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Shares of Dabur India today hit a 3-month low, and the brokerages have cut the price target on weak Q2 show. The consumer goods company shares fell as much as 3.5 per cent to Rs 371.35, lowest since July 26.
The company’s September-quarter net profit rose 4.1 per cent, but missed the market estimates. HSBC says Q2 sales/earnings missed consensus by 3-6 per cent due to weak domestic volumes and cost pressures in international business. It has cut the price target to Rs 460 from Rs 490, and has retained “buy”.
Dabur's Q2 revenue, EBITDA and PAT, which grew y/y 8.5 per cent, 7.4 per cent and 4.1 per cent, respectively, came slightly below our estimates, Jefferies says. It has cut the price target to Rs 460 from Rs 520, and has maintained “buy”.
Deutsche Bank says the sales was hit by shift of festive sales to Q3; gross profit margin contracted 75bps y/y to 49.4 per cent due to high input costs. Deutsche Bank has cut the price target to Rs 475 from Rs 525, and has reiterated “buy”.
More than 3.3 million shares traded as of 0612 GMT, vs 30-day moving average of around 3.2 million. Dabur India stock had gone up about 11.5 per cent this year as of last close.
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