DABUR 2023-24 Annual Report Analysis

Fri, 12 Jul

DABUR has announced its results for the year ended March 2024. Let us have a look at the detailed performance review of the company during FY23-24.

DABUR Income Statement Analysis

• Operating income during the year rose 7.6% on a year-on-year (YoY) basis.
• The company's operating profit increased by 11.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 19.3% in FY24 as against 18.7% in FY23.
• Depreciation charges increased by 28.7% and finance costs increased by 58.7% YoY, respectively.
• Other income grew by 8.3% YoY.
• Net profit for the year grew by 6.5% YoY.
• Net profit margins during the year declined from 14.8% in FY23 to 14.6% in FY24.

DABUR Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	115,299	124,040	7.6%
Other income	Rs m	4,454	4,824	8.3%
Total Revenues	Rs m	119,753	128,864	7.6%
Gross profit	Rs m	21,584	23,955	11.0%
Depreciation	Rs m	3,069	3,950	28.7%
Interest	Rs m	782	1,242	58.7%
Profit before tax	Rs m	22,187	23,587	6.3%
Tax	Rs m	5,174	5,474	5.8%
Profit after tax	Rs m	17,013	18,113	6.5%
Gross profit margin	%	18.7	19.3
Effective tax rate	%	23.3	23.2
Net profit margin	%	14.8	14.6

Don't Miss: Key Information for Long-term Investors

DABUR Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 39 billion as compared to Rs 36 billion in FY23, thereby witnessing an increase of 8.9%.
• Long-term debt stood at Rs 5 billion as compared to Rs 3 billion during FY23, a growth of 79.4%.
• Current assets rose 34% and stood at Rs 57 billion, while fixed assets rose 0% and stood at Rs 94 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 151 billion as against Rs 137 billion during FY23, thereby witnessing a growth of 11%.

DABUR Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	89,142	97,702	9.6
Current Liabilities	Rs m	36,094	39,304	8.9
Long-term Debt	Rs m	2,988	5,360	79.4
Total Liabilities	Rs m	136,523	151,164	10.7
Current assets	Rs m	42,490	56,796	33.7
Fixed Assets	Rs m	94,033	94,367	0.4
Total Assets	Rs m	136,523	151,164	10.7

DABUR Cash Flow Statement Analysis

• DABUR's cash flow from operating activities (CFO) during FY24 stood at Rs 20 billion, an improvement of 35.3% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -10 billion, an improvement of 65.7% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -12 billion on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -1 billion from the Rs -1 billion net cash flows seen during FY23.

DABUR Cash Flow Statement 2023-24

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-23	Mar-24
Cash Flow from Operating Activities	Rs m	14,884	20,135	35.3%
Cash Flow from Investing Activities	Rs m	-5,865	-9,717	-
Cash Flow from Financing Activities	Rs m	-10,352	-11,612	-
Net Cash Flow	Rs m	-1,296	-1,188	-

Current Valuations for DABUR

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 10.2, an improvement from the EPS of Rs 9.6 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 629.2, stands at 61.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 11.4 times, while the price to sales ratio stands at 9.0 times.
• The company's price to cash flow (P/CF) ratio stood at 44.2 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Sales per share (Unadj.)	Rs	65.1	70.0
TTM Earnings per share	Rs	9.6	10.2
Diluted earnings per share	Rs	9.6	10.2
Price to Cash Flow	x	48.1	44.2
TTM P/E ratio	x	56.7	61.5
Price / Book Value ratio	x	10.9	10.0
Market Cap	Rs m	967,914	975,419
Dividends per share (Unadj.)	Rs	5.2	5.5

Ratio Analysis for DABUR

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.4x during FY24, from 1.2x during FY23. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at 20.0x during FY24, from 29.4x during FY23. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company declined and down at 18.5% during FY24, from 19.1% during FY24. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company declined and down at 24.1% during FY24, from 24.9% during FY23. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company declined and down at 12.8% during FY24, from 13.0% during FY23. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Current ratio	x	1.2	1.4
Debtors’ Days	Days	3	3
Interest coverage	x	29.4	20.0
Debt to equity ratio	x	0.0	0.1
Return on assets	%	13.0	12.8
Return on equity	%	19.1	18.5
Return on capital employed	%	24.9	24.1

To see how DABUR has performed over the last 5 years, please visit here.

DABUR Share Price Performance

Over the last one year, DABUR share price has moved up from Rs 584.2 to Rs 629.2, registering a gain of Rs 45.0 or around 7.7%.

Meanwhile, the S&P BSE FMCG Index is trading at Rs 21,617.4 (up 0.2%). Over the last one year it has moved up from 19,118.7 to 21,617.4, a gain of 2,499 points (up 13.1%).

Overall, the S&P BSE SENSEX is up 22.5% over the year.

(To know more, check out historical annual results for DABUR and quarterly results for DABUR)