- Dabur sales grew 7% YoY in 3QFY20 while gross margins expanded to 50.1%

- Hair care, skin care and home care remained flattish while health supplements and oral care grew 12.2% and 8.5% respectively

- 3QFY20 for the FMCG sector was subdued with worrisome demand situation. FMCG category value growth of 6.6% – itself a multi-year low on Nielsen data – was 5.3% in Dec’19

- Rural sales for Dabur grew 400bp, ahead of urban in 3QFY20, and aided by increased village reach.

- Valuations are fair at 46.3x FY21 EPS, particularly for a business with moderate earnings growth prospects

Disclaimer: The above report is compiled from information available on public platforms. inChat team advises users to check with certified experts before taking any investment decisions.

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