This document presents a financial statement analysis of Dabur India Ltd. It includes: 1) Assumptions for forecasting key financial metrics like sales, costs, debt repayment, and tax rates. 2) Forecasts and charts showing trends for metrics like EBITDA and PAT margins, debt-to-equity ratio, interest coverage ratio, and earnings per share through 2023. 3) An overview of Dabur's business model including its product portfolio, overseas acquisitions, sales breakdown, and details on its beauty retail store brand NewU. 4) Pie charts showing the breakdown of shareholding and an note on predictions for Dabur's share price to reach 500 in the

1. FINANCIAL STATEMENT ANALYSIS
PRESENTED BY,
INDRANIL MONDAL & ARINDAM GHOSH

2. DABUR INDIA LTD.
Founded: 1884
Type: Public
Stock Price: -BSE: 407/- (12/04/19)*
-NSE: 449.95/- (12/04/19)*
Industry: Consumer Goods.
Headquarter: Ghaziabad, UP.
Area Served: Worldwide.
100 Cr. Club Brand: 16

3. ASSUMPTIONS FOR FORECASTING
Sales & Other income forecasted on CAGR
Taken Simple Average Value
All Costs as % of Sales
Repayment & Issue of Debt on Yearly Basis
Average life of asset
Depreciation on Straight Line Basis
Constant tax rate

4. 19.19% 19.38%
22.53%
26.24% 26.77%
25.18%
26.59%
28.34%
30.52%
33.23%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
MA R ' 14 MA R ' 15 MA R ' 16 MA R ' 17 MA R ' 18 MA R ' 19 MA R ' 20 MA R ' 21 MA R ' 22 MA R ' 23
EBIDTA MARGIN
13.80% 14.04%
16.34%
18.91% 19.16% 18.81%
19.84%
21.14%
22.78%
24.83%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
0 2 4 6 8 10 12
PAT MARGIN
COMPARISON BETWEEN EBITDA & PAT MARGIN

5. 0.25
0.74
0.49
1.61 1.63
1.90
2.18
2.45
2.73
3.00
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
Mar '14 Mar '15 Mar '16 Mar '17 Mar '18 Mar '19 Mar '20 Mar '21 Mar '22 Mar '23
DEBT/ EQUITY RATIO
INCREASING LEVERAGE THROUGH DEBT/EQUITY

6. 0.00
20.00
40.00
60.00
80.00
100.00
120.00
140.00
Mar
'14
Mar
'15
Mar
'16
Mar
'17
Mar
'18
Mar
'19
Mar
'20
Mar
'21
Mar
'22
Mar
'23
Interest Coverage 45.51 99.74 124.37 80.89 63.70 28.54 27.34 26.86 27.00 27.72
INTEREST COVERAGE RATIO
UNHEALTHY INTEREST COVERAGE RATIO

7. 3.85 4.34
5.34 5.67 6.09
8.26 9.05
10.02
11.20
12.66
0
2
4
6
8
10
12
14
16
Mar '14 Mar '15 Mar '16 Mar '17 Mar '18 Mar '19 Mar '20 Mar '21 Mar '22 Mar '23
EARNING PER SHARE
INCREASING EPS

8. BUSINESS MODEL OF DABUR
World’s leading Ayurveda and Natural products make nearly 400 trusted
Products
For overseas business Acquired entities with Hobi Groups and Namaste
Laboratories.
Consolidated sales consists of:

9. BUSINESS MODEL:
Introduced specialized beauty retail store NewU (FY:2017-18)
Wide range of international, domestic level covering beauty products
Cosmetics, Skin Care, Personal care
83 stores across 34 cities.
Recorded sales of 114 cr.
Net profit improved 1.04 cr.(FY16-17) to 3.1 cr.(FY17-18)

10. BREAKDOWN SHARE HOLDING

11. TREND OF SHARE PRICE
SBICAP Securities predicted the target of 500 after one year

12. THANK YOU