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Dabur India Limited

I n v e s t o r Pr e s en t a t i o n

M ar c h 2 0 1 2

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Indian Economy

Per capita personal disposable income Growth Rate YoY (%)

19.6%20.0%

25.0%9.3%

6.7%

8.4% 8.4%

7.0%7.0%

8.0%

9.0%

10.0%

10.6%

12.8% 13.3%

5.0%

10.0%

15.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0.0%

FY08 FY09 FY10 FY11

0.0%

FY08 FY09 FY10 FY11 FY12

Source: CSO and RBI estimates Source: CSO estimates

Indian economy continues on growthtrajectory with RBI forecasting 7%

WPI Inflation YoY (%) Overview

9.4% 9.8%10.0% 9.9%

9.1%

7.5%8.0%

10.0%

12.0%

growth in Real GDP for FY12Per capita personal disposable incomecontinues robust growth2.0%

4.0%

6.0%

2

over the last few months0.0%

Jul11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11

Source: Office of Economic Adviser

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FMCG Sector in India

.

1,4511,671

1,400

1,600

1,800

.

9601,111

1,000

1,200

1,400

.

559600

700

800

200

400

600

800

1,000

1,200

200

400

600

800

100

200

300

400

500

0

CY10 CY11

Source: AC Nielsen

0

CY10 CY11

0

CY10 CY11

FMCG sector in India continues on a strong growth path with both Urban and Rural Indiacontributing to growth. Rural India contributes to c. one third of FMCG sales in India

Overview

Growth driven by increasing consumption led by rise in incomes, changing lifestyles andfavorable demographicsAs per a study conducted by Booz & Company, FMCG sector is expected to grow in the

3

. ,Rs. 6,200 billion

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Penetration Levels: Sufficient Headroom

Rural Penetration Urban Penetration

67%

77%80%

70%

80%

90%

42%37%

57% 59%

40%

50%

60%

18% 18%

3% 4%

19%

5%

26%

10%

20%

30%

Source: Industry data

0%

Toothpaste Shampoo Hair Oil SkinCream

MosquitoRepellants

InstantNoodles

Hair Dyes FloorCleaners

Low penetration levels offer room for growth across consumption categoriesRural penetration catching up with urban penetration levels

4

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Per Capita Consumption: Room for Growth

7.4 7.7

5

6

7

8

9 2.72.4

2

2.5

3

3.2

0.8 0.30

1

2

3

4

China Indonesia India Mala sia Thailand

1.0 1.1

0.3

0

0.5

1

1.5

China Indonesia India Mala sia Thailand

3.5

Toothpaste Per

Capita

Consumption

(in

US$)

1.0

2.9

2.0

1

1.5

2

2.5

3

. .

0

0.5

China Indonesia India Malaysia Thailand

Source: MOSL

5

I n d i a h a s l o w p e r c ap i t a co n s u m p t i o n a s c om p a r e d t o o t h e r e m e rg i n g e c on o m i e s

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Dabur Overview

Esta is e in 1884 - more t an 125Years of Trust & Excellence

Among top 4 FMCG companies in India

Worlds lar est in A urveda and natural

Eleven Billion Rupee Brands

healthcare

Revenue of Rs. 41.1 billion and profitsof Rs. 5.7 billion in FY2010-11

Dabur is a household brand

Vatika and Real are Superbrands

Hajmola , Real & Dabur ranked amongIn ias Most A mire Bran s

11 Brands with sales of over Rs. 1billion each

Wide distribution network covering 3.4million retailers across the country17 world class manufacturing plantscatering to needs of diverse markets

Dabur ranked200 in theFortune India500 list

Dabur, Hajmola,Babool rankedamong Top 100Most Trusted

Dabur ranked theNo. 2 Indian GreenBrand by GreenBrands Global

6

30% contribution to consolidated sales

,Economic TimesBrand Equity.

Survey

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Financial Performance

41 09950000

in Rs . m i l l ion

a es

12,004 12,849 12,356 14,170 17,565 20,803 23,96328,341

34,158

0

10000

20000

30000

40000

FY02 FY03 FY04^ FY05 FY06 FY07 FY08 FY09 FY10 FY11

EBITDA margin (%) Net Profit

5,032 5,686600015.3%17.1%

18.1% 18.5% 18.3%19.8% 19.9%

18.0%

20.0%

22.0%

i n % i n Rs . m i l l i o n

1,065 1,5582,142 2,817

3,329,

0

1000

2000

3000

4000

5000

13.3%

10.0%

12.0%

14.0%

16.0%

FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11

7^ Sales show a decline in FY04 on account of de-m erger of Pharm a business

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Robust Distribution Network

C&FA

Factory

Carr & Forward A ents

St o ck i st Su p er St o ck i st I n s t i t u t i o n s

t r a d e

W h o l esa l er s Su b St o ck i st

CONSUMERS

9

D i r e ct + I n d i r e ct R ea ch c o v e r i n g c . 3 . 4 m i l l i o n Re t a i l Ou t l e t s

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Presence in FMCG Categories

Hair Care 12%3 Dabur Amla hair Oil, Vatika hair oil & Vatika Shampoos

Oral Car e

Ay u r v e d i c

13%3Red toothpaste, Babool, Meswak, Redtoothpowder

67%1 Dabur Chyawanprash

Diges t ives 56%1 Hajmola

Fru i t Ju i ces 52%1 Real Fruit Juices, Real Activ

H o n e y 1 50% Dabur Honey

Glucose 2 25% Dabur Glucose

Sk in Care 1 50% Fem

10Hair care includes Hair Oils & Shampoos; Oral care includes Toothpastes & Toothpowder; Digestives includes herbaldigestives

(B leaches )

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Business Structure

Dab u r I n di aL i m i t e d

D o m e s t i c B u s i n e s s( 6 9 .4 % )

I n t e r n a t i o n a lBu s in e ss ( 3 0 .6 % )

ConsumerCare Foods( 1 0 .1 % )

Reta i l( 0 .8 % )

D a b u rI n t e r n a t i o n a l

H o b iGroup

N a m a s t eLabs. LLCO t h e r s*( 2 .5 % ). . . .

11* Others includes Commodity Exports etc

Note: % figure in brackets indicate % share in Consolidated Sales for 9MFY12

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Consumer Care Categories

K e y B r a n d s

a r s

# 2 p la yer i nHa i r Oi l s

Dabur Amla:Largest brand in

the portfolio

Vatika: Value addedcoconut oil

Anmol Hair Oil:Value proposition

K e y B r a n d s

# 4 p la yer i nS h a m p o o s

14Vatika range of shampoos

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Consumer Care Categories

K e y B r a n d s

# 3 p la yer i n

# 2 l a er i nDabur Red: Toothpaste& Toothpowder

Babool: Targeted ateconomy segment

Meswak: Premiumtherapeutictoothpaste

To o t h p o w d e r

K e y B r a n d s

p ay er nSk inL i g h t e n i n g

15

Gulabari range of rosebased skin careproducts: Moisturizer,Face freshener & Rosewater

Fem Gold Bleach:Launched recently

Uveda: Range of Ayurvedic SkinCare

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Consumer Care Categories

K e y B r a n d s

Hom e Ca re

# 1 l a er i n Ai rF re she ne r s

# 1 p la y er i n

Odonil: Air freshner Odomos: Mosquito Sanifresh:

Mosqu i t o Re pe l l a n tCre a m s

range: arges ranin the portfolio

repe an s n cream Toilet cleaner C leaners

16

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Consumer Care Categories

Descr ip t ion

Repository of Daburs Ayurvedic Healthcareknowledge

CHD St ru c tu r e

Range of over 260 products

Focusing on multiple therapeutic areas.Distribution coverage of 200,000 chemists,~12,000 vaidyas & 12,000 Ayurvedicpharmacies

OTC ( 6 4 % )

Generics

Branded Products

ETH I CA L ( 3 6 % )

Tonic

Classicals

Focus on growing the OTC Health-Careportfolio aggressively

Branded Ethicals

Heal th care Focus

OTC Healthcare is Rs.130 billion size industryExpected to grow at 14-15% p.a. aspreference for Over-the-Counter productsaccelerates

Promoting Dabur Ayurveda: Generatingequity for Ethical portfolio

Consolidating / expanding currentportfolioLaunching new products in emergingtherapeutic areas

18

Look at inorganic opportunitiesAcquired the energizer brand, Thirty Plus

from Ajanta Pharma in May 2011

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Foods Business

Foods portfolio comprises Juices and Culinary range

Juices are under the brands Real, Activ and Burrst

Culinary range is under Hommade brand

Ke Br an d s

Foods

# 1 p la yer i nFr u i t Ju i c e s

Real: Flagship Real Activ: Rangeof 100% ure uice

19

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International BusinessStarted as an Set up a franchisee at Renamed franchisee as Dabur Building scale- c. 30% of

xpor erFocus on Orderfulfillment throughIndia Mfg.

u a nDemand generationled to setting up of mfg in Dubai & Egypt

n erna onaLocal operations further strengthenedSet up new mfg facilities in Nigeria,RAK& Bangladesh

onso . a esHigh Levels of LocalizationGlobal Supply chain

10000

1 9 8 0 s Ear l y 9 0 s 2 0 0 3 On w ar d s To d ay

H i g h l i g h t s

Daburs overseas business contributes c.H ig h Gr o w t h i n I BD

i n Rs . m i l l i o n

1 807 2,2582,917

3,7604,770

6,025

,

3000

4000

5000

6000

7000

8000

900030% to consolidated sales led by CAGR of 32% in last 6 yearsFocus markets:

GCCE t1,281

,

0

1000

2000

FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11

NigeriaTurkeyBangladeshNepal I n t e r n a t i o n a l Sa l e s Br e ak d o w n ( 9 MFY1 2 )

. .High level of localization of manufacturingand sales and marketingLeveraging the Natural preference amonglocal consumers to increase share in personal

Middle East30%US

28%

Others3%

20

care categoriesSustained investments in brand building andmarketing

Africa25%Asia

14%

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Africa and Middle East Overview

Real GDP Gr ow t h Rat es YoY in % Af r icas Bu l i n Base

Source: I MF Source: McKinsey on Afr ica, June 2010

Middle East and Africa have witnessed stable GDP growth rates

Between 2005 and 2015, it is estimated that in Africa, the share of individuals earningabove US$1,000 will grow from 39% to 55%.The rapidly emerging African middle class could number as many as 300 million, out of atotal population of one billion

21

e s eer vo umes an e grow n e num er o asp ra ona consumers wdisposable income creates huge opportunities for consumer products companies

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Our Strategy

Expand I n n ov at e Acq u i r e

Ou r d i f f e r e n t i a t i o n i s t h e h e r b a l a n d a y u r v e d i c p l at f o r m Expand

Maintain dominant share in categories where we are category builders like Health Supplements,Honey etc. and expand market shares in other categories

Calibrated international expansion local manufacturing and supply chain to enhance flexibility

I n n o v a t e

Strong focus on innovation. Have rolled out new variants & products which have contributed toaround 5-6% of our growth p.a.

Renovation of existing products to respond to changing demands (Toothpowder to Toothpaste)A c q u i r e

Acquisitions critical for building scale in existing categories & markets

22

Target opportunities in our focus markets

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Acquisition of Hobi Group, Turkey

Ac uisition of Hobi Grou Turke for a totalconsideration of US$ 69 Million completed onOctober 7, 2010

Hobi manufactures and markets hair, skin andbod care roducts under the brands Hobband New Era

Product range of the company iscomplementary to our product range

attractive emerging market and a goodplatform to leverage this across the region

23

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Acquisition of Namaste Laboratories

Dabur India Limited throu h its subsidiar Dabur International Limited ac uired 100% stakein Namaste Laboratories LLC for $100 million, in an all-cash deal on January 1, 2011

Namast is a leading ethnic hair care products company, having products for women of colour, with revenues of c. $95 million (CY2010) from US, Europe, Middle East and Africanmarkets

The company markets a portfolio of hair care products under the brand Organic Root

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$1.5billion and tap into significant market opportunity in the fast growing, hugely populated (~1Bn yet ig y un erpenetrate consumer mar ets o Su Sa aran A rica

We intend to grow the non U.S. business ahead of U.S. business and are taking initiatives inthis direction

We have commenced local manufacturing for Namaste at our RAK facility in UAE

24

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Recent Performance: Q3 FY2011-12

14 62616000Q3FY12.Excluding acquisitions, sales grew at a robust20.2% driven by combination of volume

Revenue (in Rs. mn)

10,878

400060008000

100001200014000

,translation gainsVolume growth was at 10.8%

02000

Q3 FY11 Q3 FY12

2,184,

1000

1500

2000

2500

EBITDA (in Rs. mn)

was lower at 16.7% in Q3FY12 v/s 20.1%Material costs pressures continued, with

material costs increasing to 50.6% of sales v/s

0

500

Q3 FY11 Q3 FY12

.Adpro during the quarter increased to 13.6% ascompared to 12.4% in previous year

1,5441,728

1000

1500

2000

PAT (in Rs. mn)

onso ate reporte growt o . .There was some impact of adverse foreigncurrency movements which may be recoveredif rupee continues to appreciate in Q4

0

Q3 FY11 Q3 FY1225

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Stock Performance and Shareholding Pattern

Sh a r e h o l d i n g St r u c t u r e *Ma r k e t Ca p i t a l i z a t i o n i n R s . b i l l i o n

174

FIIs, 19.2%

DIIs, 5.7%Others, 6.5%

17Promoters,

68.7%

*As on Dec 31, 2011

2001 2011

D ab u r r a n k ed a s t h e o r a n iz at i o n t h a t of f e r s t h e b es t r et u r n t o i n v e st o r s b

t h e 6 t h So c i al & Co r p o r a t e Go v e r n a n c e Aw a r d s , p r e se n t e d b y t h e Bo m b a ySto ck Exchan ge

26

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Consol. P&Li n Rs . m i l l i on Q3 FY1 2 Q3 FY1 1 Yo Y ( % ) 9 M FY1 2 9 M FY1 1 Yo Y ( % )

Gr o ss Sal es 1 4 ,6 2 6 .2 1 0 ,8 7 8 .0 3 4 .5 % 3 9 ,4 8 5 .8 2 9 ,9 2 6 .4 3 1 .9 %

Less:Excise Duty 99 .4 78.3 2 8 9 . 9 234.1

N et Sa les 1 4 ,5 2 6 .8 1 0 ,7 9 9 .7 3 4 .5 % 3 9 ,1 9 5 .9 2 9 ,6 9 2 .3 3 2 .0 %

Other Operating Income 104.0 69.1 267.1 256.1

, . , . . , . , . .

% of Sales 50.6% 48.1% 50.7% 47.3%

Employee Costs 1,055.8 801.3 31.8% 3,021.2 2,307.7 30.9%

% of Sales 7.2% 7.4% 7.7% 7.7%

Ad Pro 1,982.4 1,349.3 46.9% 4,774.7 4,071.4 17.3%

% of Sales 13.6% 12.4% 12.1% 13.6%

Other Expenses 1,869.7 1,322.6 41.4% 5,109.2 3,659.9 39.6%

% of Sales 12.8% 12.2% 12.9% 12.2%

Other Non Operating Income 127.2 19.5 553.6% 384.1 158.8 141.9%

EBI TDA 2 ,4 4 6 .1 2 ,1 8 4 .0 1 2 .0 % 6 ,9 3 9 .1 5 ,9 0 5 .9 17 .5 %

% of Sales 16.7% 20.1% 17.6% 19.7%

Interest Exp. and Fin. Charges 182.9 53.7 240.9% 481.2 144.3 233.5%

Depreciation 187.8 159.6 17.7% 516.7 436.7 18.3%

- -. . . . . .

Pr o f i t Bef o r e Tax ( PBT) 2 ,0 5 5 .1 1 ,8 9 7 .4 8 .3 % 5 ,8 2 2 .1 5 ,1 9 4 .5 1 2 .1 %

Tax Expenses 336.9 356.9 -5.6% 1086.5 975.8 11.3%

PAT 1 ,7 1 8 .2 1 ,5 4 0 .5 11.5% 4 ,7 3 5 .6 4 ,2 1 8 .7 12.3%

% of Sales 11.7% 14.2% 12.0% 14.1%

27

M in o r it y I n t e r es t - ( P r o fi t ) / Lo ss -10.0 -3.9 -8.2 2.9

PAT ( Af t er M in o r i t y I n t ) 1 ,7 2 8 .2 1 ,5 4 4 .4 1 1 .9 % 4 ,7 4 3 .8 4 ,2 1 5 .8 1 2 .5 %

% of Sales 11.8% 14.2% 12.0% 14.1%

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Consol. Statement of Assets & Liabilities

' ',.SOURCES OF FUND S :Sh a r e h o l d e r s ' Fu n d s :

Capital 1,742 1,741Reserves & Surplus 14,689 16,431 11,880 13,620

M i n o r it y I n t e r e st 33 41

Secured Loans 5,259 6,573Unsecured Loans 4,978 856

10,237 7,429D e f er r e d Ta x L i a b i l it y ( N e t ) 246 174

To t a l 26,947 21,265:

Fixed Asse t s :Gross Block 20,600 13,729Less : Depreciation 4,825 4,278Net Block 15,775 9,451Capital WIP (including capital advances) 799 16,574 414 9,866

I n v e s t m e n t s 3,570 1,200Cu r r e n t Asse t s , Lo a n s a n d Ad v a n c e s :Inventories 7,287 5,446Sundry Debtors 4,029 2,689Cash & Bank Balances 4,129 6,364Loans & Advances 6,657 5,162

22,102 19,661L e ss : Cu r r e n t L i a b i l i t i e s a n d P r o v i s i o n s

Liabilities 9,085 6,087Provisions 6,995 4,306

16,079 10,393

28

Ne t Cu r r e n t Asse t s 6,023 9,269Mi sce l l a n e o u s Ex p e n d i t u r e 781 930

(To the extent not written off or adjusted)To t a l 26,947 21,265

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Disclaimer

Some of the statements made in this presentation contain forward looking information that involve a

number of risks and uncertainties. Such statements are based on a number of assumptions, estimates,projections or plans that are inherently subject to significant risks, as well as uncertainties andcontingencies that are subject to change. Actual results can differ materially from those anticipated in theCompanys forward looking statements as a result of a variety of factors, including those set forth fromtime to time in the Companys press releases and reports and those set forth from time to time in theCompanys analyst calls and discussions. We do not assume any obligation to update the forward lookingstatements contained in this presentation.

No part of this presentation shall form the basis of or may be relied upon in connection with any contract.

without notice.

29

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Thank You

30