Sunday, June 20, 2010

DABUR INDIA = FY10 RESULTS VERY GOOD = AMALGAMATION WITH FEMCARE = HIGHER FUTURE GROWTH PLANS


DABUR INDIA LTD
FY 10 VS FY 09
RESULTS
COMPARISON

CONSOLIDATED
Dabur India has performed well in FY10 – as indicated by its consolidated results below:
Net Sales Income has increased by 20.89% to Rs.3391Cr in FY 10 (from Rs.2805 Cr in FY09).
Total Expenditure        has also increased, but less than proportionately by 18.18% to Rs.2818 Cr from last year’s Rs.2384 Cr.
Consequently, the Consolidated Net Profit has gone up by 28.63% to Rs.503.23 Cr from last year’s Rs.391.21 Cr
On a face value of Rs.1/- the Basic EPS before EI has gone up to Rs.5.8 from last year’s Rs.4.52 – an increase of 28.32% YOY.
The Scheme of Amalgamation of Fem Care Pharma Limited (FEM) with Dabur India Limited (DIL) from the appointed date of amalgamation being April 1, 2009, has become effective  on 18th June, 2010. Hence future results will include those of Femcare as well. The amalgamation will improve the sales and profitability of Dabur further.
Dabur is aggressively promoting its AMLA (Renamed as NELLI for south India) Hair oil now in the south, to counter its competitors’ coconut hair oil.
The company's international business grew by 26.3 per cent in FY10 – specially in the GCC, Egypt, Nigeria, Levant and North African markets. The company is now planning  overseas acquisition in current year, particularly in the personal care and healthcare segment, in the Middle-East and African countries. It will also promote its sales very aggressively in current year in these markets where it has a presence already.
The company may grow at rates of over 15 % in future also.
On the back of all these positive factors - On  the current market price of Rs.186, its  current PE ratio works out to 32.07. Further appreciation will depend on the actual growth in profits on Femcare amalgamation etc.


FY10(lakhs)
Dif%age
Net Sales
339137
280543
20.89
Other Oprtng.Income
2435
2555
-4.7
SIT & WIP
-1028
-3976
-74.14
Raw Materials
133126
126116
5.56
Traded goods
22977
15478
48.45
Employees Cost
28474
23470
21.32
Depreciation
5027
4486
12.06
Other Expenditure
93180
72848
27.91
Total Expenditure
281756
238422
18.18
Profit from Operations
59816
44676
33.89
Other Income
1508
2129
-29.17
Profit before I & EI
61324
46805
31.02
Interest
1232
2321
-46.92
P.A.INT.B.EI
60092
44484
35.09
Exceptional items
-
-
Profit before tax
60092
44484
35.09
Tax Expense
9850
5404
82.27
Net Profit after tax
50242
39080
28.56
Extraordinary Items
-
-
Net Profit
50242
39080
28.56
Minority Interest
-81
-41
97.56
Shares of Associates
-
-
Other Related Items
-
-
Consol.Net Profit
50323
39121
28.63
Dividend (%)
-
-
Face Value (in Rs.)
1
1
0
Paid-up Equity
8690
8651
0.45
Reserves
84849
73229
15.87
Basic EPS before EI(Rs.)
5.8
4.52
28.32
Diluted EPS B.EI(Rs.)
5.78
4.5
28.44
Basic EPS A.EI(Rs.)
5.8
4.52
28.32
Diluted EPS A.EI(Rs.)
5.78
4.5
28.44





NON-CONSOLIDATED

The stand alone results also indicate a similar pattern.
Net Sales   has increased by 19.23% to Rs.2857 Cr from last year’s Rs.2396 Cr.
Net Profit   has increased by 15.95% to Rs.433.15 Cr from Lat year’s Rs.373.56 Cr.
Dividend is enhanced to 200% from Last year’s 175%.
Basic EPS has increased to Rs.4.99 from Last year’s Rs.4.32on a FV of Rs.1.
Dabur has been consistently improving its sales and profits over the years and the same trend can be expected to continue in future. The amalgamation of FEMCARE with Dabur is likely to enhance the sales and profitability of Dabur further from current quarter onwards.

FY10(lakhs)
DIF%AGE
Net Sales
285687
239616
19.23
Other Oprtg Income
1773
2175
-18.48
SIT & WIP
-968
-3889
-75.11
Raw Materials
98810
89213
10.76
Traded goods
39551
36919
7.13
Employees Cost
21234
16732
26.91
Depreciation
3191
2742
16.37
Other Expenditure
73890
58372
26.58
Total Expenditure
235708
200089
17.8
Profit from Operations
51752
41702
24.1
Other Income
1511
2132
-29.13
P B I & EI
53263
43834
21.51
Interest
560
1334
-58.02
P.A.I. B.EI
52703
42500
24.01
Exceptional items
-
-
Profit before tax
52703
42500
24.01
Tax Expense
9388
5144
82.5
Net Profit after tax
43315
37356
15.95
Extraordinary Items
-
-
Net Profit
43315
37356
15.95
Dividend (%)
200
175
14.29
Face Value (in Rs.)
1
1
0
Paid-up Equity
8690
8651
0.45
Reserves
66248
65169
1.66
Basic EPS before E.I(Rs.)
4.99
4.32
15.51
Diluted EPS before EI
4.97
4.3
15.58
Basic EPS after EI
4.99
4.32
15.51
Diluted EPS after EI
4.97
4.3
15.58




QUARTERLY RESULTS
The quarterly results indicate that – though there is a slight fall in Q4 versus Q3 of FY10, the general trend QOQ has been upwards and net sales have gone up by 12.72% compared to Q4 of FY09.Net profit also has gone up by 10.42% compared to Q4 of FY09, though compared to Q3 of FY10, there is a fall.Net sales may increase further due to amalgamation with FEMCARE from current Qtr.
Over all, Dabur India has maintained its growth trend reasonably well.

Mar-10
Dec-09
Dif%
Sep-09
Jun-09
Mar-09
Dif%2
Net Sales
69538
76430
-9.02
67221
60961
61691
12.72
Other Oprtng Income
682
343
98.83
329
336
332
105.42
SIT & WIP
2928
195
1401.5
-2302
-2001
2460
19.02
Raw Materials
22169
27260
-18.68
24575
22024
19109
16.01
Traded Goods
9639
9045
6.57
10156
9670
8600
12.08
Employees Cost
5466
5168
5.77
4813
4444
4321
26.5
Depreciation
781
794
-1.64
698
719
704
10.94
Other Expdtr
17158
20596
-16.69
15298
16726
16638
3.13
Total Expenditure
58141
63058
-7.8
53238
51582
51832
12.17
Profit _Operations
12079
13715
-11.93
14312
9715
10191
18.53
Other Income5
391
175
123.43
256
316
431
-9.28
Interest6
214
147
45.58
119
126
520
-58.85
Profit before tax
12256
13743
-10.82
14449
9905
10102
21.32
Tax expense
2129
2436
-12.6
2540
1822
931
128.68
NPT after tax
10127
11307
-10.44
11909
8083
9171
10.42
Net Profit
10127
11307
-10.44
11909
8083
9171
10.42
Dividend (%)
-
-

-
-
100
Face Value (In Rs
1
1
0
1
1
1
0
Paid Up Equity
8676
8658
0.21
-
8655
8651
0.29
Basic EPS after E.Is
1.17
1.31
-10.69
1.38
0.93
1.06
10.38
Dil. EPS after Eis
1.16
1.3
-10.77
1.37
0.93
1.06
9.43
Public Sh.holding (%)
31.03
30.88
0.49
30.03
29.42
29.27
6.01



ANNOUNCEMENTS TO
THE EXCHANGE

18-06-2010        Dabur India Limited has informed the Exchange that the Company has fixed the Book Closure from August 20, 2010 to August 31, 2010 for the purpose of Annual General Meeting and for ascertainment of the shareholders entitled to receive dividend, if approved by the shareholders of the Company at the ensuing Annual General Meeting of the Company to be held on August 31, 2010. 
18-06-2010        Dabur India Limited has informed the Exchange vide its letter dated June 18, 2010 that: "The Order dated April 19, 2010 issued by Hon'ble High Court of Judicature at Delhi (certified true copy issued on 2nd June, 2010) sanctioning the Scheme of Amalgamation of Fem Care Pharma Limited (FEM) with Dabur India Limited (DIL) and their respective shareholders, from the appointed date of amalgamation being April 1, 2009, has become effective today i.e. on 18th June, 2010 upon filing of the said Order with the Registrar of companies, NCT of Delhi & Haryana. It is further informed that pursuant to the Scheme of Amalgamation 'RECORD DATE' of Wednesday, June 30, 2010 has been fixed for shares of FEM for ascertaining the names of shareholders/ Beneficial Owners holding equity shares of FEM who would be entitled for the allotment issue of equity shares of DIL, as per the Register of Members maintained by FEM Depositories, in the Share Exchange Ratio as provided in the Scheme of Amalgamation i.e. 5 (five) fully paid up equity shares of Re.1 each of DIL for every 1 (one) fully paid up equity share of Rs. 10 each of FEM."    -
18-06-2010        Dabur India Limited has informed the Exchange that the Board of Directors of the Company in its meeting held on June 18, 2010 has declared Final Dividend of Re.1.25 per share having face value of Re.1 each (i.e. 125%) on the equity shares of the company for the financial year 2009-10.      -
18-06-2010        Dabur India Limited has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 285687 lacs for year ending on 31-MAR-2010 against Rs. 239616 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 43315 lacs for the year ending on 31-MAR-2010 against Rs. 37356 lacs for the year ending on 31-MAR-2009.     -
18-06-2010        Dabur India Limited has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 339137 lacs for year ending on 31-MAR-2010 against Rs. 280543 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 50323 lacs for the year ending on 31-MAR-2010 against Rs. 39121 lacs for the year ending on 31-MAR-2009.     -
28-04-2010        Dabur India Limited has informed the Exchange regarding a press release dated April 28, 2010, titled "Dabur 2009-10 Net Surges 28.7% To Highest-Ever Rs.503.53 Cr". The Company has further submitted to the Exchange a copy of the Investors Communication. The copy of the same alongwith the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements).
28-04-2010        Dabur India Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2010 as follows: Net Sales of Rs. 69538 lacs for quarter ending on 31-MAR-2010 against Rs. 61691 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 10127 lacs for the quarter ending on 31-MAR-2010 against Rs. 9171 lacs for the quarter ending on 31-MAR-2009.        -
28-04-2010        Dabur India Limited has informed the Exchange regarding the consolidated Results for the quarter ended on 31-MAR-2010 as follows: Net Sales of Rs. 84879 lacs for quarter ending on 31-MAR-2010 against Rs. 73165 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 13528 lacs for the quarter ending on 31-MAR-2010 against Rs. 10428 lacs for the quarter ending on 31-MAR-2009.      -


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