.4313.07
	Others(vi)Current tax asset (net)(c)	2.950.24	2.620.88
	Other current assets(d)	387.12	467.56
	Assets held for sale(e)Total current assets	0.274,775.94	0.274,880.26
	TOTAL ASSETSEQUITY AND LIABILITIES	10,847.13	9,354.01
1	Equity
	Equity share capital(a)Other equity(b)	176.747,486.79	176.716,429.04
	Equity attributable to shareholders of the CompanyNon-controlling interest(c)	7,663.5336.69	6,605.7536.46
	Total equity	7,700.22	6,642.21
2	LiabilitiesNon-current liabilities
	Financial liabilities(a)Borrowings	134.13	162.89
	(i)(ii) Other financial liabilities	1.37	4.66
	(b) — ProvisionsDeferred tax liabilities (net)(c)	63.3113.91	62.9417.43
	Total non-current liabilities	212.72	247.92
3	Current liabilitiesFinancial liabilities(a)
	Borrowings(i)(ii) Trade payables	349.14	304.24
	Due to micro and small enterprises	117.87	44.74
	Due to others(iii) Other financial liabilities	1,797.39238.93	1,437.41225.52
	(b) Other current liabilitiesProvisions	158.44187.84	239.78165.54
	(c)Current tax liabilities (net)(d)	84.58	46.65
	Total current liabilitiesTOTAL EQUITY AND LIABILITIES	2,934.1910,847.13	2,463.889,354.01

Walker Chandiok & Co LLP 21° Floor, DLF Square Jacaranda Marg, OLF Phase Il Gurugram — 122 002 India T +91 124 4626099 F +91 124 4620001

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

To the Board of Directors of Dabur India Limited

Opinion

• 1. We have audited the accompanying standalone annual financial results ('the Statement') of Dabur India Limited ('the Company') for the year ended 31 March 2021, attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'), including relevant circulars issued by the SEBI from time to time.
• 1. In our opinion and to the best of our information and according to the explanations given to us, the Statement:
  • (i) presents financial results in accordance with the requirements of Regulation 33 of the Listing Regulations; and
  • (ii) gives a true and fair view in conformity with the applicable Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, 2013 ('the Act'), read with relevant rules issued thereunder, and other accounting principles generally accepted in India, of the standalone net profit after tax and other comprehensive income and other financial information of the Company for the year ended 31 March 2021.

Basis for Opinion

1. We conducted our audit in accordance with the Standards on Auditing ('SAs') specified under section 143(10) of the Act. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Statement section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ('the ICAI') together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us, is sufficient and appropriate to provide a basis for our opinion.

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Dethi, Noida and Pune number AAC-2085 and its registered office

Chartered Accountants Walker Chandiok & Co LLP is registered with limited liability with identification at L-41 Connaught Circus, New Delhi, 110001, India

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

Responsibilities of Management and Those Charged with Governance for the Statement

• 1. This Statement has been prepared on the basis of the standalone annual audited financial statements and has been approved by the Company's Board of Directors. The Company's Board of Directors is responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit/loss and other comprehensive income and other financial information of the Company in accordance with the accounting principles generally accepted in India, including Ind AS prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India, and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that gives a true and fair view and is free from material misstatement, whether due to fraud or error.
• In preparing the Statement, the Board of Directors is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
• 1. The Board of Directors is also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Statement

• 1. Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Standards on Auditing, specified under section 143(10) of the Act, will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Statement.
• As part of an audit in accordance with the Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
  • e Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
  • e Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Company has in place adequate internal financial controls with reference to financial statements and the operating effectiveness of such controls.
  • e Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.

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

• Conclude on the appropriateness of the management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.
• 1. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
• 1. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

1. The Statement includes the financial results for the quarter ended 31 March 2021, being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subject to limited review by us.

For Walker Chandiok & Co LLP

Chartered Accountants

Neeraj Goel Partner Membership No. 099514

UDIN: 21099514AAAACO3574

Place: Gurgaon Date: 7 May 2021

	Dabur India Limited
	Statement of audited standalone financial results for the quarter and year ended 31 March 2021					(2 in crores)
SI.No	[Particulars	Quarter ended(31/03/2021)	Preceding(31/12/2020)	Correspondingquarter ended quarter ended(31/03/2020)	Current yearended(31/03/2021)	Previous yearended(31/03/2020)
1	IncomeRevenue from operations	(Refer Note 5)1,721.86	(Unaudited)2,071.08	(Refer Note 5)1,321.15	(Audited)7,184.73	(Audited)6,309.80
2	Other incomeTotal income Expenses	70.531,792.39	68.072,139.15	67.051,388.20	276.657,461.38	276.906,586.70
	Cost of materials consumedPurchases of stock in tradeChanges in inventories of finished goods, stock-in-trade and	694.47261.60(31.58)	814.82321.48(74.44)	569.42165.63(58.46)	2,756.031,117.50(176.71)	2,449.37865.22(69.89)
	work-in-progressEmployee benefits expenseFinance costs	166.483.02	171.631.72	133.562.64	655.829.14	578.2619.27
	Depreciation and amortisation expenseOther expensesAdvertisement and publicityOthers	37.41116.87181.36	35.86229.33155.38	33.1869.17143.73	143.40643.50629.39	129.93514.26591.81
3	Total expenses{Profit before exceptional items and tax	1,429.63362.76	1,655.78483.37	1,058.87329.33	5,778.071,683.31	5,078.231,508.47
4	__ Exceptional items	-	-	20.00	-	100.00
56	__ Profit before tax Tax expense	362.76	483.37	309.33	1,683.31	1,408.47
	Current taxDeferred tax	205.96(143.47)	84.86(1.00)	217.59(165.26)	441.89(140.47)	425.40(187.28)
8a)	7__ Net profit for the period/year Other comprehensive income Items that will not be reclassified to profit or lossIncome tax relating to items that will not be reclassified to profit	300.27(0.78)0.27	399.512.55(0.89)	257.00(34.19)11.17	1,381.896.87(2.40)	1,170.35(29.74)10.39
b)	or loss{Items that will be reclasssified to profit or loss	(81.91)	50.16	10.33	(26.85)	35.00
9	Income tax relating to items that will be reclasssified to profit orloss_ Total comprehensive income for the period/year	19.08236.93	(11.69)439.64	(2.40)241.91	6.251,365.76	(8.15)1,177.85
101112	Paid-up equity share capital (Face value of = 1 each)[Other equity Earnings per share (Face value of % 1 each) (not annualised)	176.74	176.74	176.71	176.745,214.48	176.714,397.52

	Dabur India Limited
	Audited standalone segment wise revenue, results, assets and liabilities for the quarter and year ended 31 March 2021
SI.No	Particulars	Quarter ended	Preceding quarter	Corresponding	Current year	(Rin crores)Previous year
		(31/03/2021)	ended	quarter ended	ended	ended
			(31/12/2020)	(31/03/2020)	(31/03/2021)	(31/03/2020)
		(Refer Note 5)	(Unaudited)	(Refer Note 5)	(Audited)	(Audited)
1	Segment revenueA. Consumer care business	1,452.20	1,828.25	1,106.49	6,185.23	5,256.05
	B. Food business	242.07	214.94	188.98	889.61	944.66
	C. Other segmentsD. Unallocated other operating revenue	23.953.64	23.604.29	20.385.30	94.4315.46	90.1518.94
	Revenue from operations	1,721.86	2,071.08	1,321.15	7,184.73
2	Segment resultsA. Consumer care business	358.84	486.19	331.69	1,674.01
	B. Food businessC. Other segments	28.840.96	22.512.21	17.20(0.96)	108.557.34
	Sub Total	388.64	510.91	347.93	1,789.90	6,309.801,475.33107.554.191,587.07
	Less: Finance costsLess: Unallocable expenditure net off unallocable income	3.0222.86	1.7225.82	2.6415.96	9.1497.45
	Profit before exceptional items and tax	362.76	483.37	329.33	1,683.31	19.2759.331,508.47
	Exceptional itemsProfit before tax	-362.76	-483.37	20.00309.33	-1,683.31
	Less: Tax expenses	62.49	83.86	52.33	301.42
3	Net profit for the period/year Segment assets	300.27	399.51	257.00	1,381.89
	A. Consumer care business	2,326.20	2,347.04	2,000.99	2,326.20	100.001,408.47238.121,170.352,000.99
	B. Food businessC. Other segments	362.0932.95	313.2933.95	350.2736.52	362.0932.95	350.2736.52
	D. Unallocated	4,782.92	4,615.25	3,712.33	4,782.92	3,712.33
4	Total Segment liabilities	7,504.16	7,309.53	6,100.11	7,504.16	6,100.11
	A. Consumer care business	1,107.76	1,210.78	768.86	1,107.76	768.86
	B. Food businessC. Other segments	152.7420.11	160.1820.90	212.0216.35	152.7420.11	212.0216.35
	D. UnallocatedTotal	832.332,112.94	775.102,166.96	528.651,525.88	832.332,112.94	528.651,525.88

	Dabur India LimitedStandalone Cash Flow Statement for the year ended 31 March 2021
	Particulars	Current year	( in crores)Previous year
		ended(31/03/2021)	ended(31/03/2020)
A	CASH FLOW FROM OPERATING ACTIVITIESProfit before tax	(Audited)1,683.31	(Audited)1,408.47
	Adjustments for:
	Depreciation and amortisation expense(Profit) / loss on disposal of property, plant and equipment (net)	143.40(0.33)	129.931.76
	Share based payment expenseProvision for disputed liabilities	34.7313.50	36.484.50
	Provision for employee benefitsFinance cost	6.989.14	9.3717.88
	Interest income	(222.23)	(214.23)
	Unrealised foreign exchange loss / (gain) (net)Expected credit loss / impairment of financial and non-financial assets	1.112.34	(3.70)1.11
	Loss / (gain) on fair valuation of financial instruments (net)Net gain on sale of financial assets measured at FVTPL	0.76(15.82)	(1.13)(16.90)
	Net gain on sale of financial assets measured at FVTOCINet gain on sale of financial assets measured at amortised cost	(12.26)	(6.90)
	Exceptional items	(0.42)-	(1.87)100.00
	Operating profit before working capital changes and other adjustmentsWorking capital changes and other adjustments:	1,644.21	1,464.77
	InventoriesTrade receivables	(305.02)94.27	(76.24)53.94
	Current and non-current financial assets	9.89	13.35
	Other current and non-current assetsTrade payables	15.33448.92	(67.11)33.40
	Other current and non-current financial liabilitiesOther current liabilities and provisions	49.0722.10	(0.57)2.17
	Cash flow from operating activities post working capital changesDirect taxes paid (net of refund)	1,978.77(274.60)	1,423.71(268.94)
	Net cash flow from operating activities (A)	1,704.17	1,154.77
B	CASH FLOWS FROM INVESTING ACTIVITIESAcquisition of property, plant and equipment, capital work-in-progress and intangible assets	(249.90)	(264.54)
	Proceeds from disposal of property, plant and equipment	2.11	11.52
	Purchase of investments / bank depositsProceeds from sale of investments / bank deposits	(7,276.63)6,172.48	(8,123.69)7,818.87
	Interest receivedNet cash used in investing activities (B)	230.54(1,121.40)	226.30(331.54)
	CASH FLOWS FROM FINANCING ACTIVITIES
C_	Proceeds from issue of equity share capital	0.03	0.08
	Repayment of non-current borrowings (including current maturities)Proceeds from / (repayment of) current borrowings (net)	(25.00)82.94	(175.00)(3.93)
	Principal payment of lease liabilitiesInterest payment of lease liabilities	(12.15)(3.01)	(11.06)(4.11)
	Dividend paid	(592.09)	(512.45)
	Dividend distribution tax paidFinance costs paid	-(5.76)	(105.34)(14.19)
	Net cash used in financing activities (C)Increase / (decrease) in cash and cash equivalents (A+B+C)	(555.04)	(826.00)
	Cash and cash equivalents at the beginning of the year	27.73(21.75)	(2.77)(20.24)
	Net unrealised foreign exchange gainCash and cash equivalents at the end of the year	1.037.01	1.26(21.75)
	Notes :
	(a) Cash and cash equivalents comprises of:	As at	As at
	Cash and cash equivalents	31/03/202111.37	31/03/20202.87
	Balances with banks in cash credit accountsBalances with banks in over draft accounts	(3.81)(0.55)	(21.53)(3.09)
	Cash and cash equivalents as per Standalone Cash Flow Statement	7.01	(21.75)

(b) The above Standalone Cash Flow Statement has been prepared under the 'Indirect Method' as set out in Ind AS 7, 'Statement of Cash Flows'.

• 1 The audited standalone financial results of the Company for the quarter and year ended 31 March 2021 have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 07 May 2021. The statutory auditors have expressed an unmodified audit report on these standalone financial results.
• 2 During the quarter, the Company has allotted 4,873 equity shares of face value of = 1 each to the eligible employees of the Company on account of exercise of vested stock options pursuant to the Dabur Employee Stock Option Scheme.
• 3 The Company has proposed a final dividend of 23.00 per share (300 % on par value of % 1 each) for the financial year 2020-21 aggregating to % 530.23 crores.
• 4 The Company has appointed Mr. Ankush Jain as Chief Financial Officer (CFO) with effect from 01 April 2021.
• 5 Figures for the quarters ended 31 March 2021 and 31 March 2020 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.
• 6 The figures of the previous periods have been re-grouped/re-classified, wherever necessary, to render them comparable with the figures of the current period.

For and on behalf of Board of Directors

Amit Burman Chairman DIN : 00042050

Place: New Delhi Date: 07 May 2021

Dabur India LimitedStandalone Statement of Assets and Liabilities as at 31 March 2021(2 in crores)ParticularsAs atAs at31/03/202131/03/2020(Audited)(Audited)ASSETS Non-current assets1Property, plant and equipment1,131.001,060.75(a)Capital work-in-progress107.26105.83(b)Investment property47.3948.38(c)Other intangible assets26.4225.15(d)Financial assets(e)Investments in subsidiaries and joint venture98.6798.67(i)Investments3,024.09985.49(ii)Loans16.3716.78(iii)Others403.2788.63(iv)Deferred tax assets (net)21.6217.45(f)(g) Non-current tax assets (net)3.990.86(h) Other non-current assets112.9068.12Total non-current assets4,674.172,834.92 Current assets21,114.16809.14Inventories(a)Financial assets(b)Investments451.141,382.67(i)(ii) Trade receivables281.24379.63Cash and cash equivalents11.372.87(iii)Bank balances other than (iii) above823.37522.73(iv)Loans1.751.22(v)Others7.799.25(vi)Other current assets139.17157.68(c)Total current assets2,829.993,265.19TOTAL ASSETS7,504.166,100.11EQUITY AND LIABILITIES[Equity1176.74176.71Equity share capital(a)(b) Other equity5,214.484,397.525,391.224,574.23Total equity{Liabilities2Non-current liabilities(a) — Financial liabilities(i) Borrowings24.6819.62(ii) Other financial liabilities4.661.37Provisions55.5554.69(b)Total non-current liabilities76.5484.03 Current liabilities3(a) — Financial liabilities(i) Borrowings151.9689.28Trade payables(ii)Due to micro and small enterprises117.5644.59987.86Due to others1,363.14(iii) Other financial liabilities165.25137.29Other current liabilities77.4355.33(b)Provisions134.43122.80(c)Current tax liabilities (net)26.634.70(d)Total current liabilities2,036.401,441.85TOTAL EQUITY AND LIABILITIES7,504.166,100.11

India Lid. Ref: SEC/SE/2021-22 Date: May 7, 2021

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

To, BSE Ltd. Exchange Plaza, 5th Floor Dalal Street, Mumbai- 400001 Bandra (E), Mumbai - 400051

Corporate Relation Department National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers Plot No. C/1, G Block Bandra - Kurla Complex

ub: Declaration pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligation and Disclosure Requirements) (Amendment) Regulations, 2016 w.r.t Audit Report with Unmodified Opinion

Dear Sir(s),

I, Ankush Jain, Chief Financial Officer of Dabur India Limited (CIN: L24230DL1975PLC007908) having its Registered office at 8/3 Asaf Ali 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, 2021.

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

ANKUSH Digitally signed JAIN by ANKUSH JAIN

Ankush Jain Chief Financial Officer

DABUR INDIA LIMITED, Kaushambi, Sahibabad-201 010, Ghaziabad (U.P.), India, Tel: (0120) 3962100, 3982000, Fax : (0120) 4374936 Redd. Office; 8/3, Asaf Ali Road, New Delhi - 110 002 (India) PAN: AAACD0474C, CIN: L24230DL1975PLC007908, Email: corpcomm@mail.dabur, Website: www.dabur.com