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					Dabur India Ltd
  Corporate Profile
      March, 2011




                      1
                          1
Index


              India Introduction
        Dabur India-Introduction

        FMCG Industry Scenario

        Business Overview

        Growth Strategy

        Recent Performance




                                   2
                                       2
Dabur India: Key Highlights
 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 list,    India, according to
                                                500 list
                                                                     released by        Brand Trust
 Strong overseas presence with 20%                                   Business India     Report, India
 contribution to consolidated sales                                                     Study, 2011


                                                                                                      3
                                                                                                          3
 Strong Financials
                                                             Sales
  in Rs. million

        40000
                                                                                                                34 167
                                                                                                                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                                                                                4
                                                                                                                                    4
Key Milestones
1884                        1972                       1986                      1994
•Dr. SK Burman started      •The company shifted       •Registered as Public     •Listed on the Bombay
 an Ayurvedic Pharmacy       base to Delhi from         Limited Company           Stock Exchange
 in Kolkatta
     o atta                  Kolkata




1998                        2003                       2004                      2005
•Professionalization        •Pharmaceutical            •International Business   •Acquired Balsara
 process with Burman         Business de-merged to      Division set up in        strengthening Oral
 Family handing over         focus on core FMCG         Dubai to focus on         care & gaining entry
 day to management           business                   overseas opportunities    into Home care




2006                        2007                       2008                      2010
 Dabur
•Dabur Figured in Top        Dabur
                            •Dabur ranked among         Acquired
                                                       •Acquired Fem Care         Touched
                                                                                 •Touched US$4 billion
 10 Great Places To          'Asia's Best Under A       Pharma entering the       market cap
 Work                        Billion' enterprises by    mainstream Skin care
                             Forbes                     segment




2010
• Overseas acquisitions -
 Hobi Group, Turkey and
 Namaste Laboratories, US




                                                                                                         5
                                                                                                             5
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
                                                                                          6
                                                                                              6
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 2.8 Mn Retail Outlets

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

                                         Foods

                                         Home Care
Agronomy Initiatives                     OTC Healthcare

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


       Dabur Research Facilities                                p
                                          Greenhouse at Dabur Nepal




                                                                        8
                                                                            8
Index


              India Introduction
        Dabur India-Introduction

        FMCG Industry Scenario

        Business Overview

        Growth Strategy

        Recent Performance




                                   9
                                       9
   FMCG Industry Snapshot
                            Key Highlights                                                        FMCG Industry Size (India)

          FMCG industry size at US$30 billion in                         in Rs. billion
                                                                     1,600.00

          CY10 and expected to grow to US$74                                                                                                          1,339
                                                                                                                                     1 161
                                                                                                                                     1,161
                                                                     1,400.00

          billion in 2018*                                           1,200.00
                                                                                                                  1,024
          Industry has grown at 15% in CY10
                                                                     1,000.00                          856
                                                                      800.00
                                                                                     755
          Rural sector accounts for about 33% of                      600.00


          total revenue                                               400.00

                                                                      200.00

          Of the entire FMCG sector, Food is                             0.00

          52%, Non-Food at 45% and OTC 3%
                                                                                    CY06               CY07          CY08            CY09             CY10
                                                                        Source: AC Nielsen

                 FMCG Growth : Urban & Rural                                             FMCG Split: OTC, Food and Non-Food
                                                                            140,000                                                     128,580
20%                                                                                        Rs. Crores
                                   16%                        18%                                                       116,053
                                                                                                                        116 053             3
                                                     15%                    120,000                                                             (11%)
                                                                                                                            4
15%
                                            12%               11%                                        97,276                 (14%)
                           10%                                              100,000
                 9%                   12%               12%                               82,615             4 (10 %)                       45 (8%)
10%
                                               10%                              80,000        4                            46 (19%)                     OTC PRODUCTS
                                                                                                                                                        Non‐Food 
 5%      3%                                                                                                46 (14 %)
                            1%                                                  60,000       48                                                         Food Products
                                                                                                                                                        Food Products
                 -1%
 0%
                                                                                40,000
                                                                                                                                           52 (14 %)
         CY03    CY04      CY05    CY06     CY07     CY08     CY09                                                         50 (20 %)
-5%
         -8%                                                                    20,000       48            50 (22%)

-10%                       Urban      Rural                                         0
                                                                                          MAT Sep'07    MAT Sep'08      MAT Sep'09      MAT Sep''10


      Source: AC Nielsen                                                Source: AC Nielsen

                                                                                                                                                                    10
                                                                                                                                                                      10
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



                                                                                      11
                                                                                        11
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


                                                                                                              12
                                                                                                                12
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

                                                                                                                                  13
                                                                                                                                    13
  Key Players: FMCG
                                                                                                       USD Million


  Company                            Key Categories                      Sales    Profit          Market Cap

                                     Soaps, Detergents, Personal Care,
 Hindustan Unilever Ltd                                                   4,479       538                 12,897
                                     Foods

 Nestle India Ltd*                   Food, Beverages, Infant nutrition
                                         ,       g ,                      1,101
                                                                           ,          141                   ,
                                                                                                           6,867

                                     Personal, Health & Homecare,
 Dabur India Ltd                                                            733       108                  3,475
                                     Foods

                      Ltd
 Britannia Industries Ltd*           Biscuits                               734        33                     918

 Colgate Palmolive (I) Ltd* Oral Care & Toiletries                          364        62                  2,381

 Marico Ltd.                         Hair care, Food, Skincare              571        49                  1,513

 Glaxo Smithkline
                                     Consumer Health Care                   412        50                  1,881
 Consumer*

 Godrej Consumer                     Hair Care, Soaps                       438        72                  2,315

 Procter & Gamble^                   Feminine Hygiene, personal care        166        39                  1,033


Source: Published results for year ending 31.03.10
                                                                                  Note: Market Cap. as of 06.02.11
*Year ending 31.12.09
^Year ending 30.06.09
                                                                                                                 14
                                                                                                                   14
  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


     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           15
                                                                                                                     15
Index


              India Introduction
        Dabur India-Introduction

        FMCG Industry Scenario

        Business Overview

        Growth Strategy

        Recent Performance




                                   16
                                     16
  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-old benefits of
                                                                                                           8%
    Division                                Ayurveda in modern ready-to-use
                                            formats



                                            Caters to the health & personal care
                                            needs of customers across different
    I t    ti   l
    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


                                                                                                                    17
                                                                                                                      17
  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

                                                                                                                18
                                                                                                                  18
   Brand Architecture
      Starting from Ayurveda, the company successfully ventured into herbal
      arena becoming the ‘Herbal Specialist’
      While herbal businesses form the core with 85% of revenues, the
      company’s growth ambitions are not limited by it.
      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
Healthcare                      Digestives        Skin care           Beverages                    solutions
                    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

B and size pertains to FY2008-09 sales in India and o e seas Fem had sales of about Rs.30 mn in o e seas markets in FY09
Brand si e pe tains    FY2008 09                    overseas;                 abo t Rs 30       overseas ma kets



                                                                                                                    19
                                                                                                                      19
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
                                                                                                          20
                                                                                                            20
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   21
                                                                                                                              21
   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        F   G ld Bl   h
                                                                                                      Fem Gold Bleach:
           Loreal            Cavin Care     Others
                                                      based     skin    care   Ayurvedic Skin         Launched recently
*Company estimates;                                   products: Moisturizer,   Care
Includes Fem skin care portfolio                      Face freshener & Rose
                                                      water                                                        22
                                                                                                                     22
 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
                                                                                                                               23
                                                                                                                                 23
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              24
                                                                                                      24
   International Business Division
Started as an         Set up a franchisee at   Renamed franchisee as Dabur                Building scale-20% of
Exporter              Dubai in 1989            International Ltd                          overall Dabur Sales (FY09)
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
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:
      F           k t
             GCC
             Egypt
             Nigeria
             Turkey
             Bangladesh
             Nepal
             U.S.
      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
                                                                                                                   25
                                                                                                                     25
Index


              India Introduction
        Dabur India-Introduction

        FMCG Industry Scenario

        Business Overview

        Growth Strategy

        Recent Performance




                                   26
                                     26
Growth Strategy
                     EXPAND




                       DABUR
                       INDIA
                      LIMITED


  ACQUIRE                              INNOVATE


     THREE PRONGED STRATEGY FOR SUSTAINING GROWTH




                                                    27
                                                      27
    Expansion Strategy
Strengthening new categories           Targeting inorganic
   Skin Care: Ayurvedic skin care      opportunities
      g
   range under a new brand               Market Entry: Acquisitions
                                                       y     q
   launched; Acquisition of Fem          critical for building scale in
   OTC Healthcare: Leveraging            existing categories & markets
   Ayurveda knowledge for a              Synergies: Should be
   range of OTC herbal products          synergistic and make a good
   Fruit Drinks and Culinary:            strategic fit
   Entry into the fast growing fruit     Geographies: Opportunities in
   drinks category leveraging the        focus markets
   Real franchise




Strong innovation programme            Expanding across geographies
   Contribution: New products to         Overseas markets: 20% of
   contribute 5-6% of revenues           overall company; target to
   Focus Categories: New                 sustain higher growth rates
   product activations planned up        South India: Increased
   in all categories                     contribution from 7% to 12%;
   Renovation: P i di b
   R          i                 d
                   Periodic brand        Continued focus on the
   renovations to keep older             relevant portfolio to grow
   products salient                      contribution




                                                                   28
                                                                     28
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




                                                29
                                                  29
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




                                                                                            30
                                                                                              30
Index


              India Introduction
        Dabur India-Introduction

        FMCG Industry Scenario

        Business Overview

        Growth Strategy

        Recent Performance




                                   31
                                     31
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                                            9,323




             9MFY10                 9MFY11                     Q3FY10             Q3FY11




 S l   for 9MFY11 i
 Sales f          increased b 16 9% which was largely volume driven
                          d by 16.9% hi h     l    l    l    d i


                 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
                                                                                            32
                                                                                              32
Stock Performance & 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




                                                                                                   33
                                                                                                     33
   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%
                                                                                                      34
                                                                                                        34
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   35
                                                                                            35
Accolades




Ranked 25th most                                                                            Ranked       in ET B
                                                                                            R k d 28th i ET-Brandd
                             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 100 Most
                             Companies List              India
Valuable Brands, by 4Ps.




 Dabur India Ltd has been
 awarded the Top Marketer                                                                   Voted as the fourth Most
 Award f
 A               in the
      d for 2009 i th                                                                       Liked Health Brand in the
                                                           Ranked 182 in ET-500, the
 Consumer Goods category     Dabur India Ltd was                                            country in consumer
                                                           annual listing of India's Blue
 by Pitch magazine           ranked the Business                                            survey conducted by
                                                           Chip companies by The
                             Leader in the FMCG -                                           'Complete Wellbeing'
                                                           Economic Times.
                             Personal Care Category at                                      magazine
                                                           Also ranked as the fourth
                             the NDTV Profit Business
                                                           largest pure-play FMCG
                             Leadership Award 2008
                                                           company in the list.




                                                                                                                        36
                                                                                                                          36
  Investor Relations
    Dabur India Ltd
Contact:+91-11-42786000




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