Consolidated Statement Income Statement for Dabur India Ltd.

Particulars Note 31 March, 2019

(in Rs. crores)

Income
Revenue from operations 8,533.05
Other income 296.17
Total income 8,829.22

Expenses
Cost of materials consumed 3,475.35
Excise duty 18.06
Purchases of stock-in-trade 802.98
Changes in inventories of finished goods, stock-in-trade and work-in-progress 12.64
Employee benefits expense 937.91
Finance costs 59.58
Depreciation and amortization expense 176.90
Other expenses
Advertisement and publicity 608.33
Others 938.22
Total expenses 7,029.97

Profit before share of loss/profit from joint venture and exceptional items 1,799.25
Share of (loss)/profit of joint venture 0.96
Profit before exceptional items and tax 1,800.21
Exceptional items 75.34
Profit before tax 1,724.87
Tax expense
Current tax (including earlier years) 406.99
Deferred tax (128.37)
Total tax expense 278.62

Net profit for the year 1,446.25

Other comprehensive income

A (i) Items that will not be reclassified to profit or loss 1.89
(ii) Income tax relating to items that will not be reclassified to profit or loss (0.22)
B (i) Items that will be reclasssified to profit or loss 0.01
(ii) Income tax relating to items that will be reclasssified to profit or loss 1.21

Total other comprehensive income 2.89

Total comprehensive income for the year 1,449.14

Net profit attributable to:

Owners of the Holding Company 1,442.33
Non-controlling interest 3.92
Other comprehensive income attributable to:
Owners of the Holding Company 1.97
Non-controlling interest 0.92
Total comprehensive income attributable to:
Owners of the Holding Company 1,444.30
Non-controlling interest 4.84
Earnings per equity share
Basic 8.17
Diluted 8.14

FROM REPORT
intrest payment from leased laibility
lease liability
retained earning
31 March, 2020 31 March, 2021
(in Rs. crores) (in Rs. crores)

2018-19 2019-20
8,703.59 9,561.65 Sales growth 2%
305.29 325.29 COGS / Sales 41% 43%
9,008.88 9,886.94 Operating expenses / Sales 42% 40%
EBIT / Sales 18% 17%
Interest expense / Debt+ leases 5.41% 7.99%
3,731.71 3,998.58 Interest income 9.68 10.14
18.95 15.05 Tax rate 16% 16%
674.62 982.53
(65.04) (207.20)
947.74 1,033.46
49.54 30.81 2018-19 2019-20
220.45 240.13 Cash
Marketable securities
649.98 784.36 Inventory days 131
953.28 952.19 AR days 8
7,181.23 7,829.91 PPE turnover (Sales / PP&E) 5.17
Goodwill
1,827.65 2,057.03 Other assets
(0.01) (1.01) Operating leases / sales 0.17%
1,827.64 2,056.02
100 -
1,727.64 2,056.02 Liabilities & SE 2018-19 2019-20
Accounts payable days 76
465.42 505.18 Accrued expenses and other / Sales 6% 6%
(185.70) (144.11) Unearned revenue / Sales 3% 4%
279.72 361.07 Debt repayment (from footnotes) 669.00 335.00
Other long-term liabilities / sales
1,447.92 1,694.95 Lease liability / (PP&E + operating lease) 1%
Retained earnings 3,388.39
Other aspects of shareholders' equity
(28.83) 6.60
10.39 (2.40)
130.29 (98.66)
(8.15) 6.25 Key ratios 2018-19 2019-20

103.70 (88.21) Sales growth 2%

COGS / Sales 41% 43%
1,551.62 1,606.74 Gross margin 59% 57%
Opex / Sales 42% 40%
EBIT / Sales 18% 17%
1,444.96 1,693.30 Interest expense / Debt 24.12% 12.35%
2.96 1.65
NI / Sales 17% 17%
101.59 (86.79) NI / Sales growth 8.49
2.11 (1.42)
AR days 138
1,546.55 1,606.51 Inventory days 131
5.07 0.23 PP&E / Sales 18% 21%
Sales / Total assets 1.01 0.93
8.18 9.58 AP days 3
8.15 9.55 Accrued expenses / Sales 1% 3%

Current ratio 1.35 1.98

Total liabilities / Total Assets 0.33 0.29
D/E 0.49 0.41
-4.12 -3.01 ICR 6.26
-11.06 -12.15 DSCR 2.16 4.32
3,388.39 4,182.66 ROA 17% 17%
2020-21 2022E 2023E 2024E 2025E Income Statement (Rs 2022E 2023E
crore)
Total net sales
10% 7% 7% 7% 7% 10,231 10,947
42% 42% 42% 42% 42% Cost of sales 4,297 4,598
40% 40% 40% 40% 40% Operating expenses 4,092 4,379
18% 18% 18% 18% 18% Operating income (EBIT) 1,842 1,970
7.62% 7.62% 7.62% 7.62% 7.62% Interest expense 0.32 0.40
0.46 0.46 0.46 0.46 0.46 Interest and other income 0.46 0.46
18% 18% 18% 18% 18% Income taxes 332 355
Net income $2,174 $2,326

2020-21 2021E 2022E 2023E 2024E Assets (Rs crore) 2022E 2023E
Cash and cash equivalents
(PLUG)
Marketable securities
0.00 0 0.00 0.00 0.00 0 0
142 142 142 142 142 Inventories 3,984 4,262
9 9 9 9 8.79 Accounts receivable, net 246 264
and otherand equipment,
Property 53,815 57,582
5.26 5.26 5.26 5.26 5.26
336 net
Goodwill
336 336 336 336 336 336
92 92 92 92 92 Other assets 92 92
0.16% 0.16% 0.16% 0.16% 0.16% Operating leases 16.37 17.52
Total assets

2020-21 2021E 2022E 2023E 2024E Liabilities & SE (Rs crore) 2022E 2023E
72 72 72 72 72 Accounts payable 309,384 331,041
4% 4% 4% 4% 4% Accrued expenses and 409 438
other
Unearned revenue 307 328
3% 3% 3% 3% 3%
350 350 350 350 350 Long-term debt 9,881
2% 2% 2% 2% 2% Other long-term liabilities 228 244
1% 1% 1% 1% 1% Long term lease liabilities 0.16 0.18
4,182.66 Total liabilities 320,209 332,051
Stockholders’ equity:
Common stock (par + APIC)
Treasury stock, at cost
Accumulated other
comprehensive loss
Retained earnings
2020-21
Total stockholders’ equity
10% Total liabilities and
stockholders’ equity
42%
58%
40%
18%
11.12%

18%
1.98

105
142
19%
0.88
3
2%

1.63
0.29
0.41
5.99
4.84
15%
 Consolidated Balance Sheet for Dabur India Ltd.

Particulars Note 31 March, 2019

(in Rs. crores)
ASSETS
2024E 2025E Non-current assets
11,713 12,533 a) Property, plant and equipment 1,547.97
4,920 5,264 b) Capital work-in-progress 63.76
4,685 5,013 c) Investment property 52.10
2,108 2,256 d) Goodwill 336.07
0.29 0.29 e) Other intangible assets 32.92
0.46 0.46 f) Investments in Joint Venture -
380 406 g) Financial Assets
$2,489 $2,663 (i) Investments 2,633.35
(ii) Loans 17.56
(iii) Others 77.66
2024E 2025E h) Deferred tax assets (net) -
i) Non-current tax assets (net) 0.89
0 0 j) Other non-current assets 88.13
4,561 4,880 Total non-current assets 4,850.41
282 302
61,613 65,926 Current assets
336 336 a) Inventories 1,300.53
92 92 b) Financial assets
18.74 20.05 (i) Investments 725.41
(ii) Trade receivables 833.56
(iii) Cash and cash equivalents 107.69
2024E 2025E (iv) Bank balances other than (iii) above 220.47
354,214 379,009 (v) Loans 11.04
469 501 (vi) Others 26.47
351 376 c) Current tax assets (net) 1.32
d) Other current assets 359.50
261 279 e) Asset held for sale 0.24
0.19 0.20 Total current assets 3,586.23
355,295 380,166
Total assets 8,436.64

EQUITY AND LIABILITIES

Equity
a) Equity share capital 176.63
b) Other equity 5,455.05
Equity attributable to shareholders of the Holding Company 5,631.68
c) Non-controlling interest 31.38
Total equity 5,663.06
Liabilities
Non-current liabilities
a) Financial liabilities
(i) Borrowings 26.05
(ii) Other financial liabilities 4.56
b) Provisions 59.52
c) Deferred tax liabilities (net) 23.14
Total non-current liabilities 113.27

Current liabilities
a) Financial liabilities
(i) Borrowings 498.23
(ii) Trade payables
Due to micro and small enterprises 54.61
Due to others 1,400.82
(iii) Other financial liabilities 327.62
b) Other current liabilities 198.14
c) Provisions 130.24
d) Current tax liabilities (net) 50.65
Total current liabilities 2,660.31

Total liabilities 2,773.58

Total equity and liabilities 8,436.64

31 March, 2020 31 March, 2021
(in Rs. crores) (in Rs. crores)

1,820.98 1,811.70
146.57 147.30
51.55 50.50
335.97 336.01
44.18 44.71
12.28 11.27

1,396.95 3,402.35
24.64 22.48
528.48 88.65
22.00 17.95
1.09 4.29
89.06 133.98
4,473.75 6,071.19

1,379.57 1,734.28

1,391.03 746.01
813.89 561.58
163.94 241.23
647.43 1,087.80
13.07 14.46
2.62 2.95
0.88 0.24
467.56 387.12
0.27 0.27
4,880.26 4,775.94

9,354.01 10,847.13

176.71 176.74
6,429.04 7,486.79
6,605.75 7,663.53
36.46 36.69
6,642.21 7,700.22
 162.89 134.13
4.66 1.37
62.94 63.31
17.43 13.91
247.92 212.72

304.24 349.14

44.74 117.87
1,437.41 1,797.39
225.52 238.93
239.78 158.44
165.54 187.84
46.65 84.58
2,463.88 2,934.19

2,711.80 3,146.91

9,354.01 10,847.13