Dabur India Ltd

Corporate Profile
November, 2010

1
1
Index

Dabur India-Introduction

FMCG Industry Scenario

Business Overview

Growth Strategy

Recent Performance

2
2
Dabur India: Key Highlights
9 Established in 1884 : 125 Years of Trust & Ten Billion Rupee Brands
Excellence
9 Among top 4 FMCG companies in India
9 World’s
W ld’ llargestt iin Ayurveda
A d and
d natural
t l
healthcare
9 Revenue of Rs. 33.9 billion and profits of
Rs. 5 billion in FY2009-10
9 Strong brand equity
™ Dabur is a household brand
™ Vatika and Real are Superbrands
™ Hajmola , Real & Dabur ranked among
India’s Most Admired Brands

9 10 Brands with sales of over Rs. 1 billion

each
9 Wide distribution network covering 2.8
28
million retailers across the country
9 17 world class manufacturing plants
catering to needs of diverse markets
9 Strong overseas presence with 18%
contribution to consolidated sales

3
3
 Strong Financials
S l
Sales
in Rs. million

40000
34,167
35000
28,341
,
30000
23,963
25000 20,803
17,565
20000
12,004 12,849 12,356 14,170
15000 10,997
10000
5000
0

FY01 FY02 FY03 FY04^ FY05 FY06* FY07 FY08 FY09 FY10**

EBITDA Margin (in %) Net Profit

in % in Rs. million
22.0%
19.6% 6000
20.0% 18.1% 18.5% 18.3% 5,032
17.1% 5000
18.0% 3,913
15.3% 4000 3,329
16 0%
16.0% 2 817
2,817
13.3% 3000
2,142
14.0% 1,558
2000
1,065
12.0%
1000
10.0% 0

FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY04 FY05 FY06 FY07 FY08 FY09 FY10

^Sales show a decline in FY04 on account of de-merger of Pharma business

*Balsara acquisition added 10% to topline in FY06
** Fem acquisition added 3.5% to topline in FY10 4
4
Key Milestones
1884
•Dr. SK Burman started
an Ayurvedic Pharmacy
in Kolkatta
1998
•Professionalization
process with Burman
Family handing over
day to management
2006
•Dabur Figured in Top
10 Great Places To
Work
2010
• Overseas acquisition, Hobi
Group, Turkey to strengthen
presence in MENA and d
adjacent regions
1972 1986 1994
•The company shifted •Registered as Public •Listed on the Bombay
base to Delhi from Limited Company Stock Exchange
Kolkata
2003 2004 2005
•Pharmaceutical •International Business •Acquired Balsara
Business de-merged
de merged to Division set up in strengthening Oral
focus on core FMCG Dubai to focus on care & gaining entry
business overseas opportunities into Home care
2007 2008 2010
•Dabur ranked among •Acquired Fem Care •Touched US$4 billion
'Asia's Best Under A Pharma entering the market cap
Billion' enterprises by mainstream Skin care
Forbes segment
5
5
Global Footprint
UK

Canada

Nepal
UAE
U.S. Egypt

B’Desh

Nigeria

Australia

Domestic Mfg.
Locations

Key markets
Manufacturing Facilities

Our strategy is to localize manufacturing, supply chain

and product offerings to suit consumer requirements
in each geography
6
6
Robust Distribution Network
Factory

C&FA (Carry & Forward Agents)

Stockist Super Stockist Institutions

& Modern
trade

Wholesalers Sub Stockist

RETAIL TRADE

CONSUMERS

Direct + Indirect Reach covering 2.8 Mn Retail Outlets

7
7
 Research & Development Strengths
Team of scientists including
Ayurvedic doctors, Pharmacists,
Agronomists, Botanists, Tissue
Culture specialists, etc.
Strong New Product Development
9 Ayurvedic Medicines
9 Personal Care

9 Foods
F d

9 Home Care
Agronomy Initiatives 9 OTC Healthcare

9 Protecting
g endangered
g herbs
9 Technical assistance to farmers
Dabur introduced more than 15 new
9 Contract cultivation of herbs products/variants during FY10
9 Green House at Nepal

Dabur Research Facilities Greenhouse at Dabur Nepal

8
8
 Ayurveda – The Science of Life
9 Ayurveda – The core philosophy
9 Traditional Indian system of medicine
9 Ayurveda, the ancient Indian system of medicine based
on naturall and
d holistic
h li i living,
li i derives
d i from
f two Sanskrit
S k i
words - Ayu or life, and Veda or knowledge.
9 This Science of Life analyses the human body through a
combination of the body, mind and spirit.
9 Originating nearly 55,000
000 years ago
ago, Ayurvedic texts were
researched by Dabur in its quest for natural remedies.
Today, its application in modern life has been renewed
through the scientific research and validation undertaken
at Dabur

9 Dabur
b h has 125
2 years experience & knowledge
k l d
in Ayurveda
9 Successful extension of Ayurveda into personal
care and OTC healthcare
9 Riding global trend of “Back to Nature”

9
9
Index

Dabur India-Introduction

FMCG Industry Scenario

Business Overview

Growth Strategy

Recent Performance

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10
 FMCG Industry Snapshot
Key Highlights FMCG Industry Size
ƒ Indian FMCG industry size estimated at
around US$ 25 bn.
MAT Dec MAT Dec
ƒ Personal care & Food products dominate the in Rs. billion
2008 2009
sector
ƒ Many categories are currently small and FMCG Industry Size 1,023.9 1,161.1
offer huge potential
ƒ Steady double digit growth in the sector Growth rate (%) 13.4%
ƒ Rurall India
R I di contributes
t ib t c. 33% off the
th overall
ll
FMCG sector.

Source: AC Nielsen

FMCG Growth : Urban & Rural Category-wise share of the Sector

20%
Baby Care Household Others
16% 18% 2% 4% 5% Personal Care
15% 22%
OTC Products
15%
12% 11%
10% 4%
9% 12% 12%
10% Hair Care
10% 8%
5% 3%
1%
-1%
0%
Fabric Care
CY03 CY04 CY05 CY06 CY07 CY08 CY09 12% Food Products
-5%
-8% 43%
-10% Urban Rural

Source: AC Nielsen Source: AC Nielsen

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11
 India: Consumption Story
A
Aggregate
t Consumption
C ti across Income
I Brackets
B k t
in trillion, Indian Rupees, 2000
4x 70

34 Middle
Class

17
10
7

Middle Class
Source : Mckinsey Global Institute Analysis

By 2025, India is poised to become the world's fifth largest consuming country
from current position of twelfth

Note:
Annual Income (in Indian Rupees, 2000): Globals >1,000,000; Strivers =500,000-1,000,000;
Seekers=200,000-499,999; Aspirers=90,000-199,999; Deprived=<90,000

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 Penetration Levels: Sufficient Headroom

90% 80%
80%
77%
70%
67%
57% 59%
60%
50% 42%
37%
40% 32%
30%
18% 18%
20%
10%
0%

Toothpaste Shampoo Hair Oil Skin Cream Mosquito

Repellants
Rural Penetration Urban Penetration

Source: Industry
y Data,, IIFL

9 Low penetration levels offer room for growth across consumption categories
9 Rural penetration catching up with urban penetration levels

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Per Capita Consumption: Room for Growth
India has low per capita consumption as compared to other emerging economies

Skin Care – Per Capita Consumption (in US$) Shampoo – Per Capita Consumption (in US$)
in US$ in US$
9 3 27
2.7
7.4 77
7.7
8
2.5
2.4
7

6 2

5
1.5
4 3.2 1.0 1.1
3 1

2
0.8 0.5 0.3
1 0.3
0 0

China Indonesia India Malaysia Thailand China Indonesia India Malaysia Thailand

Toothpaste – Per Capita Consumption (in US$)

in
3.5
US$
2.9
3

2.5
20
2.0
2

1.5
1.0
1
0.5 0.4
0.5

China Indonesia India Malaysia Thailand

Source: MOSL

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14
 Key Players: FMCG
USD Million

Company Key Categories Sales Profit Market Cap

Soaps, Detergents
Soaps Detergents, Personal Care,
Care
Hindustan Unilever Ltd 4,479 538 12,011
Foods

Nestle India Ltd* Food, Beverages, Infant nutrition 1,101 141 6,126

Personal, Health & Homecare,

Dabur India Ltd 733 108 3 659
3,659
Foods

Britannia Industries Ltd* Biscuits 734 33 969

Colgate Palmolive (I) Ltd* Oral Care & Toiletries 364 62 2,462

Marico Ltd. Hair care, Food, Skincare 571 49 1,639

Glaxo Smithkline
Consumer Health Care 412 50 1,615
Consumer*

Godrej Consumer Hair Care, Soaps 438 72 2,423

Procter & Gamble^ Feminine Hygiene, personal care 166 39 1,533

Source: Published results for year ending 31.03.10

Note: Market Cap. as of 29.07.10
*Year ending 31.12.09
^Year ending 30.06.09
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 Dabur: Strong Presence in FMCG Categories
Category Position Market Share Key Brands

Dabur Amla hair Oil, Vatika hair oil &

Hair Care 3 12% Vatika Shampoos

Red toothpaste, Babool, Meswak, Red

Oral Care 3 13% toothpowder

Skin Care 3 7% Dabur Gulabari, Fem, Dabur Uveda

Chyawanprash 1 63% Dabur Chyawanprash

Digestives 1 55% Hajmola

Fruit Juices 1 52% Real Fruit Juices,, Real Activ

Honey 1 50% Dabur Honey

Glucose 2 24% Dabur Glucose

Hair care includes Hair Oils & Shampoos; Oral care includes Toothpastes & Toothpowder; Skin care includes moisturizers,
face cleaning, lightening, anti ageing & other skin care products; Digestives includes herbal digestives 16
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Index

Dabur India-Introduction

FMCG Industry Scenario

Business Overview

Growth Strategy

Recent Performance

17
17
 Business Structure
Dabur operates through three focused Strategic Business Units

Revenue
Business Unit Description
Share

FMCG portfolio comprising four

distinct businesses:
Consumer Care • Personal Care
72%
Division • Health Care
• Home Care
• Foods

Range of ethical and OTC products

Consumer Health that deliver the age
age-old
old benefits of
8%
Division Ayurveda in modern ready-to-use
formats

Caters to the health & personal care

needs of customers across different
International international markets spanning
Middle East, North & West Africa, 18%
Business South Asia, EU and US through its
brands Dabur and Vatika
Note: Percentage share in revenue based on FY10 Financials ; Femcare included in Consumer Care Division

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 Consumer Care Division Overview
FPD HCPD Balsara Foods FEM

2003-2004 2006-2007 2007-2008 2008-2009 CCD

FPD: Family Products Division

HCPD: Health Care Products Division
Balsara and Fem were acquisitions
Foods division was a 100% subsidiary of DIL

Category-wise Share of CCD Sales CCD Sales - Historical

Foods in Rs. million

Home Care Hair Care
6% 16% 29%

Skin
Care
6%

Digestives
8%
Health Oral Care
Supplemen 18%
ts
17%
Note: Percentage share in revenue for H1 FY11

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19
 Brand Architecture
9 Starting from Ayurveda, the company successfully ventured into herbal
arena becoming the ‘Herbal Specialist’
9 While herbal businesses form the core with 85% of revenues,, the
company’s growth ambitions are not limited by it.
9 A robust brand architecture ensures that the core values remain intact

Brand Architecture

Herbal Space Natural / Non-herbal Space

Vatika
Dabur Hajmola Uveda Real Balsara FEM
Premium
Herbal Tasty Ayurvedic Fruit Home Care Fairness Skin
Personal
H lth
Healthcare Di
Digestives
ti Ski care
Skin B
Beverages solutions
l ti
Care

Rs 17.0 bn Rs 3.9 bn Rs 1.4 bn NA Rs 3.0 bn Rs 1.3 bn Rs 1.0 bn

Brand size pertains to FY2008-09 sales in India and overseas; Fem had sales of about Rs.30 mn in overseas markets in FY09

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Consumer Care Categories
Hair Oil
Key Brands
Market Share

7%
37% 16%

3%

6%

31%
Bajaj Dabur Dey's Medical
Emami Marico Others Dabur Amla: Vatika: Value added Anmol Hair Oil:
Value Share-ACN June, 09 Largest brand in coconut oil Value proposition
the portfolio

Shampoo
Key Brands
Market Share

13.5% 11.2% 6.0%

23.8%
45.5%

Vatika range
Cavinkare Dabur HUL
of shampoos
P&G Others

Value Share-ACN Mar, 10

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Consumer Care Categories (Contd.)
Oral Care
Market Share
Key Brands

14.3%

13.2%

49.7%

22.8%

Colgate HUL Dabur Others

Dabur Red: Toothpaste Babool: Targeted at Meswak: Premium
& Toothpowder economy segment therapeutic
Value Share-ACN March, 2010 toothpaste

Health Supplements
Key Brands
d
Chyawanprash – Market Share

5.6% 11.1% 12.7%

7.9%

62.7%

Baidyanath
a dya a Dabur
abu Emami
a Zandu
a du Otherss
O Dabur Honey: Largest
Dabur Chyawanprash: Dabur Glucose: branded honey in the
Value Share-ACN March, 2010 Largest selling health 2nd largest country; growing
supplement in the player in the category through replace
country country sugar strategy 22
22
 Consumer Care Categories (Contd.)
Foods
Key Brands
Market Share

13.0% 52.0%

35.0%

Dabur Pepsi Others

Real Activ: Range
Company Est. Mar, 2010 for Fruit Juice category Real: Flagship
of 100% pure juice
beverages brand
Skin Care
Market Share* Key Brands
18.0%
58.9%
3.2%

6.4%

6.6%
6.8%

Hindustan
Hi d t LLever Emamii
E Dabur
D b
Loreal Cavin Care Others Gulabari range of rose based skin care Fem Skin care :
products: Moisturizer, Face freshener Acquired recently
*Company estimates; Includes Fem skin care portfolio
& Rose water
23
23
 Consumer Care Categories (Contd.)
Digestives
Market Share Key Brands

37%
55%

8%

Hajmola:
H j l Fl
Flagship
hi bbrand
d Hajmola
H j l ttasty
t
Hajmola Satmola Others
for branded Digestives digestive candy
Value Share-ACN March, 2010

Home Care
Air Fresheners – Market Share Key Brands

20%
26%

5% 20%

30%

Odonil Air wick Premium Ambipur Others

Odonil: Air freshner Odomos: Mosquito Sanifresh:
Value Share-ACN March, 2010 for Aerosols category range: Largest brand repellant skin cream Toilet cleaner
in the portfolio
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Consumer Health Division
Description CHD Structure

9 CHD: Repository of Dabur’s Ayurvedic

Healthcare knowledge
9 Plans underway to build a comprehensive OTC (64%) ETHICAL (36%)
strategy for a greater push in OTC Health
9 Generics 9 Tonic
space
9 Range of over 260 products 9 Branded Products 9 Classicals
9 Focusing on multiple therapeutic areas. 9 Branded Ethicals
9 Distribution coverage of 200,000
chemists, ~12,000 vaidyas & 12,000
Ayurvedic pharmacies

Healthcare Focus

9 OTC Healthcare is Rs.130 billion size

industry
9 Expected to grow at 14-15% p.a. as Herbal Cough & Cold
preference for Over-the-Counter products Syrup Mint based medicine for digestion
accelerates
9 Dabur to expand its presence by :
9 Consolidating / expanding current
portfolio
9 Launching g new products
p in
emerging therapeutic areas
9 Look at inorganic opportunities
Promoting Dabur Ayurveda: Generating
equity for Ethical portfolio 25
25
OTC Health Care Portfolio
Gastro Intestinal Cough and Cold Rejuvenation

Pudin Honitus Shilajit

Hara

Women’s Health Memory Enhancer Medicated Oils

Dabur
abu Shankha
Active Pushpi Badam Tail
Blood
Purifier

Baby Care Rubs and Balms

Dabur
Balm
Strong
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 International Business Division
ƒ Started as an ƒ Set up a franchisee at ƒ Renamed franchisee as Dabur ƒ Building scale
scale-20%
20% of
Exporter Dubai in 1989 International Ltd overall Dabur Sales (FY09)
ƒ Focus on Order ƒ Demand generation ƒ Local operations further strengthened ƒ High Levels of Localization
fulfillment through led to setting up of ƒ Set up new mfg facilities in Nigeria,RAK ƒ Global Supply chain
India Mfg. mfg in Dubai & Egypt & Bangladesh

1980’s Early 90’s 2003 Onwards Today

Highlights High Growth in IBD

ƒ Dabur s overseas business contributes 18%
Dabur’s in Rs. million

to consolidated sales led by CAGR of 29% in

last 6 years
ƒ Focus markets:
ƒ GCC
ƒ Egypt
ƒ Nigeria
ƒ Bangladesh
ƒ Nepal
ƒ U.S.
ƒ High level of localization of manufacturing
and sales and marketing
ƒ Leveraging the “Natural” preference among
local consumers to increase share in personal
g
care categories
New products
N d t contributing
t ib ti
ƒ Sustained investments in brand building and significantly to overseas sales
marketing

27
27
International Business – Product Portfolio
Existing Products NPDs and Relaunches
Vatika Hamam Zaith
Hair Oils Vatika Shampoos
– Hair Fall Control

Vatika Conditioners Dabur Herbal Toothpaste

Hair Creams

Hair Treatments
Vatika Hair Oil Vatika DermoViva Soaps

28
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Index

Dabur India-Introduction

FMCG Industry Scenario

Business Overview

Growth Strategy

Recent Performance

29
29
Growth Strategy
EXPAND

DABUR
INDIA
LIMITED

ACQUIRE INNOVATE

THREE PRONGED STRATEGY FOR SUSTAINING GROWTH

30
30
 Expansion Strategy
Strengthening new categories Targeting inorganic
9 Skin Care: Ayurvedic skin care opportunities
range under a new brand 9 Market Entry: Acquisitions
launched; Acquisition of Fem critical for building scale in
9 OTC H Healthcare:
lth L
Leveraging
i existing
i i categories
i & markets
k
Ayurveda knowledge for a 9 Synergies: Should be
range of OTC herbal products synergistic and make a good
9 Fruit Drinks and Culinary: strategic fit
Entry into the fast growing fruit 9 Geographies: Opportunities in
drinks category leveraging the focus markets
Real franchise

Strong innovation programme Expanding across geographies

9 Contribution: New products to
contribute 5-6% of revenues
9 Focus Categories: New
product activations planned
p p up
p 9 Sout
in all categories
9 Renovation: Periodic brand
renovations to keep older
products salient
9 Overseas markets: 20% of
overall company; target to
sustain higher growth rates
South India:
d a Increased
c eased
contribution from 7% to 12%;
Continued focus on the
relevant portfolio to grow
contribution

31
31
Acquisition of Hobi Group, Turkey
9 Acquisition of Hobi Group, Turkey for a total
consideration of US$ 69 Million completed on
October 7, 2010
9 This is Dabur’s first overseas acquisition
9 Hobi manufactures and markets hair, skin and
body care products under the brands Hobby
and New Era
9 Product range of the company is
complementary to our product range
9 Acquisition provides an entry into another
attractive emerging market and a good
platform to leverage this across the region

32
32
Index

Dabur India-Introduction

FMCG Industry Scenario

Business Overview

Growth Strategy

Recent Performance

33
33
 Financial Performance – H1 and Q2 FY 2010-11
Sales: H1FY11 v/s H1FY10 Sales: Q2FY11 v/s Q2FY10
in Rs. Crores in Rs. Crores
1,905
2000
1,628 1200 980
1500 1000 855
800
1000 600
500 400
200
0 0

H1FY10 H1FY11 Q2FY10 Q2FY11

¾ Sales for H1FY11 increased by 17% and by 14.7% in Q2 FY11 primarily
driven by volumes

PAT: H1FY11 v/s H1FY10 PAT: Q2FY11 v/s Q2FY10

in Rs. Crores in Rs. Crores

267
200 160
300
228 150
139
200
100
100 50
0 0

H1FY10 H1FY11 Q2FY10 Q2FY11

¾ PAT increased by 16.9% during H1 FY11 and by 15.4% in Q2 FY11 despite
input cost inflation and increased taxation
Note: PAT refers to Net Profit after Minority Interest
34
34
Stock Performance & Shareholding Pattern

Market Capitalization in Rs. billion Shareholding Structure*

170 Indian
FIIs, 16.4
FIIs 16 4
% Public and
Others, 7.0
%
Banks/FIs/ Prom oters,
68.7%
17 Insurance
Cos., 6.9%
Mutual
Funds, 0.9
%

2001 2010
*As on October 22, 2010

Dabur s market capitalization has increased tenfold since 2001 and it has been
Dabur’s
one of the biggest wealth creators in the FMCG industry in this decade

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35
 Consolidated P&L Q2 FY11 and H1 FY11
In Rs.
I R crores Q2FY11 Q2FY10 YoY
Y Y (%) H1 FY11 H1FY10 YoYY Y (%)
Gross Sales 980.5 854.8 14.7% 1,904.8 1,628.4 17.0%
Less: Excise Duty 7.7 7.0 15.6 12.4
Net Sales 972.8 847.8 14.7% 1,889.3 1,616.1 16.9%
p
Other Operating g Income 10.1 6.3 58.9% 18.7 11.1 67.9%
Material Cost 458.5 381.8 20.1% 893.1 744.1 20.0%
% of Sales 46.8% 44.7% 46.9% 45.7%
Employee Costs 77.9 72.2 7.8% 150.7 135.9 10.9%
% of Sales 7.9% 8.4% 7.9% 8.3%
Ad Pro 121.5 120.2 1.1% 272.2 242.8 12.1%
% of Sales 12.4% 14.1% 14.3% 14.9%
Other Expenses 112.1 98.4 13.9% 233.7 202.2 15.6%
% of Sales 11.4% 11.5% 12.3% 12.4%
Other Non Operating Income 67
6.7 73
7.3 -9
9.0%
0% 13 9
13.9 13 7
13.7 1 8%
1.8%
EBITDA 219.6 188.9 16.2% 372.2 316.0 17.8%
% of Sales 22.4% 22.1% 19.5% 19.4%
Interest Expenses 4.6 6.0 -23.6% 9.1 12.2 -26.0%
Depreciation 14.2 12.5 14.0% 27.7 24.1 14.8%
Amortization 4.7 1.4 230.1% 5.7 2.7 108.4%
Profit Before Tax (PBT) 196.0 169.0 16.0% 329.7 276.8 19.1%
Tax Expenses 35.6 28.6 24.4% 61.9 47.4 30.6%
Provision for Taxation for Earlier years 0.1 0.2
PAT(Before exceptional item) 160 4
160.4 140 3
140.3 14 4%
14.4% 267 8
267.8 229 2
229.2 16 8%
16.8%
% of Sales 16.4% 16.4% 14.1% 14.1%
PAT(After exceptional Items) 160.4 140.3 14.4% 267.8 229.2 16.8%
PAT (After Extraordinary item & MI) 160.4 139.0 15.4% 267.1 228.5 16.9%
36
36
Consolidated Balance Sheet – Sept 30, 2010
In Rs.
Rs crores As on Sept 10 As on Sept 09
Sources Of Funds
Shareholders' Fund:
Share Capital 174.1 86.6
Reserves & Surplus 1,037.5 690.7
1,211.1 777.2
Minority Interest 4.5 8.3
Loan Funds:
Secured Loans 99.7 113.3
Unsecured Loans 235.3 54.1
335.1 167.4
Deferred Tax Liability 13.0 10.1
TOTAL 1,564 963
Application of funds:
Fixed Assets: 704.6 622.1

Investments 148.8 112.1

Current Assets, Loans & Advances
Inventories 568.3 449.1
Sundry Debtors 216.6 219.5
Cash & Bank balances 400.8 137.7
Loans & Advances 504.1 1,689.8 341.4 1,147.7
Less: Current Liabilities and Provisions:
Current Liabilities 595.5 573.2
Provisions 483.6 353.5
1,079.1 926.7
Net Current Assets 610.7 221.0
Miscellaneous Expenditure 99.9 7.9
TOTAL 1,564 963 37
37
Accolades

Ranked 25th most Ranked 28th in ET-Brand

Listed in Forbes’ 200 Ranked 79th in 'Super 100' Equity Most Trusted
valuable brand in the list
Best Under-A-Billion list announced by Business Brands 2009 list.
of India's
India s 100 Most
Companies List India
Valuable Brands, by 4Ps.

Dabur India Ltd has been

awarded the Top Marketer
Award for 2009 in the
Consumer Goods category Dabur India Ltd was
by Pitch magazine ranked the Business
Leader in the FMCG -
Personal Care Category at
the NDTV Profit Business
Leadership Award 2008
Voted as the fourth Most
Ranked 182 in ET-500, the Liked Health Brand in the
country in consumer
annual listing of India's Blue
survey conducted by
Chip companies by The
'Complete Wellbeing'
Economic Times.
magazine
Also ranked as the fourth
l
largest
t pure-play
l FMCG
company in the list.

38
38
Disclaimer

This presentation has been prepared by Dabur India Limited (“Dabur“ or “Company”) for
informational purposes only and should not be used as a basis for any investment and any
investment related decisions/ analysis.
No representation
N t ti or warranty,
t express or implied
i li d is
i made
d as to,
t and d no reliance
li should
h ld beb placed
l d
on, the fairness, accuracy, completeness or correctness of such information or opinions contained
herein. The information contained in this presentation is only current as of its date. Certain
statements made in this presentation may not be based on historical information or facts and may
be “forward looking statements”, including those relating to the general business plans and
strategy of Dabur, its future financial condition and growth prospects, future developments in its
industry and its competitive and regulatory environment,
environment and statements which contain words or
phrases such as ‘will’, ‘expected to’, ‘horizons of growth’, ‘strong growth prospects’, etc., or similar
expressions or variations of such expressions. These forward-looking statements involve a number
of risks, uncertainties and other factors that could cause actual results, opportunities and growth
potential to differ materially from those suggested by the forward-looking statements.
In no event shall the Company be liable for any direct, special indirect or consequential damages,
or any other damages of any kind, including but not limited to loss of use, loss of profits, or loss of
data, whether in an action in contract, tort (including but not limited to negligence), or otherwise,
arising out of or in any way connected with the use of this presentation or the materials contained
in, or accessed through, this presentation.
No person is authorized to give any information or to make any representation not contained in
and not consistent with this presentation and,
and if given or made,
made such information or representation
must not be relied upon as having been authorized by or on behalf of Dabur. This presentation
cannot be copied and disseminated in any manner.

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 Investor Relations
Dabur India Ltd
Contact:+91-11-42786000

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