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Dabur India Ltd.’s Q4 FY21 results were below our estimate.
Domestic fast moving consumer goods business registered strong volume growth of 25.4% YoY on the back of favorable base.
Growth in the domestic market was driven by healthcare (up 22.9%), home and personal care (up 32.6%) businesses and revival in food and beverages (up 27.6%).
Overall, the company witnessed 5-6% raw material inflation. It took price hike of 3% and is contemplating further increases to mitigate the same.
Healthcare contribution declined from 35.4% in Q4 FY20 to 33.9% in Q4 FY21.
However, with resurgence of Covid-19 cases and slew of new launches, the healthcare category is poised to grow faster.
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