Neutral Dabur India Ltd for the Target Rs. 535 by Motilal Oswal Financial Services Ltd
* We expect ~7.5 revenue growth, mainly backed by 5% volume growth in the India business. The growth will be led by the loading of the winter portfolio and some benefits of GST.
* GP margin is expected to expand 70bp YoY to 48.8% and EBITDA is expected to improve by 20bp YoY to 20.5%.
* Home and Personal Care (HPC) division is expected to perform well, driven by the oral, OTC, and Ethicals, home and skin care categories.
* International business is likely to deliver high single-digit CC growth, fueled by MENA, Turkey, Bangladesh, and the US Namaste business.
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