Quarterly Results of DABUR

Y/e 31 Mar	Mar-2022	Mar-2021	Mar-2020	Mar-2018
Growth matrix (%)
Revenue growth	13.90	10.10	12.50	1.42
Op profit growth	12.50	11.70	10.80	7.19
EBIT growth	14.70	11.20	6.62	5.78
Net profit growth	2.71	17.20	6.69	6.07
Profitability ratios (%)
OPM	20.70	20.90	20.60	20.90
EBIT margin	22	21.80	21.60	22.80
Net profit margin	16	17.70	16.60	17.50
RoCE	26.70	26.70	26.60	27.60
RoNW	5.42	5.93	5.87	6.42
RoA	4.84	5.40	5.12	5.30
Per share ratios ()
EPS	9.86	9.59	8.19	7.71
Dividend per share	5.20	4.75	3	6.25
Cash EPS	8.41	8.22	6.93	6.77
Book value per share	47.40	43.40	37.40	32.40
Valuation ratios
P/E	54.40	56.40	55	42.40
P/CEPS	63.80	65.80	65	48.30
P/B	11.30	12.50	12	10.10
EV/EBIDTA	36	40.70	37.80	30.30
Payout (%)
Dividend payout	25.40	18.30	20.60	97.50
Tax payout	(22)	(18)	(15)	(20)
Liquidity ratios
Debtor days	20.20	26.30	31.90	32.10
Inventory days	61.10	59.40	55.40	55.80
Creditor days	(84)	(83)	(77)	(82)
Leverage ratios
Interest coverage	(62)	(68)	(38)	(33)
Net debt / equity	0.05	(0.10)	--	0.11
Net debt / op. profit	0.20	(0.40)	(0.20)	0.39
Cost breakup ()
Material costs	(52)	(50)	(50)	(49)
Employee costs	(9.90)	(11)	(11)	(10)
Other costs	(18)	(18)	(18)	(19)

Y/e 31 Mar( In .Cr)	Mar-2022	Mar-2021	Mar-2020	Mar-2018
Revenue	10,889	9,562	8,685	7,722
yoy growth (%)	13.90	10.10	12.50	1.42
Raw materials	(5,640)	(4,789)	(4,341)	(3,820)
As % of sales	51.80	50.10	50	49.50
Employee costs	(1,080)	(1,033)	(948)	(793)
As % of sales	9.92	10.80	10.90	10.30
Other costs	(1,915)	(1,737)	(1,603)	(1,492)
As % of sales	17.60	18.20	18.50	19.30
Operating profit	2,254	2,003	1,792	1,617
OPM	20.70	20.90	20.60	20.90
Depreciation	(253)	(240)	(220)	(162)
Interest expense	(39)	(31)	(50)	(53)
Other income	393	325	305	305
Profit before tax	2,355	2,057	1,828	1,708
Taxes	(526)	(361)	(280)	(335)
Tax rate	(22)	(18)	(15)	(20)
Minorities and other	(3.10)	(1.70)	(3)	(3.40)
Adj. profit	1,826	1,694	1,545	1,369
Exceptional items	(85)	--	(100)	(15)
Net profit	1,739	1,693	1,445	1,354
yoy growth (%)	2.71	17.20	6.69	6.07
NPM	16	17.70	16.60	17.50

Y/e 31 Mar ( In .Cr)	Mar-2022	Mar-2021	Mar-2020	Mar-2018
Revenue	8,180	7,185	6,310	5,592
yoy growth (%)	13.80	13.90	12.80	5.70
Raw materials	(4,377)	(3,697)	(3,245)	(2,903)
As % of sales	53.50	51.50	51.40	51.90
Employee costs	(679)	(656)	(578)	(461)
As % of sales	8.30	9.13	9.16	8.25
Other costs	(1,390)	(1,273)	(1,106)	(1,000)
As % of sales	17	17.70	17.50	17.90
Operating profit	1,734	1,559	1,381	1,229
OPM	21.20	21.70	21.90	22
Depreciation	(160)	(143)	(130)	(103)
Interest expense	(19)	(9.10)	(19)	(22)
Other income	342	277	277	283
Profit before tax	1,896	1,683	1,508	1,388
Taxes	(463)	(301)	(238)	(301)
Tax rate	(24)	(18)	(16)	(22)
Minorities and other	--	--	--	--
Adj. profit	1,433	1,382	1,270	1,087
Exceptional items	--	--	(100)	(15)
Net profit	1,433	1,382	1,170	1,072
yoy growth (%)	3.69	18.10	9.17	7.38
NPM	17.50	19.20	18.50	19.20

Y/e 31 Mar ( In .Cr)	Mar-2022	Mar-2021	Mar-2020	Mar-2018
Profit before tax	2,355	2,057	1,828	1,708
Depreciation	(253)	(240)	(220)	(162)
Tax paid	(526)	(361)	(280)	(335)
Working capital	128	727	826	307
Other operating items	--	--	--	--
Operating cashflow	1,705	2,183	2,153	1,517
Capital expenditure	2,108	1,634	1,496	633
Free cash flow	3,812	3,818	3,650	2,150
Equity raised	8,127	7,648	7,155	7,980
Investments	5,800	3,677	1,872	2,729
Debt financing/disposal	1,190	732	550	788
Dividends paid	442	309	247	1,321
Other items	--	--	--	--
Net in cash	19,371	16,184	13,474	14,969

Y/e 31 Mar ( In .Cr)	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Equity capital	177	177	177	177
Preference capital	--	--	--	--
Reserves	8,205	7,487	6,429	5,455
Net worth	8,381	7,664	6,606	5,632
Minority interest
Debt	1,030	509	522	699
Deferred tax liabilities (net)	159	145	147	126
Total liabilities	9,611	8,354	7,311	6,488
Fixed assets	2,475	2,390	2,399	2,033
Intangible assets
Investments	6,220	4,160	2,800	3,359
Deferred tax asset (net)	77.30	149	151	103
Net working capital	268	326	1,149	666
Inventories	1,911	1,734	1,380	1,301
Inventory Days	64.10	66.20	58	--
Sundry debtors	646	562	814	834
Debtor days	21.70	21.40	34.20	--
Other current assets	461	654	1,128	583
Sundry creditors	(2,055)	(1,938)	(1,501)	(1,462)
Creditor days	68.90	74	63.10	--
Other current liabilities	(696)	(686)	(671)	(590)
Cash	570	1,329	811	328
Total assets	9,611	8,354	7,311	6,488

Select Period

Particulars ( Rupees In Crores.)	Jun-2022	Mar-2022	Dec-2021	Sep-2021	Jun-2021
Gross Sales	2,822	2,518	2,942	2,818	2,612
Excise Duty	--	--	--	--	--
Net Sales	2,822	2,518	2,942	2,818	2,612
Other Operating Income	--	--	--	--	--
Other Income	101	99.10	96.70	112	84.80
Total Income	2,923	2,617	3,038	2,930	2,696
Total Expenditure **	2,279	2,150	2,314	2,197	2,060
PBIDT	644	467	724	733	637
Interest	12.20	11.80	11.10	8.27	7.50
PBDT	632	455	713	724	629
Depreciation	67.60	65.10	63.20	63.30	61.30
Minority Interest Before NP	--	--	--	--	--
Tax	121	99.30	142	148	126
Deferred Tax	2.22	(3.90)	3.15	7.95	3.35
Reported Profit After Tax	441	294	504	505	438
Minority Interest After NP	0.74	0.12	1.03	0.96	0.97
Net Profit after Minority Interest	440	294	503	504	437
Extra-ordinary Items	--	(63)	--	--	--
Adjusted Profit After Extra-ordinary item	440	358	503	504	437
EPS (Unit Curr.)	2.49	1.66	2.85	2.85	2.47
Book Value (Unit Curr.)	--	--	--	--	--
Dividend (%)	--	--	--	250	--
Equity	177	177	177	177	177
Public Shareholding (Number)	--	--	--	--	--
Public Shareholding (%)	--	--	--	--	--
Pledged/Encumbered - No. of Shares	--	--	--	--	--
Pledged/Encumbered - % in Total Promoters Holding	--	--	--	--	--
Pledged/Encumbered - % in Total Equity	--	--	--	--	--
Non Encumbered - No. of Shares	--	--	--	--	--
Non Encumbered - % in Total Promoters Holding	--	--	--	--	--
Non Encumbered - % in Total Equity	--	--	--	--	--
PBIDTM(%)	22.80	18.50	24.60	26	24.40
PBDTM(%)	22.40	18.10	24.20	25.70	24.10
PATM(%)	15.60	11.70	17.10	17.90	16.80