Ayurvedic Otc Product Market in India by fzg75017

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									DABUR INDIA LIMITED




       Deutsche Bank - Access India Conference
                            March 2011, Mumbai


                                                 1
                                                     1
                                  FMCG GROWTH STORY

                       India FMCG Sector – Volume and Value Growth Rate (Y-o-Y %)

                                                              High Growth Phase




Source: Industry data, Standard Chartered Research




    India’s FMCG sector reported steady sales CAGR of 11.2% over FY00-10 on the
    back of strong annual volume growth of ~8.5%.
    Growth being driven by increasing consumption led by rise in incomes, changing
    lifestyles and favorable demographics
    FMCG industry expected to grow in mid to high teens going ahead



                                                                                     2
                                                                                         2
                                           FMCG – CURRENT SCENARIO


           FMCG Split: OTC, Food and Non-Food                                               FMCG industry               pegged    at     US$30
                                                                                            billion in CY10
 140,000                                                128,580
            Rs. Crores
 120,000
                                        116,053             3
                                                                (11%)                       Of the entire FMCG sector, Food is
                         97,276
                                            4
                                                (14%)                                       52%, Non-Food at 45% and OTC 3%
 100,000
           82,615            4 (10 %)                       45 (8%)
  80,000       4
                               (    )
                                           46 (19%)                     OTC PRODUCTS        Rural sector accounts for about 33%
                            46 (14 %)                                   Non‐Food 
                                                                        Food Products
                                                                                            of total revenue
  60,000      48

  40,000
                                                           52 (14 %)
                                           50 (20 %)
  20,000      48            50 (22%)
                                                                                                  FMCG Sales – Channel Breakdown
      0
           MAT Sep'07    MAT Sep'08     MAT Sep'09      MAT Sep''10

                                                                                                          5.0%
Source: AC Nielsen                                                                               3.3%            5.9%
                                                                                          5.8%
                                                                                          5 8%

                                                                                             8.2%

           Of the 7.8 million retail outlets for                                                                                       58.6%
           FMCG, Grocers are the dominant                                                         13.2%

           format
           Modern Trade contributes to 6%
           of FMCG sales
                                                                                            Grocers              General Stores
                                                                                                                 General Stores   Chemists
                                                                                            Paan Plus            Food Stores      Others
                                                                                            Modern Trade
                                                                                        Source : AC Nielsen
                                                                                                                                                 3
                                                                                                                                                     3
                  FMCG INDUSTRY GROWTH DRIVERS




   Shift from                   Rise in per capita           Increase in 
   unorganised to               category                     penetration
   organised                    consumption                  • Category penetration 
   • Evidenced by growth in     • Level of per capita          continues to be 
     hair oils                    increase in consumption      abysmally low in various 
   • Current level of un‐
     Current level of un                               y
                                  in the future is a key       categories like instant 
     organised presence is a      variable for future          branded foods, OTC, skin 
     key driver for future        volume growth                creams, etc. indicating 
     volume growth              • Demonstrated by recent       scope for volume 
                                  strong growth in
                                  strong growth in             growth through increase 
                                  branded foods                i          i
                                                               in penetration




Above drivers aided by favourable demographics and rise in disposable incomes
                                                                                           4
                                                                                               4
           PENETRATION LEVELS: SUFFICIENT HEADROOM

                                    Rural Penetration     Urban Penetration
    90%



                                     80%
    80%
              77%


    70%
                                  67%

                                                              59%
    60%
                           57%


    50%


          42%
    40%
                        37%
                                                 32%
    30%
                                                                                                   26%

    20%                                      18%          18%             19%



    10%
                                                                                      5%       4%
                                                                       3%        2%
     0%
          Toothpaste    Shampoo   Hair Oil   Skin Cream   Mosquito     Instant   Hair Dyes   Floor Cleaners
                                                          Repellants   Noodles


Source: Industry Data




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


                                                                                                              5
                                                                                                                  5
              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                                      2.7
                                        7.4           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                  h
                                                                             China    Indonesia
                                                                                        d            d
                                                                                                   India     l
                                                                                                           Malaysia    h l d
                                                                                                                      Thailand




                                  Toothpaste – Per Capita Consumption (in US$)
                                  in US$
                                   3.5
                                                                                2.9
                                   3

                                  2.5
                                                                                           2.0
                                   2

                                  1.5
                                                            1.0
                                   1
                                              0.5                  0.4
                                  0.5

                                   0


                                          China        Indonesia   India     Malaysia   Thailand

                                                                                                                              Source: MOSL

                                                                                                                                    6
                                                                                                                                        6
                               DABUR OVERVIEW

Established in 1884 - more than 125 Years                      Ten Billion Rupee Brands
of Trust & Excellence
Among top 4 FMCG companies in India
World’s largest in Ayurveda and natural
healthcare
              Rs                         Rs
Revenue of Rs. 34 billion and profits of Rs.
5 billion in FY2009-10
Strong brand equity
     Dabur is a household brand
     Vatika and Real are Superbrands
     Hajmola , Real & Dabur ranked among
     India’s Most Admired Brands

10 Brands with sales of over Rs. 1 billion
each
Wide distribution network covering 2.8
million retailers across the country
                                               Dabur ranked         Dabur moves         Dabur ranked 45
17 world class manufacturing plants            200 in the           up to take the      among Most
                                                                                        Trusted Brands in
catering to needs of diverse markets           Fortune India        78th spot in the
                                                                    Super-100           India, according to
                                               500 list
                                                                    list, released by   Brand Trust
Strong overseas presence with 20%                                   Business India      Report, India
contribution to consolidated sales                                                      Study, 2011


                                                                                                      7
                                                                                                          7
                                       FINANCIAL PERFORMANCE
                                                             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%
                                                     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%                                                                                           2,817
         13.3%                                                   3000
                                                                                        2,142
14.0%
14 0%                                                                           1,558
                                                                                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                                                                                8
                                                                                                                                    8
            PORTFOLIO


 Health
  Care




Personal
  Care




Home Care




 Foods


                        9
                            9
                                GLOBAL FOOTPRINT

                                       UK


                                                        y
                                                   Turkey
            Canada

                                                                      Nepal
                                                            UAE
             U.S.                              Egypt




                                                                   B’Desh

                                     Nigeria



                                                                              Australia

                                                              Domestic Mfg.
                                                                Locations


     Key markets
     Manufacturing Facilities


                            manufacturing
Our strategy is to localize manufacturing, supply chain
 and product offerings to suit consumer requirements
                   in each geography
                                                                                          10
                                                                                            10
           ROBUST DISTRIBUTION NETWORK

                                      Factory


                             C&FA         (Carry & Forward Agents)



St ki t
Stockist                 Super St ki t
                         S     Stockist                    Institutions
                                                            & Modern
                                                              trade

   Wholesalers                           Sub Stockist




                   RETAIL TRADE


                      CONSUMERS

    Direct + Indirect Reach covering 3 million Retail Outlets

                                                                          11
                                                                            11
                            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


     Ayurvedic
                                 1                    66%               Dabur Chyawanprash
      Tonics

     Digestives                  1                    55%               Hajmola


    Fruit Juices                 1                    52%               Real Fruit Juices, Real Activ


        Honey                    1                    50%               Dabur Honey


       Glucose                   2                    26%               D b Glucose
                                                                        Dabur Gl

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 12
                                                                                                                       12
                                         BUSINESS STRUCTURE

        Dabur operates through three focused Strategic Business Units

                                                                                                           Revenue
       Business Unit                                      Description
                                                                                                            Share

                                                     p           p  g
                                            FMCG portfolio comprising                 four
                                            distinct businesses:
    Consumer Care                           • Personal Care
                                                                                                            72%
       Division                             • Consumer Health Care
                                            • Home Care
                                            • Foods



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



                                            Catering to health & personal care
                                            needs of customers across different
      International                         international   markets    spanning
                                            Middle    East,   North   &    West                             18%
        Business                            Africa, South Asia
                                            Africa          Asia, EU and US
                                            through its brands Dabur and Vatika
Note: Percentage share in revenue based on FY10 Financials ; Fem Care included in Consumer Care Division
                                                                                                                     13
                                                                                                                       13
                          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

                                                                                                                14
                                                                                                                  14
                                 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
      Share-ACN June,                                Largest brand in   coconut oil           Value proposition
                                                     the portfolio

                                                   Shampoo
                                                                          Key Brands
                Market Share


                                         6%
                14%        10%

    24%
                                 46%


                                                                                   Vatika range
          Cavinkare   Dabur      HUL                                               of shampoos
          P&G         Others


Value Share-ACN MAT Dec-2010
                                                                                                          15
                                                                                                            15
                                         CONSUMER CARE CATEGORIES
                                                                Oral Care
                     Market Share
                                                                                            Key Brands

                 13.9%

   13.4%

                                          50.0%




       22.7%


           Colgate       HUL     Dabur         Others
                                                                 Dabur Red: Toothpaste     Babool: Targeted at   Meswak: Premium
                                                                 & Toothpowder             economy segment       therapeutic
Value Share -ACN MAT Dec 2010
             ACN     Dec,                                                                                        toothpaste

                                                             Health Supplements
                                                                                            Key Brands
    Chyawanprash – Market Share

               10.5%
                                       13.6%
    2.9%
7.2%


                               65.8%




   Baidyanath Dabur            Emami Zandu          Others                                                 Dabur Honey: Largest
                                                                 Dabur Chyawanprash:      Dabur Glucose:   b   d d honey in the
                                                                                                           branded h         h
Volume Share-ACN MAT - Dec, 2010                                 Largest selling health   2nd largest      country; growing
                                                                 supplement in the        player in the    category through replace
                                                                 country                  country          sugar strategy   16
                                                                                                                              16
                                          CONSUMER CARE CATEGORIES
                                                           Foods
                                                                                    Key Brands
                      Market Share

                 13.0%                     52.0%




      35.0%

                 Dabur         Pepsi      Others

                                                              Real: Flagship                Real Activ: Range
  Company E t M
  C                      f F it J i        t
          Est. Mar, 2010 for Fruit Juice category                                           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 Lever   Emami          Dabur
                                                      Gulabari range of rose   Uveda: Range of        Fem Gold Bleach:
                                                                                                      F   G ld Bl   h
           Loreal            Cavin Care     Others
                                                      based     skin    care   Ayurvedic Skin         Launched recently
*Company estimates;                                   products:                Care
Includes Fem skin care portfolio                      Moisturizer,      Face
                                                      freshener    &   Rose                                        17
                                                      water                                                          17
                                        CONSUMER CARE CATEGORIES
                                                                  Digestives
                      Market Share                                                          Key Brands

                     37%
                                                 55%




                8%

                                                                            Hajmola: Flagship brand          Hajmola tasty
                Hajmola      Satmola      Others
                                                                            for branded Digestives           digestive candy
  a ue S a e C        ec, 0 0
 Value Share-ACN MAT Dec, 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
                                                                                                                               18
                                                                                                                                 18
                    CONSUMER HEALTH DIVISION
             Description                                         CHD Structure

CHD: Repository of Dabur’s Ayurvedic
Healthcare knowledge
Range of over 260 products                  O C (64%)
                                            OTC (6 %)                          C
                                                                           ETHICAL (36%)
Focusing on multiple therapeutic areas.        Generics                       Tonic
Distribution    coverage   of     200,000
                                               Branded Products               Classicals
chemists, ~12,000 vaidyas & 12,000
Ayurvedic pharmacies                                                          Branded Ethicals
Focus on growing the OTC Health-Care
portfolio aggressively



          Healthcare Focus

OTC Healthcare is Rs.130 billion size
industry
Expected to grow at 14-15% p.a. as          Honitus: Day & Night              Pudin Hara Lemon
                                            for Cold and Flu relief           Fizz for digestion
preference for Over-the-Counter products
accelerates
Dabur to expand its presence by :
     Consolidating / expanding current
     portfolio
     Launching     new     products   in
     emerging therapeutic areas
     Look at inorganic opportunities
                                                         Promoting Dabur Ayurveda: Generating
                                                         equity for Ethical portfolio              19
                                                                                                     19
                       INTERNATIONAL BUSINESS DIVISION
Started as an         Set up a franchisee at   Renamed franchisee as Dabur                Building scale-18% of
Exporter              Dubai in 1989            International Ltd                          overall Dabur Sales
Focus on Order        Demand generation        Local operations further strengthened      High Levels of Localization
fulfillment through   led to setting up of     Set up new mfg facilities in Nigeria,RAK   Global Supply chain
       Mfg.
India Mfg             mfg in Dubai & Egypt     & Bangladesh



   1980’s                  Early 90’s                    2003 Onwards                              Today


                      Highlights                                              High Growth in IBD
      Dabur’s overseas business contributes 18%              in Rs. million

      to consolidated sales led by CAGR of 29% in
      last 6 years
      Focus markets:
             GCC
             Egypt
             Nigeria
             Turkey
             Bangladesh
             Nepal
             U.S.
             US
      High level of localization of manufacturing
      and sales and marketing
      Leveraging the “Natural” preference among
      local consumers to increase share in personal                             New products contributing
      care categories                                                           significantly to overseas sales
      Sustained investments in brand building and
      marketing and new product launches                                                                           20
                                                                                                                     20
    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




 a     eat e ts
Hair Treatments
                    Vatika Hair Oil        V tik DermoViva Soaps
                                           Vatika D   Vi   S




                                                                      21
                                                                        21
                                    OUR STRATEGY

                          Three pronged Growth Strategy


     Expand                               Innovate                            Acquire


                  Our differentiation is the herbal and ayurvedic platform
Expand
  Strengthening presence in existing categories and markets as well entering new geographies
  Maintain dominant share in categories where we are category builders like Health
                                 g                       g y
  Supplements, Honey etc.
  Calibrated international expansion – local manufacturing and supply chain to enhance flexibility
  / reduce response time to change in market demands
Innovate
I     t
  Strong focus on innovation. Have rolled out new variants & products which have contributed to
  around 5-6% of our growth p.a.
  Renovation of existing products to respond to changing demands (Toothpowder to Toothpaste)
Acquire
  Acquisitions critical for building scale in existing categories & markets
  Should be synergistic and make a good strategic fit
  Target opportunities in our focus markets
                                                                                               22
                                                                                                 22
             ACQUISITION OF HOBI GROUP, TURKEY
Acquisition of Hobi Group, Turkey for a total
consideration of US$ 69 Million completed on
October 7, 2010
Hobi manufactures and markets hair, skin and
body care products under the brands Hobby
and New Era
Product  range    of    the   company      is
complementary to our product range
Acquisition provides an entry into another
                 g g
attractive emerging market and a good     g
platform to leverage this across the region




                                                 23
                                                   23
            ACQUISITION OF NAMASTE LABORATORIES
Dabur India Limited through its subsidiary Dabur International Limited acquired 100% stake
in Namaste Laboratories LLC for $100 million, in an all-cash deal on January1, 2011
Namasté is a leading ethnic hair care products company, having products for women of
colour, with revenues of about $93 million (Expected CY2010) from US, Europe, Middle East
and African markets
The company markets a portfolio of hair care products under the brand ‘Organic Root
                           gp
Stimulator’ and has a strong presence in ethnic hair care market for women of colour.
Acquisition to enable entry into Ethnic Hair Care products market valued at more than US$1.5
billion and tap into significant market opportunity in the fast growing, hugely populated (~1
Bn) yet highly underpenetrated consumer markets of Sub Saharan Africa
          i iti     i    f
At an acquisition price of $100 million, th d l value i at 1 1 S l and 8 3 EBITDA
                                 illi    the deal l   is t 1.1x Sales d 8.3x




                                                                                            24
                                                                                              24
                             FINANCIAL PERFORMANCE – FY2009-10
                       Sales: FY10 v/s FY09                   EBITDA Margin: FY10 v/s FY09
    in Rs. million




40000                                  34,167   20.00%                              19.6%
                 28,341                         19.50%
30000
                                                19.00%
20000                                           18 50%
                                                18.50%          18.3%
10000                                           18.00%
    0                                           17.50%

                     FY09              FY10                      FY09                FY10



                       PAT*: FY10 v/s FY09               Sales growth led primarily by continued
                                                         double digit volume growth
    in Rs. million
                                                         Fem C
                                                         F          Pharma which was acquired i
                                                               Care Ph      hi h         i d in
                                                         2008-09 and merged with DIL w.e.f. April
  6000                                  5,032            1, 2009 added about 3.5% in FY10 to
                     3,912                               topline.
  4000
  2000                                                   EBITDA margin expanded by 130 bps during
                                                         FY10 led by lower input costs.
    0
                                                         PAT increased by 28.6% during FY10 due to
                     FY09               FY10             strong topline, improving gross margins and
                                                         operating leverage despite higher ad spend &
                                                         tax provisioning


                                                                                                        25
                                                                                                          25
                 FINANCIAL PERFORMANCE - 9M and Q3 FY 2010-11

                 Sales: 9MFY11 v/s 9MFY10                      Sales: Q3FY11 v/s Q3FY10
in Rs. million                                in Rs. million
                                     29,926                                        10,878
             25 607
             25,607                                            9,323
                                                               9 323




             9MFY10                 9MFY11                     Q3FY10             Q3FY11




 Sales for 9MFY11 increased by 16.9% which was largely volume driven


                 PAT: 9MFY11 v/s 9MFY10                         PAT: Q3FY11 v/s Q3FY10
in Rs. million                                in Rs. million
                                                                                   1,541
                                     4,219                     1,378
                 3,670




             9MFY10                 9MFY11                     Q3FY10             Q3FY11



 PAT increased by 15% during 9M FY11 despite input cost inflation and
 increased taxation                                                                         26
                                                                                              26
STOCK PERFORMANCE AND SHAREHOLDING PATTERN


Market Capitalization in Rs. billion                        Shareholding Structure*

                         170
                                                                        FIIs, 16.4      Indian
                                                  FIs/
                                                                            %         Public and
                                                MFs/Ins.
                                                                                      Others, 7.1
                                               Cos., 7.8%
                                                                                          %

        17
                                                                Prom oters,
                                                                   68.7%




   2001              2010
                                             *As on December 31, 2010




             Dabur ranked as the organization that offers the best return to investors by
              the 6th Social & Corporate Governance Awards, presented by the Bombay
                                          Stock Exchange




                                                                                                27
                                                                                                  27
                                           CONSOLIDATED P&L
in Rs. million                              Q3FY11    Q3FY10    YoY (%)   9M FY11      9MFY10        YoY (%)
Gross Sales                                 10,878     9,323     16.7%       29,926      25,607       16.9%
Less:Excise Duty                                78        64                    234         188
Net Sales                                   10,800
                                            10 800     9 258
                                                       9,258     16 6%
                                                                 16.6%       29,692
                                                                             29 692      25,419
                                                                                         25 419       16 8%
                                                                                                      16.8%
Other Operating Income                          69        27     153.1%         256         139        84.8%
Material Cost                                 5,231     4,223     23.9%       14,162      11,664       21.4%
 % of Sales                                  48.1%     45.3%                  47.3%       45.6%
Employee Costs                                 801       735       9 1%
                                                                   9.1%        2 308
                                                                               2,308       2,093
                                                                                           2 093       10 2%
                                                                                                       10.2%
 % of Sales                                   7.4%      7.9%                   7.7%        8.2%
Ad Pro                                       1,349     1,351      -0.1%        4,071       3,779        7.7%
% of Sales                                   12.4%     14.5%                  13.6%       14.8%
Other Expenses                                1,323
                                              1 323     1,192
                                                        1 192     11.0%
                                                                  11 0%        3,660
                                                                               3 660       3,213
                                                                                           3 213       13 9%
                                                                                                       13.9%
% of Sales                                   12.2%     12.8%                  12.2%       12.5%
Other Non Operating Income                      20        38     -48.5%         159         175        -9.0%
EBITDA                                       2,184     1,823     19.8%        5,906       4,983       18.5%
% of Sales                                   20.1%
                                             20 1%     19 6%
                                                       19.6%                  19 7%
                                                                              19.7%       19.5%
                                                                                          19 5%
Interest Expenses                               54        28      91.1%         144         151        -4.2%
Depreciation                                   160       131      22.2%         437         372        17.4%
Amortization                                    73        14     423.6%         130             41    215.0%
Profit Before Tax (PBT)                      1,897
                                             1 897     1,651
                                                       1 651     15.0%
                                                                 15 0%        5,195
                                                                              5 195       4,419
                                                                                          4 419       17 6%
                                                                                                      17.6%
Tax Expenses                                   357       273      30.9%         976         747        30.7%
Provision for Taxation for Earlier years                                                         3
PAT(Before exceptional item)                 1,541     1,378      11.8%       4,219       3,670        15.0%
 % of Sales                                  14 2%
                                             14.2%     14 8%
                                                       14.8%                  14.1%
                                                                              14 1%       14 3%
                                                                                          14.3%
PAT(After exceptional Items)                  1,541     1,378     11.8%        4,219       3,670       15.0%
PAT (After Extra ordinary item & MI)         1,544     1,393     10.9%        4,216       3,678       14.6%
                                                                                                       28
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                  CONSOLIDATED BALANCE SHEET
in Rs. million                              As on Dec 31, 2010    As on Dec 31, 2009
Sources Of Funds
Shareholders' Fund:
 Share Capital                                            1,741                   866
 Reserves & Surplus                                      11,881
                                                         11 881                 7 939
                                                                                7,939
                                                         13,620                 8,805
Minority Interest                                            41                    83
Loan Funds:
 Secured Loans                                 6,573                 1,032
 U        dL
 Unsecured Loans                                 856      7,429
                                                          7 429      1 075
                                                                     1,075      2,107
                                                                                2 107
Deferred Tax Liability                                      174                   123
TOTAL                                                    21,260                11,120
Application of funds:
Fixed Assets:
 Gross Block                                  13,729                 9,253
 less: Depreciation                            4,278                 3,378
 Net block                                                9,451                 5,875
 Capital WIP                                                414                   593
Investments                                                ,
                                                          1,201                  ,
                                                                                2,588
Current Assets,Loans & Advances
 Inventories                                   5,446                 4,373
 Sundry Debtors                                2,689                 2,135
 Cash & Bank balances                          6,364                 1,514
 Loans & Advances                              5,162     19,661      3,760     11,782
Less: Current Liabilities and Provisions:
 Current Liabilities                                      6,087                 6,526
 Provisions                                               4,306                 3,250
                                                         10,393                 9,776
N tC        tA
Net Current Assetst                                       9 268
                                                          9,268                 2,006
                                                                                2 006
Miscellaneous Expenditure                                   930                    56
Deferred Tax Assets
TOTAL                                                    21,260                11,120   29
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  Investor Relations
    Dabur India Ltd
Contact:+91-11-42786000




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