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Dabur India Ltd. Interim / Quarterly Report 2021

Nov 2, 2021

59077_rns_2021-11-02_d6c21412-cb95-4eb2-99bc-15ac75ec6c3a.pdf

Interim / Quarterly Report

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Ref: SEC/SE/2021-22 Date: November 02, 2021

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 (E), Mumbai - 400051

Sub: Investor Communication

Dear Sir,

In compliance of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are pleased to enclose a copy of Investor 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

^Jj^ (AKJa^i) Executive V P (Finance) and Company Secretary

End:as above

^

RESULTS PRESENTATION Q2 FY22

2 ND NOVEMBER 2021 AGENDA

1

Q2 FY22 PERFORMANCE SUMMARY

Q2 FY22 | Performance Summary

Q2 FY22 | Consolidated Financials

  • Consolidated Operating Margin TY @ 22.0% as compared to 22.6% LY – contraction of ~60 bps on account of material inflation (11%)
  • GC contraction of 204 bps was partially offset by leverage from A&P and Employee Expenses

  • PBT saw growth of 12.1% on account of Non-Op Income growing at 28.4% (Includes recovery of INR 16.8 cr of DHFL Investment)
  • PBT Margin at 23.5% TY vs 23.4% LY (gain of ~10 bps)

  • Effective tax rate for Consol business increased from 18.1% to 23.6% on account of increase in tax rate in India (from 18.4% to 26.0%)
  • Net positive impact of DHFL recovery was Rs.5 cr on PAT

Q2 FY22 | Domestic FMCG Growth – By Verticals

Q2 FY22 | International Business Performance

International Business grew by 13.8% in CC (11.2% growth in INR terms)

Q2 FY22 Constant Currency Growth %

Q2 FY22 BUSINESS HIGHLIGHTS

Q2 FY22 | Business Highlights - Healthcare

Health
Supplements		 Digestives OTC & Ethicals
Growth % (13.6%) 22.7% 1.9%
2-year CAGR 21.5% 12.1% 19.4%
Dabur Glucose recorded strong
•
double-digit growth		 The portfolio continued to see
•
strong momentum on the back of
improved mobility and out-of		 Driven by strong growth in
•
Honitus, Lal Tail, Shilajit
and
Ethicals Portfolio
Category
Highlights		 Dabur Chyawanprash and Dabur
•
Honey reported muted growths on
account of high bases; 2-year CAGR
for both brands north of 20%		 home consumption
Hajmola and Pudin Hara portfolio
•
posted double-digit growth in Q2
FY22		 NPDs like Dabur Health Drops, Health
•
Juices and other immunity boosting
products saw reduced traction
Market share in Chyawanprash
•
category increased by ~520 bps		 Ethicals grew in double digits on
•
the back of aggressive digital
and on-ground initiatives
•
Market share in Honey category
increased by ~430 bps

Q2 FY22 | New Product Launches - Healthcare

Q2 FY22 | Business Highlights – Home & Personal Care

Oral Care Hair Oils Shampoo Home Care Skin & Salon
Growth % 13.3% 27.9% 20.5% 25.3% (11.9%)
2-year CAGR 18.6% 9.5% 19.1% 6.1% 10.3%
Category
Highlights		 •
Toothpaste category
witnessed 15.2%
growth driven by
robust momentum in
Dabur Red Paste
•
Meswak
reported double
digit growth
Dabur Lal Dant Manjan
•
recorded muted growth
on account of high base
Toothpaste market
•
share improved by		 •
Witnessed a strong
quarter with double
digit growths across
brands
Both perfumed oils
•
and coco oils
portfolios reported
strong double-digit
growth
Market share
•
improved by ~80 bps		 •
Shampoos portfolio
continued on strong
growth trajectory
•
Market share in
shampoo category
increased by ~30 bps
•
Newly launched
Vatika Ayurvedic
shampoo and Vatika
Neem Shampoo
showed good
consumer acceptance		 •
Robust double-digit
growth across brands in
the Home Care portfolio
•
Odonil
saw its MS
improve by ~210 bps
Odomos' MS increased
•
by ~120 bps on MAT
basis		 •
Excluding Sanitize
range, the portfolio
posted 27% growth
•
Fem and Oxy continued
their strong recovery with
double-digit growths
during Q2 FY22
Gulabari also reported
•
strong double-digit
growth
~40 bps 11

Q2 FY22 | Business Highlights – Food & Beverage

Beverages Foods
Growth % 45.0% 15.6%
2-year CAGR 17.5% 13.9%
•
After a smart recovery in Q1, Beverage business continued		 •
Hommade brand continued to perform well driven by innovation and
to exhibit strong momentum strong demand
Category
Highlights		 In-home and out-of-home portfolios registered strong growths
•		 Recent additions to the chutneys & pickles range have received
•
Market share of Real increased by 100 bps
•		 good consumer feedback and we will continue to innovate in this
•
Recent launch of Real Fizzin
and Real in PET (new variants in		 portfolio
addition to Mango) showing good early traction

New Products Launched in Q2 FY22 International Business

14

New Products | MENA

New Products | MENA

New Products | Turkey

H1 FY22 PERFORMANCE SUMMARY 3

H1 FY22 | Consolidated Financials

H1 FY22 | Domestic FMCG Growth – By Verticals

H1 FY20 H1 FY21 H1 FY22

H1 FY20 H1 FY21 H1 FY22

20

H1 FY20 H1 FY21 H1 FY22

H1 FY22 | International Business Performance

International Business grew by 22.8% in CC (18.7% growth in INR terms)

H1 FY22 Constant Currency Growth %

Annexure

Consolidated P&L | Q2 FY22 and H1 FY22

All
figures
are in
INR
cr		 Q2 FY22 Q2 FY21 Y-o-Y (%) H1 FY22 H1 FY21 Y-o-Y (%)
Revenue from operations 2,817.6 2,516.0 12.0% 5,429.1 4,496.0 20.8%
Other Income 112.4 87.6 28.4% 197.3 159.4 23.8%
Total Income 2,930.0 2,603.6 12.5% 5,626.4 4,655.4 20.9%
Material Cost 1,441.5 1,235.9 16.6% 2,796.8 2,237.4 25.0%
%
of
Revenue		 51
2%		 49
1%		 51
5%		 49
8%
Employee expense 269.7 267.3 0.9% 527.9 491.1 7.5%
of
%
Revenue		 9
6%		 10
6%		 9
7%		 10
9%
Advertisement and publicity 202.2 202.2 (0.0%) 390.5 347.8 12.3%
%
of
Revenue		 7
2%		 8
0%		 7
2%		 7
7%
Other Expenses 283.5 241.3 17.5% 541.1 433.7 24.8%
of
%
Revenue		 10
1%		 9
6%		 10
0%		 9
6%
Operating Profit 620.7 569.4 9.0% 1,172.8 986.0 18.9%
%
of
Revenue		 22
0%		 22
6%		 21
6%		 21
9%
EBITDA 733.2 657.0 11.6% 1,370.0 1,145.4 19.6%
of
%
Revenue		 0%
26		 26
1%		 25
2%		 25
5%
Finance Costs 8.3 7.5 10.4% 15.8 15.3 2.9%
Depreciation & Amortization 63.3 59.6 6.2% 124.6 116.4 7.1%
Profit before exceptional items, tax and share of profit/(loss) from joint venture 661.6 589.9 12.1% 1,229.6 1,013.7 21.3%
of
%
Revenue		 23
5%		 23
4%		 22
6%		 22
5%
Share of profit / (loss) of joint venture (0.4) (0.3) 28.9% (0.5) (0.3) 53.8%
Exceptional item(s) 0.0 0.0 n.m. 0.0 0.0 n.m.
Tax Expenses 155.8 106.7 46.0% 285.5 189.2 50.9%
Net profit after tax and after share of profit/(loss) from joint venture 505.3 482.9 4.7% 943.6 824.2 14.5%
%
of
Revenue		 17
9%		 19
2%		 17
4%		 18
3%
Non controlling interest 1.0 1.2 (18.6%) 1.9 0.7 175.7%
Net profit for the period/year 504.4 481.7 4.7% 941.7 823.5 14.4%
%
of
Revenue		 17
9%		 19
1%		 17
3%		 18
3%

Standalone P&L | Q2 FY22 and H1 FY22

All
figures
are in
INR
cr		 Q2 FY22 Q2 FY21 Y-o-Y (%) H1 FY22 H1 FY21 Y-o-Y (%)
Revenue from operations 2,119.9 1,900.9 11.5% 4,102.7 3,391.8 21.0%
Other Income 97.2 73.2 32.7% 168.3 138.1 21.9%
Total Income 2,217.1 1,974.1 12.3% 4,271.1 3,529.8 21.0%
47.6% 50.0%
Material Cost 1,111.8 950.0 17.0% 2,173.7 1,710.5 27.1%
of
%
Revenue		 52
4%		 50
0%		 53
0%		 50
4%
Employee expense 165.5 174.4 (5.1%) 327.0 317.7 2.9%
%
of
Revenue		 7
8%		 9
2%		 8
0%		 9
4%
Advertisement and publicity 165.6 167.5 (1.2%) 316.1 297.3 6.3%
of
%
Revenue		 8%
7		 8
8%		 7%
7		 8
8%
Other Expenses 196.6 162.8 20.8% 368.2 292.7 25.8%
%
of
Revenue		 9
3%		 8
6%		 9
0%		 8
6%
Operating Profit 480.4 446.2 7.7% 917.7 773.7 18.6%
of
%
Revenue		 22
7%		 23
5%		 22
4%		 22
8%
EBITDA 577.5 519.4 11.2% 1,086.0 911.7 19.1%
of
%
Revenue		 27
2%		 27
3%		 26
5%		 26
9%
Finance Costs 3.5 1.9 80.8% 5.8 4.4 31.4%
Depreciation & Amortization 40.0 36.1 11.0% 78.6 70.1 12.1%
Profit before exceptional items and tax 534.0 481.5 10.9% 1,001.6 837.2 19.6%
of
%
Revenue		 25
2%		 25
3%		 24
4%		 24
7%
Exceptional item(s) 0.0 0.0 n.m. 0.0 0.0 n.m.
Tax Expenses 138.9 88.8 56.4% 254.1 155.1 63.9%
Net profit for the period/year 395.2 392.7 0.6% 747.6 682.1 9.6%
of
%
Revenue		 18
6%		 20
7%		 18
2%		 20
1%

Consolidated Balance Sheet

Particulars As at 31/09/2021 As at 31/03/2021
A Assets
1 Non-current
assets
(a)
Property, plant and equipment		 1,883 1,812
(b)
Capital work-in-progress		 173 147
(c)
Investment property		 50 50
(d)
Goodwill		 336 336
(e)
Other Intangible assets		 41 45
Investments in joint
(f)		 11 11
venture
(g)
Financial assets
(i)
Investments		 4,573 3,402
(ii)
Others		 77 111
(h)
Deferred tax assets		 1 18
(i)
Non-current tax assets (net)		 4 4
(j)
Other non-current assets		 111 134
Total Non-current assets 7,260 6,071
2 Current assets
(a)
Inventories		 1,758 1,734
(b)
Financial assets
(i)
Investments		 862 746
(ii)
Trade receivables		 702 562
(iii)
Cash and cash equivalents		 237 241
(iv)
Bank Balances other than (iii)		 503 1,088
(v)
Others		 22 17
(c)
Current tax asset(net)		 0 0
(d)
Other current assets		 312 387
(e)
Assets held for sale		 0 0
Total current assets 4,398 4,776
Total Assets 11,658 10,847
Particulars As at 31/09/2021 As at 31/03/2021
B
Equity and Liabilities
1
Equity
(a)
Equity share capital		 177 177
(b)
Other Equity		 7,962 7,487
Equity attributable to shareholders of the
Company		 8,139 7,664
Non Controlling Interest 39 37
Total equity 8,178 7,700
2
Non-current liabilities
(a)
Financial liabilities
(i)
Borrowings		 0 1
Lease
(ii)
liabilities		 151 133
(iii)
Other financial liabilities		 1 1
(b)
Provisions		 65 63
(c)
Deferred tax liabilities (Net)		 16 14
Total Non-current liabilities 233 213
3
Current liabilities
(a)
Financial liabilities
(i)
Borrowings		 641 349
Lease
(ii)
liabilities		 26 26
(iii)
Trade payables		 1,813 1,915
(iv)
Other financial liabilities		 246 213
(b)
Other current liabilities		 157 158
(c)
Provisions		 205 188
(d)
Current tax Liabilities (Net)		 157 85
Total Current liabilities 3,246 2,934
Total Equity and Liabilities 11,658 10,847

Standalone Balance Sheet

Particulars As at 31/09/2021 As at 31/03/2021
A Assets
1 Non-current assets
(a)
Property, plant and equipment		 1,217 1,131
(b)
Capital work-in-progress		 124 107
(c)
Investment property		 47 47
(d)
Other Intangible assets		 24 26
(e)
Financial assets
Investments in subsidiaries and
(i)
joint venture		 99 99
(ii)
Investments		 3,835 3,024
(iii)
Others		 71 105
(f)
Deferred tax assets		 0 17
(g)
Non-current tax assets (net)		 4 4
(h)
Other non-current assets		 91 113
Total Non-current assets 5,512 4,674
2 Current assets
(a)
Inventories		 1,178 1,114
(b)
Financial assets
(i)
Investments		 431 451
(ii)
Trade receivables		 542 281
(iii)
Cash and cash equivalents		 3 11
(iv)
Bank Balances other than (iii)		 374 823
(v)
Others		 10 10
(c)
Other current assets		 101 139
Total current assets 2,638 2,830
Total Assets 8,150 7,504
Particulars As at 31/09/2021 As at 31/03/2021
B Equity and Liabilities
1 Equity
(a)
Equity share capital		 177 177
(b)
Other Equity		 5,471 5,214
Total equity 5,648 5,391
2 Non-current liabilities
(a)
Financial liabilities
(i)
Lease liabilities		 45 20
(ii)
Other financial liabilities		 1 1
(b)
Provisions		 56 56
(c)
Deferred tax liabilities (Net)		 3 0
Total Non-current liabilities 106 76
3 Current liabilities
(a)
Financial liabilities
(i)
Borrowings		 263 144
(ii)
Lease liabilities		 9 8
(iii)
Trade payables		 1,609 1,481
(iv)
Other financial liabilities		 192 165
(b)
Other current liabilities		 80 77
(c)
Provisions		 145 134
(d)
Current tax Liabilities (Net)		 96 27
Total Current liabilities 2,396 2,036
Total Equity and Liabilities 8,150 7,504

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

27

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