Dabur India Reports Strong Q2FY24 Performance With 7.2 Per Cent Revenue Growth
Dabur India's Q2FY24: 7.2% revenue surge, 23.6% international growth, and ₹2.75 interim dividend declared
Dabur India Limited, a leading (Fast Moving Consumer Goods) FMCG company, has announced robust financial results for the second quarter of the fiscal year 2023-24, showcasing a 7.2 per cent YoY increase in consolidated revenue from operations.
In the recently released quarterly report, Dabur India's consolidated revenue for Q2FY24 reached Rs 3,203.84 crore, a significant increase from Rs 2,986.49 crore during the same period last year. This growth was driven by the strong performance of both the Home & Personal Care and HealthCare business segments. On a Constant Currency basis, the Q2 revenue growth stood at an impressive 10.4 per cent.
The company's India FMCG Business reported a 3 per cent growth in volume for the second quarter of FY24. Dabur's Digestive business grew by 18.1 per cent, the Home Care business reported a 15.1 per cent growth, and the Ayurvedic Over The Counter (OTC) and ethical business showed an 8.1 per cent increase.
Dabur's flagship toothpaste franchise, Dabur Red, exhibited strong performance, ending the quarter with high single-digit growth and continuous market share gains.
In addition, the recently acquired Badshah brand reported a 16.4 per cent growth in the quarter. However, unseasonal rains in key North Indian markets impacted the beverage business during the period, contrasting with a significant 40.4 per cent surge in the food business.
Dabur's International business continued its impressive growth momentum, with a remarkable 23.6 per cent increase in Constant Currency terms during the second quarter. The Middle East and North Africa (MENA) business saw an 18.4 per cent increase, Egypt achieved a substantial 35 per cent growth, and the Turkey business experienced an exceptional 78 per cent growth.
The board of directors of Dabur India has declared an interim dividend of Rs 2.75 per equity share, having a face value of Re 1 each, for the financial year 2023-24. This interim dividend totals Rs 487.31 crore. Shareholders entitled to receive the interim dividend will be determined on the record date, which has been set as November 10, 2023. The dividend will be distributed starting from November 24, 2023.
Dabur India also announced the appointment of Sushil Chandra, the former Chief Election Commissioner of India and former Chairman of the Central Board of Direct Taxes (CBDT), as an Additional Director in the category of Non-Executive Independent Director, effective from November 2, 2023. Chandra's appointment as an Independent Director is for 5 years, subject to shareholder approval. With this addition, Dabur India Limited now has a board with 10 Independent Directors.
Dabur India's CEO, Mohit Malhotra, noted a marked improvement in urban demand, led by new-age distribution channels, and a reduction in the gap between urban and rural growth.
At 3:10 p.m., Dabur's shares traded 2.54 per cent higher at ₹530.30 on BSE.
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