dabur invconf may 2010
TRANSCRIPT
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DABUR INDIA LIMITED
Goldman Sachs India Investor Conference, New York
May 2010
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4.4%
5.8%
3.8%
8.5%7.5%
9.4% 9.7% 9.2%
6.7% 7.2%
0
0.02
0.04
0.06
0.08
0.1
0.12
FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10
India Real GDP Y -o-Y Growth (% )
The Indian economy has been on a strong growth trajectory with real GDP growing
at a CAGR of 7.5% over the last decade
High rate of Gross Capital Formation of 35% and Gross Domestic Savings of 32.5%in 2009 expected to drive GDP growth of around 9% going forward.
Per capita income slated to treble in the next 10 years
Source : RBI & CSO estimates for F10 Source : World Bank, Edelweiss Research
ECONOMY OVERVIEW
Per Capita Income (USD)
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By 2025, India is poised to become the w orld's fifth largest consuming country
from current position of twelfth
Source : Mckinsey Global Institute Analysis
Aggregate Consumption across I ncome Brackets
4x
710
17
34
70
Middle Class
MiddleClass
in trillion, Indian Rupees, 2000
Note:
Annual Income (in Indian Rupees, 2000): Globals >1,000,000; Strivers =500,000-1,000,000;Seekers=200,000-499,999; Aspirers=90,000-199,999; Deprived=<90,000
INDIA CONSUMPTION STORY
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3%
9%10%
12%
13%
20%
11%
-8%
-1%1%
16%
14%
18%
18%
-10%
-5%
0%
5%
10%
15%
20%
25%
CY03 CY04 CY05 CY06 CY07 CY08 CY09
U r ban Ru ral
Increasing per capita GDP hasbeen driving FMCG growth
This has translated into the
FMCG industry becoming aUS$25 billion industry in CY09(Y-o-Y grow th of 13.4% )
FMCG Growth : Urban & Rural
FMCG INDUSTRY IN INDIA
FMCG Industry Size (India)
in Rs. billion
Rural economy with governmentstimulus and rising non farmincomes has outpaced Urbangrowth
Source : AC Nielsen
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Increasing consumption andpenetration levels driving grow th
3
46
131
11
124
96
AFFLUENT
ASPIRERS
STRIVERS
2003181 mn households 2013231 mn householdsTop End BusinessHigh Disposables
RICH CLASSES
Growing
ConsumerismCredit Culture
ASPIRING CLASSES
B.O.P Opportunity
STRIVING CLASSES
Source : NCAER
India – Transforming from a pyramid to a diamond
FMCG INDUSTRY DRIVERS
Demographic factors:
Rising income levels
Expanding middle class
Young population
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Established in 1884 : 125 Years of Trust & Excellence
Among top 4 FMCG companies in India
World’s largest in Ayurveda and natural
healthcare Revenue of Rs. 33.9 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’sMost Admired Brands
10 Brands with sales of over Rs. 1 billion each
Wide distribution network covering 2.8 million
retailers across the country 17 world class manufacturing plants catering
to needs of diverse markets
Strong overseas presence with 18%contribution to consolidated sales
DABUR OVERVIEW
Ten Billion Rupee Brands
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Market Capitalization in Rs. billion
More than an 9-fold increase in market cap leading to strong wealth creation
0
20
40
60
80
100
120
140
160
2001 2010
17
160
in Rs. b i l l ion
I n c r
e a s e
o f
9 . 4 x
10 YEARS OF SUPERIOR VALUE CREATION
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Rs. 11billion
Sales
FY01 FY10
> 3x increase
Dabur has undergone a significant transformation over the last 10 years
Rs. 34billion
12.5%EBITDAmargins
>730 bps increase 19.8%
Rs. 0.8 billionPAT > 6.4x increase Rs. 5.0 bil lion
70 daysWorkingCapital > 5.8x decrease 12 days*
22.0%RoE > 1.7x increase 40%
DRIVEN BY STRONG FINANCIAL PERFORMANCE
7% 15%PATMargin
> 2x increase
Note: Working Capital excludes Cash and Bank Balances*Excludes provision for dividend
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ROBUST TOPLINE GROWTH
Rs. 11billion
Sales Rs. 34billion
FY01 FY10
> 3x increase
CAGR of 13.3% leading to a more than 3-fold growth in sales over the decade
Key Grow th Drivers
InnovationNew
GeographiesAcquisitions
Increase inMarket Shares
Red Toothpaste
Real & Activ
Vatika range of hair care
OTC products
Gulabari range of
skin care
Egypt
Nigeria
Levant
North Africa
Pakistan
Bangladesh
Balsara (2005) –Attractive herbalbased oral careportfolio
Fem (2009)Provided entry inthe high growth
skin care market
Market shareshave w itnessedexpansion in:
Oral Care
Shampoos
Skin Care
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12.50% 12%12.60%
13.3%
15.3%
17.1%18.1% 18.5% 18.3%
19.8%
10.00%
12.00%
14.00%
16.00%
18.00%
20.00%
22.00%
FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10
STRONG MARGIN STORY
Key Growth Drivers
Efficiencies inprocurementDeployment of
technology platformssuch as e-sourcingMaterial cost wentdown from 49% inFY01 to 45% in FY10
OperationalefficienciesStable Overheads &
Staff costsImprovement inSupply chainmanagementS&D efficiencies
Economies of scaleGrowing scale in
domestic & internationalTranslating intohigher operatingleverage
Margins improved inspite of increase in adpro investments from 13.3% of sales in FY01 to 14.3% of sales in FY10
Improvement inproduct mixEntered high margin
categoriesFavourable categorymix
EBITDA Margin (in %)
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HealthCare
PersonalCare
HomeCare
Foods
STRONG PORTFOLIO OF BRANDS
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Manufacturing Facilities
Egypt
DubaiBangladesh
Nepal
RAK
Nigeria
Key markets
We continue to build on our strategy of localized manufacturing and supplychain to improve response time to changing demand conditions
GLOBAL FOOTPRINT
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1.Sahibabad, U.P
2. Uttaranchal
3.Baddi, H.P
4.Jammu, J&K
5.Katni, M.P
6.Siliguri, W.B
7.Jaipur, Rajasthan
8.Silvassa
1
2
3
4
5 6
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MANUFACTURING LOCATIONS - INDIA
First Ayurvedic products companyto receive ISO 9002 certification
Certificate of ‘Good ManufacturingPractices’ to manufactureAyurvedic products
New manufacturing facility atBaddi, HP commissioned in March2010
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C&FA
Stockist Super Stockist Institutions& Modern
trade
Wholesalers
RETAIL TRADE
Sub Stockist
CONSUMERS
Factory
Direct + Indirect Reach covering 2.8 Mn Retail Outlets
(Carry & Forward Agents)
ROBUST DISTRIBUTION NETWORK
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Hair care includes Hair Oils & Shampoos;Oral care includes Toothpastes & Toothpowder;Skin care includes moisturizers, face cleaning, lightening, anti ageing & other skin care productsDigestives includes herbal digestives
Hair Care
Oral Care
Chyawanprash
Digestives
12%3Dabur Amla hair Oil, Vatika hair oil & Vatika Shampoos
13%3Red toothpaste, Babool, Meswak, Redtoothpowder
7%3 Dabur Gulabari, Fem, Dabur Uveda
63%1 Dabur Chyawanprash
55%1 Hajmola
Market SharePosition Key BrandsCategory
Skin Care
Fruit Juices 45%1 Real Fruit Juices, Real Activ
STRONG PRESENCE IN FMCG CATEGORIES
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Business Unit
Consumer CareDivision
Consumer HealthDivision
InternationalBusiness
Description
FMCG portfolio comprising four
distinct businesses:•Personal Care•Health Care•Home Care•Foods
Range of ethical and OTC productsthat deliver the age-old benefits of Ayurveda in modern ready-to-useformats
Caters to the health & personal care
needs of customers across differentinternational markets spanningMiddle East, North & West Africa,South Asia, EU and US through itsbrands Dabur and Vatika
Note: Percentage share in revenue based on FY10 Financials ; Femcare included in Consumer Care Division
RevenueShare
71%
8%
18%
BUSINESS STRUCTURE
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FPD: Family Products Division
HCPD: Health Care Products Division
Balsara and Fem were acquisitions
Foods division was a 100% subsidiary of DIL
i n R s . m i l l i o n
CCD Sales - HistoricalCategory-w ise Share of CCD Sales
CA G R - 1
5 %
HCPD
CCD
FPD Balsara Foods FEM
2003-2004 2006-2007 2007-2008 2008-2009
Note: Percentage share in revenue for FY10
Hair Care
31.4%
Oral Care
18.2%
Health
Suppleme
nts
19.9%
Digestives
8.6%
Skin
Care
2.4%
Home
Care
5.2%
Foods
14.2%
CONSUMER CARE DIVISION OVERVIEW
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11.2%6.0%
45.5%
23.8%
13.5%
Cavinkare Dabur HUL
P&G Others
7%
16%
3%
6%
31%
37%
Bajaj Dabur Dey's Medical
Emami Marico Others
Market Share
Market Share
Vatika range of shampoos Dabur Total Protect
Ayurvedic Shampoo
Dabur Amla:Largest brand inthe portfolio
Vatika: Value addedcoconut oil
Anmol Hair Oil:Value proposition
Key Brands
Value Share-ACN June, 09
Value Share-ACN Mar, 10
Key Brands
Hair Oil
Shampoo
CONSUMER CARE CATEGORIES
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12.7%
62.7%
7.9%
5.6% 11.1%
Baidyanath Dabur Emami Zandu Others
49.7%
22.8%
13.2%
14.3%
Colgate HUL Dabur Others
Market Share
Chyawanprash – Market Share
Value Share-ACN March, 2010
Value Share-ACN March, 2010
Dabur Red:Toothpaste & Toothpowder
Babool: Targeted ateconomy segment
Meswak: Premiumtherapeutictoothpaste
Dabur Chyawanprash:Largest selling healthsupplement in thecountry
Dabur Glucose:2nd largest
player in thecountry
Dabur Honey: Largestbranded honey in thecountry; growing
category through replacesugar strategy
Key Brands
Key Brands
Oral Care
Health Supplements
CONSUMER CARE CATEGORIES
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58.9%
6.8%
6.6%
6.4%
3.2%
18.0%
Hindustan Lever Emami Dabur
Loreal Cavin Care Others
45%
36.4%
15.5%3.7%
Dabur Pepsi Priya Gold Others
Market Share
Market Share*
Value Share-ACN May, 09 ; Fruit Juice category
*Company estimates; Includes Fem skin care portfolio
Real: Flagshipbeverages brand
Real Activ: Rangeof 100% pure juice
Real Burrst: Newfruit Drink brand
Gulabari range of rose based skin careproducts: Moisturizer, Face freshener
& Rose water
Fem Skin care :Acquired recently
Key Brands
Key Brands
Foods
Skin Care
CONSUMER CARE CATEGORIES
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20%
20%
30%
5%
26%
Odon il Air wick Premium Ambipur Others
55%
8%
37%
Hajmola Satmola Others
Market Share
Air Fresheners – Market Share
Value Share-ACN March, 2010
Value Share-ACN March, 2010 for Aerosols category
Hajmola: Flagship brandfor branded Digestives
Hajmola tastydigestive candy
Odonil: Air freshnerrange: Largest brandin the portfolio
Odomos: Mosquitorepellant skin cream
Sanifresh:Toilet cleaner
Key Brands
Key Brands
Digestives
Home Care
CONSUMER CARE CATEGORIES
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CONSUMER HEALTH DIVISION
Description
CHD: Repository of Dabur’s AyurvedicHealthcare knowledge
Plans underway to build a comprehensivestrategy for a greater push in OTC Healthspace
Range of over 260 products Focusing on multiple therapeutic areas.
Distribution coverage of 200,000chemists, ~12,000 vaidyas & 12,000Ayurvedic pharmacies
CHD Structure
OTC (64% )
Generics
Branded Products
ETHICAL (36%)
Tonic
Classicals
Branded Ethicals
Promoting Dabur Ayurveda: Generatingequity for Ethical portfolio
OTC Healthcare is Rs.130 billion sizeindustry
Expected to grow at 14-15% p.a. aspreference for Over-the-Counter productsaccelerates
Dabur to expand its presence by :
Consolidating / expanding currentportfolio
Launching new products inemerging therapeutic areas
Look at inorganic opportunities
Healthcare Focus
Herbal Cough & ColdSyrup Mint based medicine for digestion
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1980’s Early 90’s 2003 Onwards Today
Started as anExporter
Focus on Orderfulfillment throughIndia Mfg.
Set up a franchisee atDubai in 1989
Demand generationled to setting up of mfg in Dubai & Egypt
Renamed franchisee as DaburInternational Ltd
Local operations further strengthened
Set up new mfg facilities inNigeria,RAK & Bangladesh
Building scale-18% of overall Dabur Sales
High Levels of Localization
Global Supply chain
New products contributingsignificantly to overseas sales
Highlights
Dabur’s overseas business contributes 18%to consolidated sales led by CAGR of 29% inlast 6 years
Focus markets:
GCC Egypt
Nigeria
Bangladesh
Nepal
U.S.
High level of localization of manufacturingand sales and marketing
Leveraging the “Natural” preference amonglocal consumers to increase share in personalcare categories
Sustained investments in brand building andmarketing and new product launches
High Growth in IBD
i n R s . m i l l i o n
CA G R -
2 9 %
INTERNATIONAL BUSINESS DIVISION
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IBD PRODUCT PORTFOLIO
Hair Oils
Hair Creams
Hair Treatments
Existing Products NPDs and Relaunches
Vatika Shampoos
Vatika Conditioners
VatikaHair Oil
Dabur Herbal Toothpaste
Vatika – Hair FallControl
Dabur Amla Snake Oil
Vatika DermoViva Soaps
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In continuation of acquisitive growthstrategy, Dabur acquired Fem Care inJune 2009
Fem has entrenched equities infairness bleach category; Marketleader with over 60% market share.
The transaction has given Dabur anentry into high growth skin caremarket with an established brand ‘FEM’ and strong product capabilitiesin skin care
Acquisition expected to lead tosignificant revenue and cost synergiesfor Dabur and Fem Care
in Rs. million Jul-Mar FY09 Jul-Mar FY10 Gr o w t h
Sales 767 894 16.6%*
EBITDA 91 253 177.5%
As % of Sales 11.9% 28.3%
PAT 53 185 247.6%
As % of Sales 6.9% 20.7%
The following table depicts Y-o-Y improvement in performance of Fem Care for the9-Month period after coming under under Dabur management
FEM CARE
*Sales growth of around 16% despite discontinued business of Specialty Chemicals,pipeline corrections in Pharma division and portfolio rationalization in OTC
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Our differentiation is the herbal and ayurvedic platform
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
Expand Strengthening presence in existing categories and markets as well entering new
geographies
Maintain dominant share in categories where we are category builders like HealthSupplements, Honey etc.
Calibrated international expansion – local manufacturing and supply chain to enhanceflexibility / reduce response time to change in market demands
Innovate
Strong focus on innovation. Have rolled out new variants & products which havecontributed to around 5-6% of our growth p.a.
Renovation of existing products to respond to changing demands (Toothpowder toToothpaste)
Three pronged Growth Strategy
Acquire Expand Innovate
OUR STRATEGY
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i n %
EBITDA Margin (in % )
Sales
in Rs. m i l l ion
CA G R – 1 8
%
^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 10% to topline in FY10. FY10 financials are unaudited
Net Profit
i n R s . m i l l i o n
CA G R -
3 0 %
FINANCIAL PERFORMANCE
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3,912
5,035
0
1000
2000
3000
4000
5000
6000
FY09 FY10
18.3%
19.8%
17.50%
18.00%
18.50%
19.00%
19.50%
20.00%
FY09 FY10
28,341
33,907
24000
26000
28000
30000
32000
34000
36000
FY09 FY10
Sales: FY10 v/ s FY09
i n Rs. m i l l ion
Sales growth led primarily by continued doubledigit volume growth
Fem Care Pharma which was acquired in 2008-09and consolidated with DIL w.e.f. June 25, 2009added about 3% in FY10 to topline.
EBITDA margin expanded by 150 bps during
FY10 led by lower input costs. PAT increased by 28.7% during FY10 due to
strong topline, improving gross margins andoperating leverage despite higher ad spend & taxprovisioning
EBITDA Margin: FY10 v/ s FY09
PAT*: FY10 v/ s FY09
i n Rs. m i l l ion
* PAT refers to Net Profit after Minority Interest
1 9. 6 %
1 5 0 b p
s
2 8. 7 %
FINANCIAL PERFORMANCE – FY2010 (UNAUDITED)
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Promoters,
69.0%
Mutual
Funds, 1.9%
Banks/FIs/
InsuranceCos., 8.0
%
FIIs, 14.5
%
Indian
Public and
Others, 6.6%
Dabur Outperformed the index by 26% during the period May 2009 to April 2010
*As on April 30, 2010
Shareholding Structure*Dabur’s Stock Price vis-à-vis NIFTY
Prices rebased to 100
STOCK PERFORMANCE AND SHAREHOLDING PATTERN
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in Rs. million Q4FY10 Q4FY09 YoY (% ) FY10 FY09 YoY (% )
Gross Sales 8,553 7,371 16.0% 33,909 28,341 19.6%
Less:Excise Duty 65 54 253 287
Net Sales 8,488 7,317 16.0% 33,657 28,054 20.0%
Other Operating Income 95 47 103.4% 241 256 -5.8%
Material Cost 3,843 3,423 12.3% 15,394 13,762 11.9%
% of Sales 44.9% 46.4% 45.4% 48.6%
Employee Costs 754 592 27.4% 2,804 2,347 19.5%
% of Sales 8.8% 8.0% 8.3% 8.3%
Ad Pro 1,156 963 20.1% 4,845 3,433 41.1%
% of Sales 13.5% 13.1% 14.3% 12.1%
Other Expenses 1,115 1,044 6.8% 4,284 3,808 12.5%% of Sales 13.0% 14.2% 12.6% 13.4%
Other Non Operating Income 48 43 11.7% 147 213 -31.1%
EBITDA 1,762 1,385 27.2% 6,717 5,173 29.9%
% of Sales 20.6% 18.8% 19.8% 18.3%
Interest Expenses 25 83 -70.3% 132 232 -43.3%
Depreciation/Amortization 149 144 3.6% 557 492 13.2%
Profit Before Tax (PBT) 1,589 1,158 37.2% 6,028 4,448 35.5%
Taxes 236 106 123.5% 985 540 82.3%
PAT(Before exceptional item) 1,353 1,053 28.5% 5,043 3,908 29.1%
% of Sales 15.8% 14.3% 14.9% 13.8%
PAT(After exceptional Items) 1,353 1,053 28.5% 5,043 3,908 29.1%
PAT (After Extra ordinary item & MI ) 1,353 1,043 29.7% 5,035 3,912 28.7%
Diluted EPS (Rs)1.56 1.21 5.79 4.50
CONSOLIDATED P&L FY10 & Q4FY10 (unaudited)
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in Rs. million As on Mar 10 As on Mar 09Sources Of FundsShareholders' Fund:Share Capital 868 865
Reserves & Surplus 11,892 7,323
12,760 8,188
Minority Interest 84 46
Loan Funds:
Secured Loans 702 957Unsecured Loans 1,090 1,793 1,319 2,276
Deffered Tax Liability 382 305
TOTAL 15,019 10,815
Application of funds:
Fixed Assets:
Gross Block 12,427 8,585less: Depreciation 3,395 2,993
Net block 9,032 5,592
Investments 2,641 3,470
Current Assets,Loans & AdvancesInventories 4,283 3,755
Sundry Debtors 1,347 1,779
Cash & Bank balances 1,924 1,484
Loans & Advances 3,706 11,260 2,490 9,508Less: Current Liabilities and P rovisions:Current Liabilities 4,945 4,817
Provisions 3,260 3,260
8,206 8,077Net Current Assets 3,055 1,432Miscellaneous Expenditure 27 86
Deffered Tax Assets 263 235
TOTAL 15,019 10,815
CONSOLIDATED BALANCE SHEET – MAR 31, 2010 (unaudited)
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Dabur India Ltd wasranked the BusinessLeader in the FMCG -Personal Care Category atthe NDTV Profit BusinessLeadership Award 2008
Ranked 28th in ET-BrandEquity Most TrustedBrands 2009 list.
Listed in Forbes’ 200Best Under-A-BillionCompanies List
Ranked 79th in 'Super 100'list announced by BusinessIndia
Ranked 182 in ET-500, theannual listing of India's BlueChip companies by TheEconomic Times.Also ranked as the fourthlargest pure-play FMCGcompany in the list.
Ranked 25th mostvaluable brand in the listof India's 100 MostValuable Brands, by 4Ps.
Voted as the fourth MostLiked Health Brand in thecountry in consumersurvey conducted by'Complete Wellbeing'magazine
Dabur India Ltd has beenawarded the Top MarketerAward for 2009 in theConsumer Goods categoryby Pitch magazine
ACCOLADES
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Investor Relations
Dabur India Ltd
Contact:+91-11-42786000