Dabur India Ltd. — Interim / Quarterly Report 2021

May 7, 2021

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

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

To,

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

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

Sub: Investors Communication

Dear Sir,

In compliance of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are pleased to enclose a copy of Investors Communication being issued by the company today for your records.

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: AAACD0474C, CIN: L24230DL1975PLCO07908, Email: corpcomm@dabur.com, Website: www.dabur.com

Q4 FY21 and FY21 – Results Presentation

7th May 2021

Agenda

Agenda

FY21 – Performance Summary

Consolidated Revenue Growth	9.9%
India FMCG Growth	14.7%
International Business Growth	3.4%
Operating Profit Growth	11.7%
Consolidated PAT Growth	17.2%

FY21 – Financials

• Consolidated PAT reported an increase of 17.2% with PAT margin improving by 110 bps, touching 17.7%
• Effective tax rate for Consol business increased from 16.2% to 17.6% on account of country mix

Domestic FMCG Growth – By Verticals – FY21

Innovation (Domestic Business) – FY21

International Business – FY21 Performance

Innovation (International Business) – FY21

Agenda

Q4 FY21 – Performance Summary

Consolidated Revenue Growth	25.3%
India Standalone Growth	30.3%
International Business Growth	19.4%
Operating Profit Growth	25.6%
Consolidated PAT Growth	34.4%

Q4 FY21 – Financials

• Consolidated PAT reported an increase of 34.4% with PAT margin touching 16.2%
• Effective tax rate for Consol business decreased from 17.2% to 16.5% on account of

Q4 FY20 Q4 FY21

Domestic FMCG Growth – By Verticals – Q4 FY21

International Business – Q4 FY21 Performance

Agenda

Healthcare – Q4 FY21

	Health Supplements	Digestives	OTC	Ethicals
Growth %	17.7%	20.0%	34.0%	39.1%
	Dabur Chyawanprash • recorded strong growth despite it being off-season	Pudin Hara portfolio posted • double-digit growth in Q4 FY21	Driven by strong growth in • Lal Tail and Shilajit Portfolio	Ethicals grew in strong • double digits on the back of distribution expansion,
Category Highlights	Market share in Chyawanprash • category increased by ~170 bps	Hajmola portfolio saw strong • recovery in Q4 FY21 on the back of improvement in mobility and	• NPDs like Dabur Health Drops, Health Juices and other immunity boosting products added to the	visibility initiatives and activations
	• Market share in Honey category increased by ~230 bps	out-of-home consumption	momentum of the portfolio

Dabur Chyawanprakash – for Diabetics New TVC with Parineeti Chopra for Dabur Pudin Hara

Dabur Rheumatil Spray and Dabur Jamun Neem Karela Juice – New Products Launched ¹⁶

Home and Personal Care – Q4 FY21

	Oral Care	Hair Oils	Shampoo	Home Care	Skin & Salon
Growth %	42.1%	24.6%	33.4%	24.3%	37.9%
Category Highlights	Red Toothpaste • continued to see good demand momentum	Witnessed a smart • broad based recovery	Shampoos portfolio • registered strong growth	Odonil reported strong • growth although Air freshener category	Driven by strong • growth across brands
	Meswak and Babool • Franchise also reported robust double-digit	Perfumed oils and • coco oils portfolios reported double digit growth	Market share in • shampoo category increased by ~70 bps	continued to be impacted being more discretionary in nature. Odonil's MS improved by ~90 bps	Gulabari and Fem saw • sequential improvement as mobility and outdoor activity increased
	growths • Toothpaste market share improved by ~120 bps	Market share • improved by ~70 bps	• Bottle saliency continues to see improvement	Odomos witnessed • recovery and MS increased ~130 bps

Dabur Red Toothpaste – Take good care of teeth but keep them hidden behind a mask till we all are safe

Vatika Enriched Hair Oils Range

Food and Beverage – Q4 FY21

	Beverages	Foods
Growth %	27.1%	36.1%
Category Highlights	• Beverage business witnessed a smart recovery during Q4 despite HORECA business remaining under pressure Market share of Real in JNSD (Juices, Nectar and Still Drinks) • increased by 80 bps • In-home and out-of-home portfolios registered strong double-digit growths Recent launches of Real Mango Drink in PET, Real Frappe and Real Apple • Mini showed good traction	Hommade brand continued to perform well driven by increased in home • consumption Recent launches like chutneys & pickles added to the growth momentum •

Real Hydration Range – New Communication

Real Frappe – New Communication Activ Coconut Water – Influencer Activity

Agenda

Dividend Update

	Interim Dividend	Final Dividend	Total Dividend
Dividend per share (INR)	1.75	3.0	4.75
Dividend %	175%	300%	475%
Total dividend (INR cr)	309.30	530.22	839.52

Dividend policy changed with Payout Ratio at 50% of Dabur India Ltd's Consolidated Profit after Tax (vs 40% of Consolidated PAT or 50% of Standalone PAT earlier)

Annexure

Consolidated Profit and Loss Statement

figures All are in INR cr	Q4 FY21	Q4 FY20	Y-o-Y (%)	FY21	FY20	Y-o-Y (%)
Revenue from operations	2,336.8	1,865.4	25.3%	9,561.7	8,703.6	9.9%
Other Income	85.0	75.7	12.2%	325.3	305.2	6.6%
Total Income	2,421.8	1,941.1	24.8%	9,886.9	9,008.8	9.7%
Material Cost	1,197.9	949.6	26.1%	4,789.0	4,360.2	9.8%
of % Revenue	3% 51	50 9%		50 1%	50 1%
Employee expense	268.4	230.1	16.6%	1,033.5	947.7	9.0%
% of Revenue	11 5%	12 3%		10 8%	10 9%
Advertisement and publicity	154.2	100.2	53.8%	784.4	650.0	20.7%
of % Revenue	6 6%	5 4%		8 2%	7 5%
Other Expenses	274.0	233.2	17.5%	952.2	953.2	(0.1%)
of % Revenue	11 7%	12 5%		10 0%	0% 11
Operating Profit	442.4	352.3	25.6%	2,002.6	1,792.4	11.7%
% of Revenue	18 9%	18 9%		20 9%	20 6%
EBITDA	527.4	428.1	23.2%	2,327.9	2,097.7	11.0%
% of Revenue	22 6%	22 9%		24 3%	24 1%
Finance Costs	8.6	8.6	0.7%	30.8	49.5	(37.8%)
Depreciation & Amortization	66.5	58.8	13.1%	240.1	220.5	8.9%
Profit before exceptional items, tax and share of	452.2	360.7	25.4%	2,057.0	1,827.7	12.5%
profit/(loss) from joint venture
of % Revenue	19 4%	19 3%		21 5%	21 0%
Share of profit / (loss) of joint venture	(0.6)	(0.4)	52.0%	(1.0)	(0.0)	10,028.4%
Exceptional item(s)	0.0	20.0	(100.0%)	0.0	100.0	(100.0%)
Tax Expenses	74.3	58.6	26.8%	361.1	279.7	29.1%
Net profit after tax and after share of profit/(loss)	377.3	281.6	34.0%	1,694.9	1,447.9	17.1%
from joint venture
of % Revenue	16 1%	15 1%		17 7%	16 6%
Non controlling interest	(0.5)	0.4	(223.3%)	1.7	3.0	(44.3%)
Net profit for the period/year of % Revenue	377.8 16 2%	281.2 15 1%	34.4%	1,693.3 17 7%	1,445.0 16 6%	17.2%

Standalone Profit and Loss Statement

All figures are in INR cr	Q4 FY21	Q4 FY20	Y-o-Y (%)	FY21	FY20	Y-o-Y (%)
Revenue from operations	1,721.9	1,321.2	30.3%	7,184.7	6,309.8	13.9%
Other Income	70.5	67.1	5.2%	276.7	276.9	(73.6%)
Total Income	1,792.4	1,388.2	29.1%	7,461.4	6,586.7	13.3%
Material Cost	924.5	676.6	36.6%	3,696.8	3,244.7	13.9%
% of Revenue	53 7%	51 2%		51 5%	51 4%
Employee expense	166.5	133.6	24.6%	655.8	578.3	13.4%
% of Revenue	9 7%	10 1%		9 1%	9 2%
Advertisement and publicity	116.9	69.2	69.0%	643.5	514.3	25.1%
of % Revenue	6 8%	2% 5		9 0%	8 2%
Other Expenses	181.4	143.7	26.2%	629.4	591.8	6.4%
of % Revenue	10 5%	10 9%		8 8%	9 4%
Operating Profit	332.7	298.1	11.6%	1,559.2	1,380.8	12.9%
% of Revenue	19 3%	22 6%		21 7%	21 9%
EBITDA	403.2	365.2	10.4%	1,835.9	1,657.7	10.7%
% of Revenue	23 4%	27 6%		25 6%	26 3%
Finance Costs	3.0	2.6	14.6%	9.1	19.3	(52.6%)
Depreciation & Amortization	37.4	33.2	12.7%	143.4	129.9	10.4%
Profit before exceptional items, tax and share of profit/(loss) from joint venture	362.8	329.3	10.1%	1,683.3	1,508.5	11.6%
of % Revenue	21 1%	24 9%		23 4%	23 9%
Exceptional item(s)	0.0	20.0	(100.0%)	0.0	100.0	(100.0%)
Tax Expenses	62.5	52.3	19.4%	301.4	238.1	26.6%
Net profit for the period/year	300.3	257.0	16.8%	1,381.9	1,170.4	18.1%
of % Revenue	17 4%	19 5%		19 2%	18 5%

Consolidated Balance Sheet

Particulars	As at 31/03/2021 (Audited)	As at 31/03/2020 (Audited)	Particulars	As at 31/03/2021 (Audited)	As at 31/03/2020 (Audited)
A Assets			B Equity and Liabilities
Non-current 1			1 Equity
assets			(a) Equity share capital	177	177
(a) Property, plant and equipment	1,812	1,821	(b) Other Equity	7,487	6,430
(b) Capital work-in-progress	168	147	Equity attributable to shareholders of the Company	7,664	6,607
(c) Investment property	50	52	Non Controlling Interest	37	36
(d) Goodwill	336	336	Total equity	7,701	6,643
(e) Other Intangible assets	45	44
(f) Financial assets			2 Non-current liabilities
(i) Investments	3,414	1,409	(a) Financial liabilities
(ii) Loans	17	20	(i) Borrowings	134	175
(iii) Others	86	528	(ii) Other financial liabilities	1	1
(g) Deferred tax assets	17	23	(b) Provisions	63	63
(h) Non-current tax assets (net)	4	1	(c) Deferred tax liabilities (Net)	13	17
(i) Other non-current assets	122	112	Total Non-current liabilities	211	256
Total Non-current assets	6,071	4,492	3 Current liabilities
2 Current assets			(a) Financial liabilities
(a) Inventories	1,730	1,380	(i) Borrowings	356	304
(b) Financial assets			(ii) Trade payables
(i) Investments	758	1,387	Due to micro and small
(ii) Trade receivables	560	809	enterprises	118	0
(iii) Cash and cash equivalents	229	167	Due to	1,802	1,480
(iv) Bank Balances other than (iii) above	1,087	645	others
(v) Loans	15	12	(iii) Other financial liabilities	235	232
(vi) Others	3	3	(b) Other current liabilities	312	230
(c) Current tax asset(net)	1	1	(c) Provisions	188	166
(d) Other current assets	554	462	(d) Current tax Liabilities (Net)	85	47
(e) Assets held for sale	0	0	Total Current liabilities	3,095	2,458
Total current assets	4,936	4,865
			Total Equity and Liabilities	11,007	9,357
Total Assets	11,007	9,357

Standalone Balance Sheet

Particulars	As at 31/03/2021 (Audited)	As at 31/03/2020 (Audited)	Particulars	As at 31/03/2021 (Audited)	As at 31/03/2020 (Audited)
A Assets			B Equity and Liabilities
1 Non-current assets			1 Equity
(a) Property, plant and equipment	1,131	1,061	(a) Equity share capital	177	177
(b) Capital work-in-progress	128	106	(b) Other Equity	5,214	4,399
(c) Investment property	47	48	Total equity	5,391	4,575
(d) Other Intangible assets	26	25
(e) Financial assets			2 Non-current liabilities
(i) Investments	3,123	1,084	(a) Financial liabilities
(ii) Loans	10	12	(i) Borrowings	20	25
(iii) Others	86	403	(ii) Other financial liabilities	1	1
(f) Deferred tax assets	17	23	(b) Provisions	56	55
(g) Non-current tax assets (net)	4	1	(c) Deferred tax liabilities (Net)	0	0
(h) Other non-current assets	101	91	Total Non-current liabilities	76	80
Total Non-current assets	4,675	2,854
			3 Current liabilities
2 Current assets			(a) Financial liabilities
(a) Inventories	1,114	809	(i) Borrowings	158	89
(b) Financial assets			(ii) Trade payables
(i) Investments	451	1,379	Due to micro and small enterprises	118	0
(ii) Trade receivables	277	374	Due to others	1,370	1,030
(iii) Cash and cash equivalents	11	6	(iii) Other financial liabilities	161	156
Bank Balances other than (iii) (iv)	822	521	(b) Other current liabilities	73	46
above			(c) Provisions	134	123
(v) Loans	2		(d) Current tax Liabilities (Net)	27	5
(vi) Others	8	9	Total Current liabilities	2,042	1,448
(c) Current tax assets(net)	0	0
(d) Other current assets	149	152	Total Equity and Liabilities	7,509	6,103
Total current assets	2,834	3,250
Total Assets	7,509	6,103

Breakdown of Revenue from Operations

All figures unless otherwise stated in INR are crores,	Q4 FY21	Q4 FY20	Y-o-Y (%)	FY21	FY20	Y-o-Y (%)
Health Supplements	285	242	17.7%	1,589	1,115	42.5%
Digestives	104	87	20.0%	381	372	2.2%
OTC & Ethicals	151	110	36.9%	677	518	30.6%
Healthcare	541	440	22.9%	2,647	2,006	31.9%
Shampoo & Post Wash	54	40	33.4%	220	192	14.9%
Hair Oils	280	225	24.6%	1,051	1,057	(0.6%)
Hair Care	334	265	26.0%	1,272	1,249	1.8%
Oral Care	311	219	42.1%	1,238	1,005	23.2%
Home Care	89	72	24.3%	380	408	(6.8%)
Skin & Salon	78	57	37.9%	356	302	17.6%
HPC	813	613	32.6%	3,245	2,964	9.5%
Beverages	225	177	27.1%	826	888	(7.1%)
Foods	16	12	36.1%	63	54	17.0%
Food and Beverage (F&B)	241	189	27.6%	888	942	(5.7%)
Sales - Domestic FMCG	1,594	1,241	28.4%	6,780	5,912	14.7%
Others (Guar, Fem Pharma, Exports, etc)	102	71	43.8%	374	348	7.7%
Revenue - DIL Standalone	1,722	1,321	30.3%	7,185	6,310	13.9%
International	649	543	19.4%	2,511	2,430	3.4%
Retail	23	28	(18.6%)	57	125	(54.2%)
Inter Company Exports (Net)	(57)	(28)	n.m.	(192)	(161)	n.m.
Revenue from Operations - Consolidated	2,337	1,865	25.3%	9,562	8,704	9.9%

For more information and updates, visit: http://www.dabur.com/in/en-us/investor