{LONGTERMINVESTORS} Dabur India Q3FY16 consolidated net profit rises 13% yoy to Rs. 319 crore : Misses Estimates

 

Dabur India Q3FY16 consolidated net profit rises 13% yoy to Rs. 319 crore : Misses Estimates

The company's consolidated revenue stood at Rs. 2,127 crore, clocking growth of 2.31% yoy and 1.47% qoq

Dabur India, leading consumer goods manufacturer, reported consolidated net profit of Rs. 318.54 crore for the quarter ended December 31, 2015, registering growth of 12.65% yoy but decline of 6.62% qoq. The company's consolidated revenue stood at Rs. 2,127 crore, clocking growth of  2.31% yoy and 1.47% qoq.

Its consolidated core operating profit of Rs. 378.19 crore for the quarter, witnessed growth of 7.48% yoy but decline of 6.5% qoq. Operating profit margin for the current quarter at 17.78% expanded by 85 bps yoy but contracted by 152 bps qoq.

For nine months ended December 31, 2015, the company reported consolidated net profit of Rs. 920.78 crore, growing by 17.89% yoy. Its revenue for the period stood at Rs. 6,292.72 crore, registering growth of 7.07% yoy.

The company's core operating profit stood at Rs. 1,104.43 crore, recording growth of 13.77% yoy. Operating margin for the current period at 17.55% expanded by 103 bps yoy.

On standalone basis,Dabur India Ltd, reported net profit of Rs. 248.77 crore for the quarter, registering growth of 14.71% yoy and 9.27% qoq. It's  revenue stood at Rs. 1,461.60 crore, recording decline of  2.68% yoy but growth of 4.7% qoq.

Its standalone core operating profit of Rs. 285.99 crore for the quarter, increasing by  of 8.59% yoy and 9% qoq. Operating profit margin for the current quarter at 19.57% expanded by 203 bps yoy and 77 bps qoq.

For nine months ended December 31, 2015, the company reported standalone net profit of Rs. 650.48 crore, rising by 18.35% yoy. Its standalone revenue for the period stood at Rs. 4,233.68 crore, registering growth of 4.77% yoy.

Dabur India Ltd's core operating profit stood at Rs. 754.32 crore, up by 14.07% yoy. Operating margin for the current period at 17.82% expanded by 146 bps yoy.

Result Highlights: (Rs. in crore)

	Reported Results	IIFL Estimates	Variance (%)
Consolidated Revenue	2,127.00	2,431.91	[12.54]
Consolidated Net Profit	318.54	348.18	[8.51]

Consolidated EPS for the quarter stood at Rs. 1.81.

Bloomberg estimated the company's consolidated net profit at Rs. 319.53 crore.

Management Comments:

"The macroeconomic environment continues to be challenging and we faced several headwinds in the form of geo-political disturbances in key geographies in the Middle East and delayed winters in India. The ongoing political unrest in Nepal and blockade of the India-Nepal border severely impacted Dabur's Foods business. However, we have taken steps to mitigate the impact by ramping up the production of juices in Sri Lanka and India to cater to our demand requirement, and are hopeful of reporting normal growths going forward," Dabur India Ltd Chief Executive Officer Mr. Sunil Duggal said.

"The overall demand environment remained tepid in the third quarter with some key segments showing deceleration while competitive intensity was at a high. We are pursuing a prudent growth strategy and have taken steps to efficiently manage the emerging risks and challenges. Despite a sharp fall in growth rates in most consumer products segments, Dabur continues to focus on brand-building and market expansion programmes that will pave the ground for future growth," Dabur India Ltd Chief Executive Officer Mr. Sunil Duggal said.

Stock Commentary:

Dabur India Ltd is currently trading at Rs. 244, up by 7 points or 2.95% from its previous closing of Rs. 237 on the BSE.

The scrip opened at Rs. 235 and has touched a high and low of Rs. 244.2 and Rs. 235 respectively. So far 767105(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 41691.65 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 316.5 on 06-Aug-2015 and a 52 week low of Rs. 231.3 on 27-Jan-2016. Last one week high and low of the scrip stood at Rs. 251.4 and Rs. 231.3 respectively.

The promoters holding in the company stood at 68.1 % while Institutions and Non-Institutions held 25.14 % and 6.76 % respectively.

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