DABUR INDIA LTD Company Profile

Dabur Ltd is an Indian multinational consumer goods company, founded by S. K. Burman and
headquartered in Ghaziabad.It manufactures Ayurvedic medicine and natural consumer products,
and is one of the largest fast-moving consumer goods (FMCG) companies in India.

INR crores
Key Financial Metrics Mar/19 Mar/20 Mar/21 Mar/22 Mar/23 Share Price - 5Y
Total Sales 8,515 8,685 9,562 10,889 11,530 700
Sales Growth(YoY) 10.27% 1.99% 10.10% 13.88% 5.89%
600
Gross Profit Margins 35.97% 36.47% 36.80% 35.76% 32.87%
EBITDA Margins 23.03% 23.00% 24.34% 23.51% 22.62% 500
EBIT Margins 20.96% 20.46% 21.82% 21.19% 19.92%
400
Net Profit Margins 16.98% 16.67% 17.73% 16.00% 14.76%
Earnings Per Share (Rs.) 8.19 8.19 9.59 9.86 9.60 300
EPS Growth 6.23% 0.07% 17.04% 2.76% -2.57%
200
Dividend Per Share (Rs.) 2.75 3.00 4.75 5.20 5.20

2019
2019
2019
2029
2020
2020
2020
2021
2021
2021
2022
2022
2022
2023
2023
2023
3
DPS Growth -56.00% 9.09% 58.33% 9.47% 0.00%

201
Key Financial Ratios Mar/19 Mar/20 Mar/21 Mar/22 Mar/23 Volumes - 5Y
P/E ratio 50.06x 55.04x 56.42x 54.50x 56.55x ₹ 100L
EV/EBITDA 37.08x 39.73x 40.73x 37.25x 37.26x ₹ 75L
EV/Sales 8.52x 9.12x 9.90x 8.75x 8.45x ₹ 50L
Price to Book Value 12.82x 12.04x 12.47x 11.31x 10.76x ₹ 25L
Return on Equity(%) 26% 22% 22% 21% 19% ₹ 0L
ROCE(%) 28% 26% 27% 26% 23%

2019
2019
2019
2029
2020
2020
2020
2021
2021
2021
2022
2022
2022
2023
2023
2023
3
201
Top 10 Shareholders Shares Held (Cr.) % Held Market Value (Cr.) Shareholding Pattern
VIC ENTERPRISES PRIVATE LIMITED 22 12.29% 11979
CHOWDRY ASSOCIATES 21 11.80% 11500
Public & Government 5.61%
GYAN ENTERPRISES PRIVATE LIMITED 19 10.91% 10636
PURAN ASSOCIATES PRIVATE LIMITED 19 10.68% 10407
RATNA COMMERCIAL ENTERPRISES PRIVATE LIMITED 16 8.94% 8710 DII 9.78%

MILKY INVESTMENT AND TRADING COMPANY 11 5.99% 5838

BURMANS FINVEST PRIVATE LIMITED 5 2.99% 2916 FII 18.37%
LICI ASM NON PAR 5 2.86% 2789
M.B. FINMART PRIVATE LIMITED 3 1.50% 1458 Promoters 66.24%
NPS TRUST- A/C UTI RETIREMENT SOLUTIONS PF 2 1.15% 1118

Net Profits - 5Y EBIT GROWTH - 5Y Capital Structure

₹ 1,800Cr. This chart isn't available in your version of Excel.
Share Price as on 14 Jan 2024 550
₹ 1,650Cr. Editing this shape or saving this workbook into a No of Share o/s 177
different file format will permanently break the Market Capitalization 97,409
₹ 1,500Cr.
chart.
Less: Cash & Equivalents (326)
₹ 1,350Cr.
Add: Total Debt 1,174
₹ 1,200Cr. Enterprise Value 98,257
2019 2020 2021 2022 2023
 Historical Financial Statements - DABUR INDIA LTD
Year March/14 March/15 March/16 March/17 March/18 March/19 March/20 March/21 March/22 March/23

# Income Statement
Sales ₹ 7,058.12 ₹ 7,795.49 ₹ 7,779.66 ₹ 7,613.59 ₹ 7,721.85 ₹ 8,514.99 ₹ 8,684.64 ₹ 9,561.65 ₹ 10,888.68 ₹ 11,529.89
Sales Growth 10.45% -0.20% -2.13% 1.42% 10.27% 1.99% 10.10% 13.88% 5.89%

COGS ₹ 4,177.87 ₹ 4,596.90 ₹ 4,727.65 ₹ 4,761.73 ₹ 4,815.69 ₹ 5,452.03 ₹ 5,517.71 ₹ 6,043.35 ₹ 6,994.73 ₹ 7,740.17
COGS %Sales 59.19% 58.97% 60.77% 62.54% 62.36% 64.03% 63.53% 63.20% 64.24% 67.13%

Gross Profit ₹ 2,880.25 ₹ 3,198.59 ₹ 3,052.01 ₹ 2,851.86 ₹ 2,906.16 ₹ 3,062.96 ₹ 3,166.93 ₹ 3,518.30 ₹ 3,893.95 ₹ 3,789.72
Gross Margin 40.81% 41.03% 39.23% 37.46% 37.64% 35.97% 36.47% 36.80% 35.76% 32.87%

Selling & Administration Expenses ₹ 1,718.72 ₹ 1,878.37 ₹ 1,533.73 ₹ 1,340.25 ₹ 1,288.72 ₹ 1,323.40 ₹ 1,374.59 ₹ 1,516.63 ₹ 1,641.94 ₹ 1,627.23
S&G % Sales 24.35% 24.10% 19.71% 17.60% 16.69% 15.54% 15.83% 15.86% 15.08% 14.11%

Other Income ₹ 125.64 ₹ 154.24 ₹ 217.19 ₹ 295.93 ₹ 290.88 ₹ 221.79 ₹ 205.29 ₹ 325.29 ₹ 308.16 ₹ 445.39
Other Income % Sales 1.78% 1.98% 2.79% 3.89% 3.77% 2.60% 2.36% 3.40% 2.83% 3.86%

EBITDA ₹ 1,287.17 ₹ 1,474.46 ₹ 1,735.47 ₹ 1,807.54 ₹ 1,908.32 ₹ 1,961.35 ₹ 1,997.63 ₹ 2,326.96 ₹ 2,560.17 ₹ 2,607.88
EBITDA % Sales 18.24% 18.91% 22.31% 23.74% 24.71% 23.03% 23.00% 24.34% 23.51% 22.62%

Interest ₹ 54.15 ₹ 40.12 ₹ 48.48 ₹ 54.03 ₹ 53.05 ₹ 59.58 ₹ 49.54 ₹ 30.81 ₹ 38.60 ₹ 78.24
Interest % Sales 0.77% 0.51% 0.62% 0.71% 0.69% 0.70% 0.57% 0.32% 0.35% 0.68%

Depreciation ₹ 97.49 ₹ 114.98 ₹ 133.19 ₹ 142.86 ₹ 162.18 ₹ 176.90 ₹ 220.45 ₹ 240.13 ₹ 252.89 ₹ 310.96
Depreciation % Sales 1.38% 1.47% 1.71% 1.88% 2.10% 2.08% 2.54% 2.51% 2.32% 2.70%

Earnings Before Tax ₹ 1,135.53 ₹ 1,319.36 ₹ 1,553.80 ₹ 1,610.65 ₹ 1,693.09 ₹ 1,724.87 ₹ 1,727.64 ₹ 2,056.02 ₹ 2,268.68 ₹ 2,218.68
EBT %Sales 16.09% 16.92% 19.97% 21.15% 21.93% 20.26% 19.89% 21.50% 20.84% 19.24%

Tax ₹ 219.08 ₹ 250.89 ₹ 299.90 ₹ 330.34 ₹ 335.35 ₹ 278.62 ₹ 279.72 ₹ 361.07 ₹ 526.38 ₹ 517.35
Effective Tax Rate 19.29% 19.02% 19.30% 20.51% 19.81% 16.15% 16.19% 17.56% 23.20% 23.32%

Net Profit ₹ 916.45 ₹ 1,068.47 ₹ 1,253.90 ₹ 1,280.31 ₹ 1,357.74 ₹ 1,446.25 ₹ 1,447.92 ₹ 1,694.95 ₹ 1,742.30 ₹ 1,701.33
Net Margins 12.98% 13.71% 16.12% 16.82% 17.58% 16.98% 16.67% 17.73% 16.00% 14.76%

No. of Equity Shares 174.38 175.65 175.91 176.15 176.15 176.63 176.71 176.74 176.79 177.18

Earnings Per Share ₹ 5.26 ₹ 6.08 ₹ 7.13 ₹ 7.27 ₹ 7.71 ₹ 8.19 ₹ 8.19 ₹ 9.59 ₹ 9.86 ₹ 9.60
EPS Growth 15.74% 17.18% 1.97% 6.05% 6.23% 0.07% 17.04% 2.76% -2.57%

Dividend Per Share ₹ 1.75 ₹ 2.00 ₹ 2.25 ₹ 2.25 ₹ 6.25 ₹ 2.75 ₹ 3.00 ₹ 4.75 ₹ 5.20 ₹ 5.20
Dividend Payout Ratio 33.30% 32.88% 31.57% 30.96% 81.09% 33.59% 36.61% 49.53% 52.76% 54.15%

Retention Ratio 66.70% 67.12% 68.43% 69.04% 18.91% 66.41% 63.39% 50.47% 47.24% 45.85%
# Balance Sheet
Equity Share Capital ₹ 174.38 ₹ 175.65 ₹ 175.91 ₹ 176.15 ₹ 176.15 ₹ 176.63 ₹ 176.71 ₹ 176.74 ₹ 176.79 ₹ 177.18
Reserves ₹ 2,481.58 ₹ 3,178.49 ₹ 3,994.70 ₹ 4,671.24 ₹ 5,530.37 ₹ 5,455.05 ₹ 6,429.04 ₹ 7,486.79 ₹ 8,204.51 ₹ 8,796.08
Borrowings ₹ 708.14 ₹ 733.56 ₹ 805.22 ₹ 975.00 ₹ 937.59 ₹ 699.37 ₹ 521.99 ₹ 509.06 ₹ 1,030.10 ₹ 1,173.79
Other Liabilities ₹ 1,947.90 ₹ 2,018.58 ₹ 1,956.47 ₹ 1,909.85 ₹ 2,057.52 ₹ 2,105.59 ₹ 2,208.84 ₹ 2,660.63 ₹ 2,872.46 ₹ 3,505.23
Total Liabilities ₹ 5,312.00 ₹ 6,106.28 ₹ 6,932.30 ₹ 7,732.24 ₹ 8,701.63 ₹ 8,436.64 ₹ 9,336.58 ₹ 10,833.22 ₹ 12,283.86 ₹ 13,652.28

Fixed Asset Net Block ₹ 1,766.90 ₹ 1,877.13 ₹ 1,667.40 ₹ 1,958.40 ₹ 2,028.11 ₹ 1,969.06 ₹ 2,252.68 ₹ 2,242.92 ₹ 2,307.90 ₹ 3,578.65
Capital Work in Progress ₹ 21.71 ₹ 50.30 ₹ 44.80 ₹ 42.10 ₹ 41.51 ₹ 63.76 ₹ 146.57 ₹ 147.30 ₹ 167.50 ₹ 175.13
Investments ₹ 1,076.47 ₹ 1,813.37 ₹ 2,690.74 ₹ 3,240.16 ₹ 3,805.17 ₹ 3,358.76 ₹ 2,800.26 ₹ 4,159.63 ₹ 6,219.62 ₹ 6,265.26
Other Assets ₹ 279.73 ₹ 405.33 ₹ 403.84 ₹ 429.64 ₹ 558.52 ₹ 582.81 ₹ 1,132.24 ₹ 658.48 ₹ 461.18 ₹ 434.37
Total Non Current Assets ₹ 3,144.81 ₹ 4,146.13 ₹ 4,806.78 ₹ 5,670.30 ₹ 6,433.31 ₹ 5,974.39 ₹ 6,331.75 ₹ 7,208.33 ₹ 9,156.20 ₹ 10,453.41

Receivables ₹ 675.30 ₹ 710.84 ₹ 809.20 ₹ 650.42 ₹ 706.08 ₹ 833.56 ₹ 813.89 ₹ 561.58 ₹ 646.15 ₹ 848.75
Inventory ₹ 972.51 ₹ 973.27 ₹ 1,096.50 ₹ 1,106.71 ₹ 1,256.18 ₹ 1,300.53 ₹ 1,379.57 ₹ 1,734.28 ₹ 1,911.37 ₹ 2,024.20
Cash & Bank ₹ 519.38 ₹ 276.04 ₹ 219.82 ₹ 304.81 ₹ 306.06 ₹ 328.16 ₹ 811.37 ₹ 1,329.03 ₹ 570.14 ₹ 325.92
Total Current Assets ₹ 2,167.19 ₹ 1,960.15 ₹ 2,125.52 ₹ 2,061.94 ₹ 2,268.32 ₹ 2,462.25 ₹ 3,004.83 ₹ 3,624.89 ₹ 3,127.66 ₹ 3,198.87

Total Assets ₹ 5,312.00 ₹ 6,106.28 ₹ 6,932.30 ₹ 7,732.24 ₹ 8,701.63 ₹ 8,436.64 ₹ 9,336.58 ₹ 10,833.22 ₹ 12,283.86 ₹ 13,652.28

CHECK Ok Ok Ok Ok Ok Ok Ok Ok Ok Ok

# Cash Flow Statements

Cash from Operating Activity ₹ 1,098.30 ₹ 1,047.21 ₹ 1,186.99 ₹ 1,226.94 ₹ 1,091.50 ₹ 1,499.13 ₹ 1,613.62 ₹ 2,114.67 ₹ 1,802.33 ₹ 1,488.43
Cash from Investing Activity ₹ (104.50) ₹ (875.90) ₹ (730.33) ₹ (807.07) ₹ (540.93) ₹ 337.58 ₹ (516.63) ₹ (1,404.22) ₹ (1,273.45) ₹ (582.79)
Cash from Financing Activity ₹ (803.69) ₹ (416.77) ₹ (374.31) ₹ (338.97) ₹ (577.11) ₹ (1,888.20) ₹ (1,042.97) ₹ (613.41) ₹ (490.49) ₹ (1,035.24)

Net Cash Flow ₹ 190.11 ₹ (245.46) ₹ 82.35 ₹ 80.90 ₹ (26.54) ₹ (51.49) ₹ 54.02 ₹ 97.04 ₹ 38.39 ₹ (129.60)
 Ratio Analysis - DABUR INDIA LTD
Year March/14 March/15 March/16 March/17 March/18 March/19 March/20 March/21 March/22 March/23 Trend Mean Median

Sales Growth 10.45% -0.20% -2.13% 1.42% 10.27% 1.99% 10.10% 13.88% 5.89% 5.74% 5.89%
EBITDA Growth 14.55% 17.70% 4.15% 5.58% 2.78% 1.85% 16.49% 10.02% 1.86% 8.33% 5.58%
EBT Growth 16.19% 17.77% 3.66% 5.12% 1.88% 0.16% 19.01% 10.34% -2.20% 7.99% 5.12%
Net Profit Growth 16.59% 17.35% 2.11% 6.05% 6.52% 0.12% 17.06% 2.79% -2.35% 7.36% 6.05%
Dividend Growth 14.29% 12.50% 0.00% 177.78% -56.00% 9.09% 58.33% 9.47% 0.00% 25.05% 9.47%

Gross Margin 40.81% 41.03% 39.23% 37.46% 37.64% 35.97% 36.47% 36.80% 35.76% 32.87% 37.40% 37.13%
EBITDA Margin 18.24% 18.91% 22.31% 23.74% 24.71% 23.03% 23.00% 24.34% 23.51% 22.62% 22.44% 23.02%
EBIT Margin 16.86% 17.44% 20.60% 21.86% 22.61% 20.96% 20.46% 21.82% 21.19% 19.92% 20.37% 20.78%
EBT Margin 16.09% 16.92% 19.97% 21.15% 21.93% 20.26% 19.89% 21.50% 20.84% 19.24% 19.78% 20.11%
Net Profit Margin 12.98% 13.71% 16.12% 16.82% 17.58% 16.98% 16.67% 17.73% 16.00% 14.76% 15.93% 16.39%

SalesExp%Sales 24.35% 24.10% 19.71% 17.60% 16.69% 15.54% 15.83% 15.86% 15.08% 14.11% 17.89% 16.28%
Depreciation%Sales 1.38% 1.47% 1.71% 1.88% 2.10% 2.08% 2.54% 2.51% 2.32% 2.70% 2.07% 2.09%
OperatingIncome%Sales 16.86% 17.44% 20.60% 21.86% 22.61% 20.96% 20.46% 21.82% 21.19% 19.92% 20.37% 20.78%
OtherIncome%Sales 1.78% 1.98% 2.79% 3.89% 3.77% 2.60% 2.36% 3.40% 2.83% 3.86% 2.93% 2.81%

Return on Capital Employed 35.36% 33.26% 32.20% 28.59% 26.28% 28.19% 24.93% 25.53% 24.52% 22.64% 28.15% 27.23%
Retained Earning% 66.70% 67.12% 68.43% 69.04% 18.91% 66.41% 63.39% 50.47% 47.24% 45.85% 56.36% 64.90%
Return on Equity% 34.51% 31.86% 30.07% 26.41% 23.79% 25.68% 21.92% 22.12% 20.79% 18.96% 25.61% 24.74%
Self Sustained Growth Rate 23.02% 21.38% 20.57% 18.24% 4.50% 17.06% 13.89% 11.16% 9.82% 8.69% 14.83% 15.47%
Interest Coverage Ratio 21.97x 33.89x 33.05x 30.81x 32.91x 29.95x 35.87x 67.73x 59.77x 29.36x 3753.19% 3298.27%

Debtor Turnover Ratio 10.45x 10.97x 9.61x 11.71x 10.94x 10.22x 10.67x 17.03x 16.85x 13.58x 12.20x 10.95x
Creditor Turnover Ratio 3.62x 3.86x 3.98x 3.99x 3.75x 4.04x 3.93x 3.59x 3.79x 3.29x 3.79x 3.83x
Inventory Turnover 7.26x 8.01x 7.09x 6.88x 6.15x 6.55x 6.30x 5.51x 5.70x 5.70x 6.51x 6.42x
Fixed Asset Turnover 3.99x 4.15x 4.67x 3.89x 3.81x 4.32x 3.86x 4.26x 4.72x 3.22x 4.09x 4.07x
Capital Turnover Ratio 2.66x 2.32x 1.87x 1.57x 1.35x 1.51x 1.31x 1.25x 1.30x 1.28x 1.64x 1.43x

Debtor days 35 33 38 31 33 36 34 21 22 27 31 33
Payable days 101 95 92 92 97 90 93 102 96 111 97 95
Inventory days 50 46 51 53 59 56 58 66 64 64 57 57
Cash conversion cycle(in days) -16 -16 -2 -7 -5 1 -1 -14 -11 -20 -9 -9

CFO/Sales 15.56% 13.43% 15.26% 16.12% 14.14% 17.61% 18.58% 22.12% 16.55% 12.91% 16.23% 15.84%
CFO/Total Assets 20.68% 17.15% 17.12% 15.87% 12.54% 17.77% 17.28% 19.52% 14.67% 10.90% 16.35% 17.14%
CFO/Total Debt 155.10% 142.76% 147.41% 125.84% 116.42% 214.35% 309.13% 415.41% 174.97% 126.81% 192.82% 151.25%
 Common Size Income Statement - DABUR INDIA LTD

Particulars Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23
Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Raw Material Cost 34.19% 33.79% 35.22% 34.93% 35.94% 36.03% 36.14% 39.37% 37.99% 41.30%
Change in Inventory 0.62% 0.33% 0.91% 0.30% 0.85% -0.15% 0.75% 2.17% 0.08% 0.79%
Power and Fuel 1.14% 1.16% 1.08% 1.15% 1.22% 1.24% 1.23% 1.09% 1.18% 1.31%
Other Mfr. Exp 15.87% 15.50% 15.17% 16.38% 15.79% 15.59% 15.98% 14.09% 15.21% 15.44%
Employee Cost 8.61% 8.85% 10.21% 10.38% 10.27% 11.02% 10.93% 10.82% 9.93% 9.87%
Selling and admin 21.13% 21.05% 15.65% 15.25% 14.70% 13.90% 14.10% 14.52% 13.60% 12.38%
Other Expenses 3.23% 3.05% 4.07% 2.35% 1.99% 1.64% 1.73% 1.34% 1.48% 1.74%
Other Income 1.78% 1.98% 2.79% 3.89% 3.77% 2.60% 2.36% 3.40% 2.83% 3.86%
Depreciation 1.38% 1.47% 1.71% 1.88% 2.10% 2.08% 2.54% 2.51% 2.32% 2.70%
Interest 0.77% 0.51% 0.62% 0.71% 0.69% 0.70% 0.57% 0.32% 0.35% 0.68%
Profit before tax 16.09% 16.92% 19.97% 21.15% 21.93% 20.26% 19.89% 21.50% 20.84% 19.24%
Tax 3.10% 3.22% 3.85% 4.34% 4.34% 3.27% 3.22% 3.78% 4.83% 4.49%
Net profit 12.95% 13.67% 16.08% 16.77% 17.54% 16.94% 16.64% 17.71% 15.97% 14.81%
Dividend Amount 4.32% 4.51% 5.09% 5.21% 14.26% 5.70% 6.10% 8.78% 8.44% 7.99%
EBITDA 18.20% 18.88% 22.27% 23.70% 24.67% 22.99% 22.97% 24.32% 23.48% 22.67%

Common Size Balance Sheet - DABUR INDIA LTD

Particulars Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23

Total Liabilities 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Equity Share Capital 3.28% 2.88% 2.54% 2.28% 2.02% 2.09% 1.89% 1.63% 1.44% 1.30%
Reserves 46.72% 52.05% 57.62% 60.41% 63.56% 64.66% 68.86% 69.11% 66.79% 64.43%
Borrowings 13.33% 12.01% 11.62% 12.61% 10.77% 8.29% 5.59% 4.70% 8.39% 8.60%
Other Liabilities 36.67% 33.06% 28.22% 24.70% 23.65% 24.96% 23.66% 24.56% 23.38% 25.68%

Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Net Block 33.26% 30.74% 24.05% 25.33% 23.31% 23.34% 24.13% 20.70% 18.79% 26.21%
Capital Work in Progress 0.41% 0.82% 0.65% 0.54% 0.48% 0.76% 1.57% 1.36% 1.36% 1.28%
Investments 20.26% 29.70% 38.81% 41.90% 43.73% 39.81% 29.99% 38.40% 50.63% 45.89%
Other Assets 5.27% 6.64% 5.83% 5.56% 6.42% 6.91% 12.13% 6.08% 3.75% 3.18%
Receivables 12.71% 11.64% 11.67% 8.41% 8.11% 9.88% 8.72% 5.18% 5.26% 6.22%
Inventory 18.31% 15.94% 15.82% 14.31% 14.44% 15.42% 14.78% 16.01% 15.56% 14.83%
Cash & Bank 9.78% 4.52% 3.17% 3.94% 3.52% 3.89% 8.69% 12.27% 4.64% 2.39%
-
DCF Intrinsic Valuation
Calculation of PV of FCFF Mar/23A Mar/24F Mar/25F Mar/26F Mar/27F Mar/28F

EBIT 2,302.74 2,667.68 3,090.45 3,580.23 4,147.63 4,804.94

Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
EBIT(1-Tax) 1,727.05 2,000.76 2,317.84 2,685.17 3,110.72 3,603.71
Less: Reinvestment Rate 22.95% 22.95% 22.95% 22.95% 22.95% 22.95%
Free Cash Flow to Firm(FCFF) 1,330.63 1,541.50 1,785.80 2,068.82 2,396.68 2,776.51
Mid Year Convention 0.5 1.5 2.5 3.5 4.5
Discounting Factor 0.942 0.837 0.743 0.660 0.586
PV of FCFF 1,452.65 1,494.45 1,537.46 1,581.70 1,627.22

Expected Growth 15.85%

WACC 12.61%

Calculation of Terminal Value Sensitivity Analysis (Enterprise Value)

### 8.00% 10.00% 12.61% 14.00% 16.00%
FCFF(n+1) 2,940.33 3.00%
Terminal Growth * 5.90% 4.00%
WACC 12.61% 5.90%
Terminal Value 43,835.85 6.00%
* Long term GDP growth rate for the country 7.00%

Calculation of Equity Value Sensitivity Analysis (Equity Value Per Share)

184.60 8.00% 10.00% 12.61% 14.00% 16.00%
PV of FCFF 7,693.47 3.00%
PV of Terminal Value 25690.65 4.00%
Enterprise Value 33,384.12 5.90%
6.00%
Add: Cash 325.92 7.00%
Less: Debt 999
Equity Value 32,711.04

No. of Shares 177.20

Equity Value Per Share 184.60

Share Price 550

Discount/ Premium 1.98x
Weighted Average Cost of Capital
All figures are in INR unless stated otherwise.

Peer Comps
Debt/ Debt/ Levered Unlevered
Name Country Total Debt Total Equity Tax Rate 1 Equity Capital Beta 2 Beta 3

Dabur India India 1,489.1 9,487.5 25.00% 15.69% 13.57% 0.78 0.70
Godrej Consumer India 3,275.0 14,499.9 25.00% 22.59% 18.42% 0.48 0.41
Emami India 107.5 2,405.7 25.00% 4.47% 4.28% 0.57 0.55
Jyothy Labs India 44.8 1,639.2 25.00% 2.74% 2.66% 0.51 0.50

Average 25.00% 11.37% 9.73% 0.58 0.54

Median 25.00% 10.08% 8.92% 0.54 0.53

Cost of Debt Cost of Equity

Pre-tax Cost of Debt 5.25% Risk Free Rate 7.39%

Tax Rate 25.00% Equity Risk Premium 9.57%
After Tax Cost of Debt 3.94% Levered Beta 4 0.64
Cost of Equity 13.54%

Capital Structure Levered Beta

Current Target Comps Median Unlevered Beta 0.53

Total Debt 1,489.1 13.57% 9.73% Target Debt/ Equity 10.78%
Market Capitalization 9,487.5 86.43% 90.27% Tax Rate 25.00%
Total Capitalization 10976.51 100.00% 100.00% Levered Beta 0.64

Debt / Equity 15.69% 10.78% Weighted Average Cost of Capital

1. Tax Rate considered as Marginal Tax Rate for the country Cost of Equity 13.54%
2. Levered Beta is based on 5 year monthly data Equity Weight 90.27%
3. Unlevered Beta = Levered Beta/(1+(1-Tax Rate) x Debt/Equity)
3. Levered Beta = Unlevered Beta/(1+(1-Tax Rate) x Debt/Equity) Cost of Debt 3.94%
Debt Weight 9.73%
WACC 12.61%
 Intrinsic Growth
Calculation of ROIC Mar/19 Mar/20 Mar/21 Mar/22 Mar/23
Current Assets
Inventories 1,301.0 1,380.0 1,734.0 1,911.0 2,024.0
Trade receivables 834.0 814.0 562.0 646.0 849.0
Short term loans 22.0 23.0 20.0 24.0 33.0
Other asset items 561.0 1,109.0 639.0 437.0 401.0
Total Current Assets 2,718.0 3,326.0 2,955.0 3,018.0 3,307.0

Current Liabilities
Trade Payables 1,455.0 1,482.0 1,915.0 2,018.0 2,187.0
Advance from Customers 28.0 30.0 43.0 37.0 9.0
Other liability items 591.0 660.0 666.0 777.0 842.0
Total 2,074.0 2,172.0 2,624.0 2,832.0 3,038.0

# Net Working Capital 644.0 1,154.0 331.0 186.0 269.0

Non Current Assets

Land 108.0 103.0 93.0 123.0 141.0
Building 788.0 1,054.0 1,057.0 1,144.0 1,279.0
Plant Machinery 1,527.0 1,719.0 1,862.0 2,074.0 2,408.0
Equipments 68.0 69.0 73.0 78.0 88.0
Furniture n fittings 113.0 126.0 129.0 134.0 148.0
Vehicles 44.0 45.0 45.0 47.0 43.0
Intangible Assets 367.0 374.0 375.0 291.0 1,322.0
Other fixed assets 125.0 139.0 146.0 149.0 154.0
Gross Block 3,140.0 3,629.0 3,780.0 4,040.0 5,583.0
Accumulated Depreciation 1,170.0 1,377.0 1,536.0 1,733.0 2,004.0
# Net Non Current Assets 1,970.0 2,252.0 2,244.0 2,307.0 3,579.0

# Invested Capital 2,614.0 3,406.0 2,575.0 2,493.0 3,848.0

EBIT 1,780.5 1,774.2 2,085.2 2,304.2 2,302.7

# ROIC 68% 52% 81% 92% 60%

Calculation of Reinvestment Rate Mar/19 Mar/20 Mar/21 Mar/22 Mar/23

Net Capex 225.0 400.0 306.0 369.0 486.0

Change in Working Capital 510.0 (823.0) (145.0) 83.0

EBIT 1,780.5 1,774.2 2,085.2 2,304.2 2,302.7

Marginal Tax 25% 25% 25% 25% 25%
EBIT(1-Tax) 1,335.4 1,330.7 1,563.9 1,728.1 1,727.1

Reinvestment 910.0 (517.0) 224.0 569.0

Reinvestment Rate 68.39% -33.06% 12.96% 32.95%

 4 Year Average 20.31%
4 Year Median 22.95%

Calculation of Growth Rate Mar/19 Mar/20 Mar/21 Mar/22 Mar/23

Reinvestment Rate 68% -33% 13% 33%

ROIC 52% 81% 92% 60%

Intrinsic Growth 35.62% -26.77% 11.98% 19.72%

4 Year Average 10.14%

4 Year Median 15.85%
Regression Beta - 2 Years Weekly

DABUR INDIA LTD Returns NIFTY Returns

Date Closing Price Return Closing Price Return Beta 0.78

1/10/2022 564.9 18,255.8
1/17/2022 541.1 -4.21% 17,617.2 -3.50%
1/24/2022 523.8 -3.19% 17,101.9 -2.92% Last 100 weeks Returns
1/31/2022 558.2 6.56% 17,516.3 2.42%
15%
2/7/2022 550.2 -1.43% 17,374.8 -0.81%
2/14/2022 537.4 -2.33% 17,276.3 -0.57% 10%
2/21/2022 534.5 -0.54% 16,658.4 -3.58%
2/28/2022 528.8 -1.06% 16,245.3 -2.48% 5%
3/7/2022 537.2 1.58% 16,630.4 2.37%
0%
3/14/2022 549.6 2.32% 17,287.1 3.95%
3/21/2022 509.9 -7.22% 17,153.0 -0.78% -5%
3/28/2022 532.2 4.36% 17,670.4 3.02%
4/4/2022 546.4 2.67% 17,784.3 0.64% -10%
4/11/2022 545.4 -0.19% 17,475.7 -1.74%
-15%
4/18/2022 549.2 0.71% 17,171.9 -1.74%
4/25/2022 546.1 -0.56% 17,102.6 -0.40% DABUR INDIA LTD Returns NIFTY Returns
5/2/2022 501.1 -8.25% 16,411.3 -4.04%
5/9/2022 491.3 -1.96% 15,782.2 -3.83%
5/16/2022 493.8 0.51% 16,266.2 3.07%
5/23/2022 488.3 -1.12% 16,352.5 0.53%
5/30/2022 504.2 3.27% 16,584.3 1.42%
6/6/2022 492.7 -2.28% 16,201.8 -2.31%
6/13/2022 475.4 -3.51% 15,293.5 -5.61%
6/20/2022 500.1 5.19% 15,699.3 2.65%
6/27/2022 501.6 0.29% 15,752.0 0.34%
7/4/2022 533.6 6.39% 16,220.6 2.97%
7/11/2022 538.0 0.82% 16,049.2 -1.06%
7/18/2022 565.4 5.10% 16,719.4 4.18%
7/25/2022 575.8 1.85% 17,158.3 2.62%
8/1/2022 570.9 -0.85% 17,397.5 1.39%
8/8/2022 573.3 0.42% 17,698.2 1.73%
8/15/2022 578.9 0.96% 17,758.4 0.34%
8/22/2022 563.9 -2.59% 17,558.9 -1.12%
8/29/2022 562.6 -0.23% 17,539.4 -0.11%
9/5/2022 566.7 0.74% 17,833.3 1.68%
9/12/2022 538.6 -4.96% 17,530.8 -1.70%
9/19/2022 560.5 4.05% 17,327.3 -1.16%
9/26/2022 564.8 0.77% 17,094.3 -1.34%
10/3/2022 532.5 -5.72% 17,314.7 1.29%
10/10/2022 523.8 -1.63% 17,185.7 -0.74%
10/17/2022 530.3 1.24% 17,576.3 2.27%
10/24/2022 543.2 2.44% 17,786.8 1.20%
10/31/2022 549.6 1.17% 18,117.2 1.86%
11/7/2022 547.7 -0.35% 18,349.7 1.28%
11/14/2022 543.1 -0.83% 18,307.7 -0.23%
11/21/2022 551.1 1.47% 18,512.8 1.12%
11/28/2022 585.4 6.22% 18,696.1 0.99%
12/5/2022 592.9 1.29% 18,496.6 -1.07%
12/12/2022 574.1 -3.17% 18,269.0 -1.23%
12/19/2022 560.3 -2.40% 17,806.8 -2.53%
12/26/2022 556.0 -0.78% 18,105.3 1.68%
1/2/2023 547.4 -1.53% 17,859.4 -1.36%
1/9/2023 538.4 -1.66% 17,956.6 0.54%
1/16/2023 560.5 4.10% 18,027.7 0.40%
1/23/2023 556.6 -0.70% 17,604.3 -2.35%
1/30/2023 528.5 -5.04% 17,854.1 1.42%
2/6/2023 527.2 -0.24% 17,856.5 0.01%
2/13/2023 529.3 0.39% 17,944.2 0.49%
2/20/2023 529.7 0.07% 17,465.8 -2.67%
2/27/2023 529.6 -0.02% 17,594.3 0.74%
3/6/2023 524.8 -0.91% 17,412.9 -1.03%
3/13/2023 530.9 1.17% 17,100.1 -1.80%
3/20/2023 531.2 0.05% 16,945.1 -0.91%
3/27/2023 539.6 1.58% 17,359.8 2.45%
4/3/2023 520.8 -3.49% 17,599.2 1.38%
4/10/2023 522.0 0.24% 17,828.0 1.30%
4/17/2023 520.0 -0.38% 17,624.1 -1.14%
4/24/2023 527.7 1.48% 18,065.0 2.50%
5/1/2023 500.1 -5.24% 18,069.0 0.02%
5/8/2023 513.3 2.64% 18,314.8 1.36%
5/15/2023 514.0 0.14% 18,203.4 -0.61%
5/22/2023 536.8 4.43% 18,499.3 1.63%
5/29/2023 551.7 2.79% 18,534.1 0.19%
6/5/2023 544.6 -1.30% 18,563.4 0.16%
6/12/2023 565.3 3.81% 18,826.0 1.41%
6/19/2023 557.8 -1.32% 18,665.5 -0.85%
6/26/2023 567.3 1.70% 19,189.1 2.80%
7/3/2023 566.6 -0.13% 19,331.8 0.74%
7/10/2023 580.8 2.50% 19,564.5 1.20%
7/17/2023 559.7 -3.63% 19,745.0 0.92%
7/24/2023 578.7 3.40% 19,646.1 -0.50%
7/31/2023 566.8 -2.06% 19,517.0 -0.66%
8/7/2023 560.3 -1.15% 19,428.3 -0.45%
8/14/2023 562.6 0.42% 19,310.2 -0.61%
8/21/2023 555.2 -1.32% 19,265.8 -0.23%
8/28/2023 550.5 -0.84% 19,435.3 0.88%
9/4/2023 564.2 2.48% 19,819.9 1.98%
9/11/2023 562.6 -0.28% 20,192.3 1.88%
9/18/2023 558.4 -0.74% 19,674.3 -2.57%
9/25/2023 548.8 -1.73% 19,638.3 -0.18%
10/2/2023 544.3 -0.81% 19,653.5 0.08%
10/9/2023 536.1 -1.52% 19,751.1 0.50%
10/16/2023 522.1 -2.61% 19,542.7 -1.06%
10/23/2023 521.9 -0.05% 19,047.3 -2.53%
10/30/2023 532.7 2.09% 19,230.6 0.96%
11/6/2023 530.6 -0.40% 19,425.3 1.01%
11/13/2023 540.7 1.90% 19,731.8 1.58%
11/20/2023 537.3 -0.62% 19,794.7 0.32%
11/27/2023 541.2 0.71% 20,267.9 2.39%
12/4/2023 547.5 1.17% 20,969.4 3.46%
12/11/2023 539.7 -1.42% 21,456.7 2.32%
12/18/2023 529.3 -1.93% 21,349.4 -0.50%
12/25/2023 557.2 5.27% 21,731.4 1.79%
1/1/2024 569.0 2.13% 21,710.8 -0.09%
1/8/2024 549.7 -3.40% 21,647.2 -0.29%
Dabur Industries Ltd.
Comparable Company Valuation
*Figures in crores
Market Data Financials Valuation
Share Shares Equity Enterprise EV/
Company Ticker Price Outstanding Value Net Debt Value Revenue EBITDA Net Income Revenue EV/ EBITDA P/E
Dabur India DABUR 550 177.20 97,407 1,163 98,485 12,055 2,733 1,733 8.2x 36.0x 56.2x
Godrej Consumer GODREJCP 1,156 102.28 118,185 2,884 120,911 13,850 2,950 1,750 8.7x 41.0x 67.5x
Emami EMAMILTD 525 44.04 23,110 -77 23,033 3,509 956 691 6.6x 24.1x 33.4x
Jyothy Labs - 506 36.72 18,564 -239 18,168 2,649 480 327 6.9x 37.9x 56.8x
Britannia Inds. BRITANNIA 5,151 24.09 124,090 2,580 126,617 16,664 3,401 2,532 7.6x 37.2x 49.0x
Varun Beverages VBL 1,265 129.92 164,355 3,441 167,771 15,589 3,577 2,040 10.8x 46.9x 80.6x
Gillette India - 6,801 3.26 22,173 -456 21,710 2,525 568 362 8.6x 38.2x 61.3x

High 10.8x 46.9x 80.6x

Average 8.2x 37.3x 57.8x
Median 8.2x 37.9x 56.8x
Low 6.6x 24.1x 33.4x

Dabur India Comparable Valuation

Implied Enterpirse Value 98485 103541 99,585
Net Debt 1,163 1,163 1,163
Implied Market Value 97,322 102,377 98,422
Shares Outstanding 177.20 177.20 177.20
Implied Value Per Share 549.2 577.8 555.4

*Source: The Valuation School, Screener.in

Overvalued Undervalued Undervalued
 Foootball Field Analysis

Equity Value Per Share

700.00

600.00

500.00

400.00

300.00

200.00

100.00

0.00
Comp DCF Bear DCF Base DCF Bull 52week H/L

Foootball Field Analysis

OpenLow Low OpenHigh High
Comp 549.2 549.2 577.8 577.8
DCF Bear 174.7 174.7 367.1 367.1
DCF Base 138 138 214.8 214.8
DCF Bull 125.6 125.6 180 180
52week H/L 503.6 503.6 597.1 597.1
COMPANY NAME DABUR INDIA LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 177.20
Face Value 1
Current Price 549.7
Market Capitalization 97408.87

PROFIT & LOSS

Report Date Mar-14 Mar-15 Mar-16 Mar-17
Sales 7058.12 7795.49 7779.66 7613.59
Raw Material Cost 2412.91 2633.97 2739.77 2659.55
Change in Inventory 43.45 25.91 70.53 23.02
Power and Fuel 80.47 90.35 84 87.48
Other Mfr. Exp 1120.15 1208.32 1180.31 1247.42
Employee Cost 607.79 690.17 794.1 790.3
Selling and admin 1491.09 1640.96 1217.44 1161.4
Other Expenses 227.63 237.41 316.29 178.85
Other Income 125.64 154.24 217.19 295.93
Depreciation 97.49 114.98 133.19 142.86
Interest 54.15 40.12 48.48 54.03
Profit before tax 1135.53 1319.36 1553.8 1610.65
Tax 219.08 250.89 299.9 330.34
Net profit 913.92 1065.83 1251.15 1276.94
Dividend Amount 305.16 351.30 395.8 396.34

EBITDA 1,284.64 1,471.82 1,732.72 1,804.17

EBIT

Quarters
Report Date Jun-21 Sep-21 Dec-21 Mar-22
Sales 2611.54 2817.58 2941.75 2517.81
Expenses 2059.58 2197.29 2314.36 2065.44
Other Income 84.84 112.44 96.74 14.14
Depreciation 61.31 63.33 63.2 65.05
Interest 7.5 8.27 11.08 11.75
Profit before tax 567.99 661.13 649.85 389.71
Tax 129.69 155.82 145.5 95.37
Net profit 437.33 504.35 503.32 294.22
Operating Profit 551.96 620.29 627.39 452.37
BALANCE SHEET
Report Date Mar-14 Mar-15 Mar-16 Mar-17
Equity Share Capital 174.38 175.65 175.91 176.15
Reserves 2481.58 3178.49 3994.7 4671.24
Borrowings 708.14 733.56 805.22 975
Other Liabilities 1947.9 2018.58 1956.47 1909.85
Total 5312 6106.28 6932.3 7732.24
Net Block 1766.9 1877.13 1667.4 1958.4
Capital Work in Progress 21.71 50.3 44.8 42.1
Investments 1076.47 1813.37 2690.74 3240.16
Other Assets 2446.92 2365.48 2529.36 2491.58
Total 5312 6106.28 6932.3 7732.24
Receivables 675.3 710.84 809.2 650.42
Inventory 972.51 973.27 1096.5 1106.71
Cash & Bank 519.38 276.04 219.82 304.81
No. of Equity Shares 1743813100 1756511990 1759141170 1761520510
New Bonus Shares
Face value 1 1 1 1

CASH FLOW:
Report Date Mar-14 Mar-15 Mar-16 Mar-17
Cash from Operating Activity 1098.3 1047.21 1186.99 1226.94
Cash from Investing Activity -104.5 -875.9 -730.33 -807.07
Cash from Financing Activity -803.69 -416.77 -374.31 -338.97
Net Cash Flow 190.11 -245.46 82.35 80.9

PRICE: 179.65 265.55 249.9 277.35

DERIVED:
Adjusted Equity Shares in Cr 174.38 175.65 175.91 176.15

Market Cap 31,327.37 46,643.86 43,959.91 48,855.20

+Debt 708.14 733.56 805.22 975.00
-Cash 519.38 276.04 219.82 304.81
EV 31,516.13 47,101.38 44,545.31 49,525.39

EV/Ebitda 24.53 32.00 25.71 27.45

EV/Sales 4.47 6.04 5.73 6.50
PB ratio 11.80 13.91 10.54 10.08
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

7721.85 8514.99 8684.64 9561.65 10888.68 11529.89
2775.35 3067.95 3138.49 3764.3 4136.7 4762.03
65.93 -12.64 65.04 207.2 8.55 90.79
93.91 105.26 107.12 104.01 128.66 150.59
1219 1327.63 1387.98 1347.34 1656.53 1779.91
793.36 938.55 949.16 1034.9 1081.39 1138.43
1135.38 1183.56 1224.59 1388.27 1480.71 1426.95
153.34 139.84 150 128.36 161.23 200.28
290.88 221.79 205.29 325.29 308.16 445.39
162.18 176.9 220.45 240.13 252.89 310.96
53.05 59.58 49.54 30.81 38.6 78.24
1693.09 1724.87 1727.64 2056.02 2268.68 2218.68
335.35 278.62 279.72 361.07 526.38 517.35
1354.39 1442.33 1444.96 1693.3 1739.22 1707.15
1,100.94 485.73 530.13 839.52 919.31 921.34

1,904.97 1,957.43 1,994.67 2,325.31 2,557.09 2,613.70

1,780.53 1,774.22 2,085.18 2,304.20 2,302.74

Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23

2822.43 2986.49 3043.17 2677.8 3130.47 3203.84
2279.11 2386.09 2434.05 2268.15 2525.94 2542.97
100.55 123.28 100.84 120.72 109.78 116.9
67.6 70.47 70.89 102 96.64 98.32
12.15 15.06 18.91 32.12 24.31 28.14
564.12 638.15 620.16 396.25 593.36 651.31
123.06 147.29 143.51 103.49 136.75 144.27
440.32 490.06 475.94 300.83 463.88 515.05
543.32 600.4 609.12 409.65 604.53 660.87
 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
176.15 176.63 176.71 176.74 176.79 177.18
5530.37 5455.05 6429.04 7486.79 8204.51 8796.08
937.59 699.37 521.99 509.06 1030.1 1173.79
2057.52 2105.59 2208.84 2660.63 2872.46 3505.23
8701.63 8436.64 9336.58 10833.22 12283.86 13652.28
2028.11 1969.06 2252.68 2242.92 2307.9 3578.65
41.51 63.76 146.57 147.3 167.5 175.13
3805.17 3358.76 2800.26 4159.63 6219.62 6265.26
2826.84 3045.06 4137.07 4283.37 3588.84 3633.24
8701.63 8436.64 9336.58 10833.22 12283.86 13652.28
706.08 833.56 813.89 561.58 646.15 848.75
1256.18 1300.53 1379.57 1734.28 1911.37 2024.2
306.06 328.16 811.37 1329.03 570.14 325.92
1761520510 1766291141 1767063892 1767425349 1767856483 1767856483

1 1 1 1 1 1

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

1091.5 1499.13 1613.62 2114.67 1802.33 1488.43
-540.93 337.58 -516.63 -1404.22 -1273.45 -582.79
-577.11 -1888.2 -1042.97 -613.41 -490.49 -1035.24
-26.54 -51.49 54.02 97.04 38.39 -129.6

328.4 408.8 450.05 540.5 536.2 544.9

176.15 176.63 176.71 176.74 176.79 177.18

57,847.66 72,206.34 79,528.34 95,527.97 94,794.80 96,545.38

937.59 699.37 521.99 509.06 1,030.10 1,173.79
306.06 328.16 811.37 1,329.03 570.14 325.92
58,479.19 72,577.55 79,238.96 94,708.00 95,254.76 97,393.25

30.70 37.08 39.73 40.73 37.25 37.26

7.57 8.52 9.12 9.90 8.75 8.45
10.14 12.82 12.04 12.47 11.31 10.76