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Dabur India (Q4 FY10) – BUY (Target Rs200, Upside 10.3%)
India Infoline Research Team / 16:05 , Apr 30, 2010

CMP Rs181, Target Rs200, Upside 10.3%

  • Records ~16% yoy growth in revenues at Rs8.5bn, primarily driven by volume growth across segments
  • Retail venture records strong 37.1% yoy growth at Rs24mn during the quarter.
  • Operating margins witnessed 137bps expansion to 19.1% aided by lower raw material costs and overheads
  • Strong revenue growth coupled with improved operating efficiency drives net profit by 27.6% yoy to ~Rs1.3bn
  • Maintain BUY with a revised target price of Rs200
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