DABUR INDIA LIMITED Submited By: ARPIT SINGH SAWAI

1402025 PGDIM- 2014-16

NOVEMBER 16, 2014 PGDIM: 2014-16

National Institute of Industrial Engineering

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CONTENTS 1. Background 2

2. Values 2

3. History 3

4. Milestones 5

5. Mergers & Acquisitions 11

6. Products 12

7. Financials Of Dabur India 18

8. Progress and Future plans 20

9. Opinion on Future plans 24

10. Supply Chain of Dabur India 26

11. Distribution Network 28

12. Opinion on supply Chain 29

13. References 32

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DABUR India L

Dabur India Ltd is one of India’s leading FMCG Companies with Revenues of over Rs 7,073 Crore

& Market Capitalization of US $5 Billion. Building on a legacy of quality and experience of over 130

years, Dabur is today India’s most trusted name and the world’s largest Ayurvedic and Natural Health

Care Company.

Dabur today operates in key consumer products categories like Hair Care, Oral Care, Health Care,

Skin Care, Home Care and Foods. The company has a wide distribution network, covering over 5.8

million retail outlets with a high penetration in both urban and rural markets. Dabur India is also a

world leader in Ayurveda with a portfolio of over 250 Herbal/Ayurvedic products. Dabur's FMCG

portfolio today includes five flagship brands with distinct brand identities -- Dabur as the master brand

for natural healthcare products, Vatika for premium personal care, Hajmola for digestives, Réal for

fruit juices and beverages and Fem for fairness bleaches and skin care products. Dabur's products also

have a huge presence in the overseas markets and are today available in over 60 countries across the

globe. Its brands are highly popular in the Middle East, SAARC countries, Africa, US, Europe and

Russia. Dabur's overseas revenue today accounts for over 30% of the total turnover.

Dabur today operates in key consumer products categories like Hair Care, Oral Care, Health Care,

Skin Care, Home Care and Foods. The company has a wide distribution network, covering over 5.8

million retail outlets with a high penetration in both urban and rural markets. Dabur India is also a

world leader in Ayurveda with a portfolio of over 250 Herbal/Ayurvedic products. Dabur's FMCG

portfolio today includes five flagship brands with distinct brandidentities -- Dabur as the master brand

for natural healthcare products, Vatika for premium personal care, Hajmola for digestives, Réal for

fruit juices and beverages and Fem for fairness bleaches and skin care products.

In April 2009, the Hon'ble High Court of Judicature at Delhi has sanctioned the Scheme of

Amalgamation of Fem Care Pharma with Dabur India. In July 2010, the Company's wholly owned

subsidiary Dabur International entered into an agreement to acquire 100% stake in leading personal

care Company in Turkey i.e. Hobi Group firms– Hobi Kozmetik, Zeki Plastik and Ra Pazarlama at a

total consideration of US$ 69 million.

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In 1884, Dabur was established by Dr. S K Burman at Kolkata and established first production unit

at Garhia in 1896. In early 1900, Dabur identified nature based Ayurvedic medicines as their area of

specialization and became the first company to provide health care through scientifically tested and

automated production of formulations based on our traditional science. In 1940, Dabur introduces

Indian consumers to personal care through Ayurveda, with the launch of Dabur Amla Hair Oil. So

popular is the product that it becomes the largest selling hair oil brand in India. In 1949, Dabur

launched Dabur Chyawanprash in tin pack widening the popularity and usage of traditional

Ayurvedic products. The ancient restorative Chyawanprash is launched in packaged form, and

becomes the first branded Chyawanprash in India. The company initiated computerization of its

operations in 1957. They entered Oral Care & Digestives segment in 1970 addressing rural markets

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where homemade oral care is more popular than multinational brands, Dabur introduces Lal Dant

Manjan.

With this a conveniently packaged herbal toothpowder is made available at affordable costs to the

masses. In 1972 they shifted their base from Calcutta to Delhi. In 1978, Launched Hajmola tablet,

they continued to make innovative products based on traditional formulations that can provide holistic

care in our daily life. An Ayurvedic medicine used as a digestive aid is branded and launched as the

popular Hajmola tablet and setting up research foundation in 1979. After completing 100 years in

1984, they launched pharmaceuticals medicines in 1988. In 1989 they made an innovative move with

the launch of Hajmola Candy, a curative product is converted to a confectionary item for wider

usage. A new range of coconut oil under the brand name ̀ Anmol' was launched in 1992. The company

developed Dab 10, an intermediate for anti-cancer drug namely Taxol.

The company entered into a joint venture agreement with M/s. Guldenhorst BV Netherland to form

a company for manufacture and marketing of all types of bubble gum, chewing gum, toffees, chocolate

and cocoa related products, sugar based spreading creams etc. The launch of new products like

`Dentacare,' Vatika and Lactonic were well received by the market in 1994. At the same time a joint

venture in technical collaboration with Shikobo Ltd., Japan to extend the range of natural gum

products into specialty products. In the same year Company floated two companies a manufacturing

unit in Egypt in the name of Dabur Egypt Ltd. and Dabur International Ltd. The company entered

into a joint venture with Seprache International Ltd. in the name of ̀ Innova' Inc for manufacturing

of anticancer drug namely `Paclitaxel'. The company signed a MOU with Osein International Ltd. for

manufacture of biscuits, snack, foods & other products in India.

In 1995 a unit was being set up at Baddi for manufacturing Chywanprash Janma Ghunti, Lal Tail,

Dashmularishta and Ashokarishta. Semi synthetic pacitaxel and Docetaxel and various front line

anticancer drugs were being produced both for domestic as well as export market. The company

proposed to double the volume of the Katni plant and introduce modern technology in processing

Amla with high productivity and improved quality. In the same year company started exporting

products like like an improved version of Chyawanprash (with more honey and less pungency) liquid

form of Chyawanprash an aqueous based, hair vitalizer Melatonin etc.

Entering into the snacks category Dabur India launched a range of extruded snack foods, ready-to-

use cooking paste and sauces. As a part of its strategy to establish a strong presence in the personal

care sector, Dabur India is negotiating with Antonio Puig of Spain, to set up joint ventures in the

country. The Company set up a new manufacturing unit with a high degree of automation at Baddi

(H.P.), to produce company's well known brands viz. Chyawanprash, Janma Ghunti, Ayurvedic oils

and Asva-Arishtas. A modern air conditioned packing line was commissioned at Sahibabad for

homemade brands of ethnic pastes and line juices. The company extended its range of real fruit juice

by offering mixed fruit juice and tomato juice. Its veterinary division launched `mastilep' for curing

mastitis in cattle. To attract customers Dabur India Ltd is launching a new communication campaign

this month to reposition its oldest brand Pudinhara.

In 1998, Dabur India Ltd has launched a range of ayurvedic health care products for dogs under the

umbrella brand name Ayupet. They tied up with Godrej Foods for the manufacture and packaging of

its `Real' range of fruit juices and fruit drinks in tetrapacks. In 1999, Dabur India Ltd entered into an

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agreement with its Spanish partner Agrolimen to offload its 49 per cent stake in the joint venture

company General De Confiteria India Ltd in favour of an Agrolimen group company. Dabur

Pharmaceuticals Limited (DPL) has set up its first overseas arm in Britain with a $5 million investment

commitment and is considering similar ventures in Russia as well as South African countries.

In 1994, Dabur raised its first IPO. In 1998, day to day running of the company was handed over to

professionals. In 2000, Dabur achieved a turnover of Rs 1000 crores. In 2005, Dabur acquired Balsara.

Dabur crossed $ 2 billion market cap in 2006.

In 2000, three domestic pharma companies - Cadila Pharmaceuticals, Shantha Biotech and Dabur

India have signed an agreement with the department of biotechnology (DBT) for developing and

marketing basic molecules in leprosy, hepatitis and tumor disease segments. Dabur India's ayurvedic

specialties division has launched plain isabgol husk under the brand name Nature Care. In 2003, The

fourth Largest FMCG, Dabur India Ltd has tied with Free Markets Inc. for using leading edge

technologies to execute online markets for its procurement needs. CRISIL assigned "CRISIL GVC

LEVEL 2" rating for governance and value creation practices of the company. Dabur has sued

Pharmaceutical major Ranbaxy for telecasting the comparative commercial of "Pepfiz". Continuing

its growth Dabur set to acquire Egyptian hair oil brand Touch, Dabur India gets Tetra Pak award,

Dabur India inks pact with Accenture for outsourcing. They Implemented `Spend visibility solution'

software provided by FreeMarkets Inc to control costs and strengthen the company's procurement

process. Dabur ties up Uttarnachal for cancer drug. Dabur India has acquired a Nigerian company

African Consumer Care Ltd, a step precursor to its plans to go on-shore for manufacturing in the

country and Dabur join hands with DLF for healthcare hub.

In 2008, Dabur India acquires Fem Care Pharma, a leading player in the women's skin care market.

Besides an entry into the high-growth skin care market with an established brand name FEM, this

transaction also offers Dabur a strong platform to enter newer product categories and markets. Dabur

India launched their first retail Store by Subsidiary Company.

In 2009, Dabur launched Odomos Naturals, a range of personal application mosquito repellents

packed with Aloe Vera and Citronella with two options, cream and lotion. Dabur Red Toothpaste

becomes the Dabur's ninth Billion Rupee brand. Dabur Red Toothpaste crosses the billion rupee

turnover mark within five years of its launch.

Dabur India Ltd. made its beginnings with a small pharmacy, but has continued to learn and grow to

a commanding status in the industry. The Company has come a long way in popularising and making

easily available a whole range of products based on the traditional science of Ayurveda. And Dabur

has set very high standards in developing products and processes that meet stringent quality norms.

As it grows even further, Dabur will continue to mark up on major milestones along the way, setting

the road for others to follow-

1884 - Established by Dr. S K Burman at Kolkata

1896 – Dabur established its first production unit established at Garhia

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1919 - Dabur established its first R&D unit

Early 1900s - Dabur identifies nature-based Ayurvedic medicines as its area of specialization. It is the

first Company to provide health care through scientifically tested and automated production of

formulations based on our traditional science.

1930 - Automation and up gradation of Ayurvedic products manufacturing initiated

1936 - Dabur (Dr. S K Burman) Pvt. Ltd. Incorporated

1940 -Dabur introduces Indian consumers to personal care through Ayurveda, with the launch of

Dabur Amla Hair Oil. So popular is the product that it becomes the largest selling hair oil brand in

India.

1949 -Widening the popularity and usage of traditional Ayurvedic products continues. The ancient

restorative Chyawanprash is launched in packaged form, and becomes the first branded Chyawanprash

in India.

1957 - Computerisation of operations initiated

1970 - Addressing rural markets where homemade oral care is more popular than multinational brands,

Dabur introduces Lal Dant Manjan. With this a conveniently packaged herbal toothpowder is made

available at affordable costs to the masses.

1972 - Shifts base to Delhi from Calcutta

1978 - Dabur continues to make innovative products based on traditional formulations that can

provide holistic care in our daily life. An Ayurvedic medicine used as a digestive aid is branded and

launched as the popular Hajmola tablet.

1979 - Dabur Research & Development Centre (DRDC) set up

1979 - Commercial production starts at Sahibabad, the most modern herbal medicines plant at that

time

1984 - Dabur completes 100 years

1988 - Launches pharmaceutical medicines

1989 - Care with fun-The Ayurvedic digestive formulation is converted into a children's fun product

with the launch of Hajmola Candy. In an innovative move, a curative product is converted to a

confectionary item for wider usage.

1994 - Comes out with first public issue

Enters oncology segment

Leadership in health care

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Dabur establishes its leadership in health care as one of only two companies worldwide to launch the

anti-cancer drug Intaxel (Paclitaxel). Dabur Research & Development Centre (DRDC) develops an

eco-friendly process to extract the drug from its plant source

1996 - Enters foods business with the launch of Real Fruit Juice

1996 - Dabur captures the imagination of young Indian consumers with the launch of Real Fruit Juices

- a new concept in the Indian foods market. The first local brand of 100% pure natural fruit juices

made to international standards, Real becomes the fastest growing and largest selling brand in the

country.

1998 - Burman family hands over management of the company to professionals

2000 - The 1,000 crore mark-Dabur establishes its market leadership status by staging a turnover of

Rs.1,000 crores. Across a span of over a 100 years, Dabur has grown from a small beginning based on

traditional health care. To a commanding position amongst an august league of large corporate

businesses.

2001 - Super specialty drugs-With the setting up of Dabur Oncology's sterile cytotoxic facility, the

Company gains entry into the highly specialised area of cancer therapy. The state-of-the-art plant and

laboratory in the UK have approval from the MCA of UK. They follow FDA guidelines for

production of drugs specifically for European and American markets.

2002 - Dabur record sales of Rs 1163.19 crore on a net profit of Rs 64.4 crore

2003 - Dabur demerges Pharmaceuticals business-Dabur India approved the demerger of its

pharmaceuticals business from the FMCG business into a separate company as part of plans to

provider greater focus to both the businesses. With this, Dabur India now largely comprises of the

FMCG business that include personal care products, healthcare products and Ayurvedic Specialities,

while the Pharmaceuticals business would include Allopathic, Oncology formulations and Bulk Drugs.

Dabur Oncology Plc, a subsidiary of Dabur India, would also be part of the Pharmaceutical business.

Maintaining global standards,As a reflection of its constant efforts at achieving superior quality

standards, Dabur became the first Ayurvedic products company to get ISO 9002 certification. Science

for nature. Reinforcing its commitment to nature and its conservation, Dabur Nepal, a subsidiary of

Dabur India, has set up fully automated greenhouses in Nepal. This scientific landmark helps to

produce saplings of rare medicinal plants that are under threat of extinction due to ecological

degradation.

2005 - Dabur aquires Balsara-As part of its inorganic growth strategy, Dabur India acquires Balsara's

Hygiene and Home products businesses, a leading provider of Oral Care and Household Care

products in the Indian market, in a Rs 143-crore all-cash deal.

2005 - Dabur announces bonus after 12 years-Dabur India announced issue of 1:1 Bonus share to the

shareholders of the company, i.e. one share for every one share held. The Board also proposed an

increase in the authorized share capital of the company from existing Rs 50 crore to Rs 125 crore.

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2006 - Dabur crosses $2 bln market cap, adopts US GAAP.-Dabur India crosses the $2-billion mark

in market capitalisation. The company also adopted US GAAP in line with its commitment to follow

global best practices and adopt highest standards of transparency and governance.

2006 - Approves FCCB/GDR/ADR up to $200 million-Moving forward on the inorganic growth

path, Dabur India decides to raise up to $200 million from the international market through Bonds,

FCCBs, GDR, ADR, QIPs or any other securities.The capital raised will be used to fund Dabur's

aggressive growth ambitions and acquisition plans in India and abroad.

2007 - Celebrating 10 years of Real-Dabur Foods unveiled the new packaging and design for Real at

the completion of 10 years of the brand. The new refined modern look depicts the natural goodness

of the juice from freshly plucked fruits.

2007 - Foray into organised retail-Dabur India announced its foray into the organised retail business

through a wholly-owned subsidiary, H&B Stores Ltd. Dabur will invest Rs 140 crores by 2010 to

establish its presence in the retail market in India with a chain of stores on the Health & Beauty format.

2007 - Dabur Foods merged with Dabur India-Dabur India decides to merge its wholly-owned

subsidiary Dabur Foods Limited with itself to extract synergies and unlock operational efficiencies.

The integration will also help Dabur sharpen focus on the high growth business of foods and

beverages, and enter newer product categories in this space.

2008 - Acquires Fem Care Pharma-Dabur India acquires Fem Care Pharma, a leading player in the

women's skin care market. Besides an entry into the high-growth skin care market with an established

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brand name FEM, this transaction also offers Dabur a strong platform to enter newer product

categories and markets.

2009 - Dabur Red Toothpaste joins 'Billion Rupee Brands' club-Dabur Red Toothpaste becomes the

Dabur's ninth Billion Rupee brand. Dabur Red Toothpaste crosses the billion rupee turnover mark

within five years of its launch.

2010 - Dabur makes its first overseas acquisition-Dabur makes its first overseas acquisition, buying

Hobi Kozmetik Kozmetik Group, a leading personal care products company in Turkey, for $69

million.

2010 - Dabur acquired 100% equity in Namaste Lab

Dabur acquired 100% equity in Namasté Laboratories LLC of the US for $100 million. This marks

Dabur’s entry into the fast-growing ethnic hair care products market in U.S., Europe and Africa.

2010 - Dabur Chyawanprash Launched Orange & Mango Flavours

Dabur launches India’s first fruit-flavoured Chyawanprash. Dabur Chyawanprash was launched in

Orange and Mango flavoured variants.

2010 - Dabur Amla Hair Oils enters Limca Book of Records-Dabur Amla Hair Oils enters Limca

Book of Records for achieving a record feat of hosting the longest ever non-stop head massage

marathon.

2011 - Dabur enters professional skin care market-Dabur enters professional skin care market with

the launch of OxyLife Professional Facial Kit, created exclusively for professional use.

2011 - Dabur launches its first-ever online shopping portal-Dabur India Ltd. launches its first-ever

online shopping portal www.daburuveda.com With this, Dabur is the first Indian FMCG company to

launch a dedicated online shopping portal for its beauty products range. The portal will be the online

gateway for consumers to know, understand, buy and gift the exclusive Dabur Uveda range of skincare

products.

2011 - Dabur India acquires 30-Plus from Ajanta Pharma

Dabur India Ltd acquired Ajanta Pharma’s over-the-counter energizer brand ’30-Plus’.

2011 - Dabur to enter Sri Lanka.Dabur India Ltdsets up new subsidiary in Sri Lanka – Dabur Lanka

(Pvt.) Ltd. The company will establish a new export-oriented manufacturing facility for producing a

range of fruit-based beverages in Gampaha, north of Colombo.

2011 - Dabur enters Almond Hair Oil market-Dabur India Ltd launches Dabur Almond Hair Oil, a

one-of-its-kind product that offers superior nourishment for 100% damage-free hair.

2012 - Dabur crosses Billion-Dollar turnover mark-Dabur India Ltd surpassed the Billion-Dollar

Turnover mark during the 2011-12 fiscal to end the year with Net Sales of Rs 5,283.17 Crore.

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In the 90s, Dabur biggest and fastest growing brand was the Dabur Red Toothpowder. But in the first

few years of the century, company found that market was declining, because cheap and varied

toothpastes were suddenly available in abundance. Dabur gradually changed the product to a paste

format and gradually phased out the powder altogether.

In 2003, to focus more on its FMCG business, Dabur demerged its pharmaceutical and oncology

business from the parent company. Out of the total asset base of Rs. 521 crore, the company

transferred assets worth Rs. 214 crore of the pharma business to Dabur Pharma Ltd. as part of the

demerger. Transaction will enhance Dabur's profitability, increase stakeholder value and add

substantially to its presence in India. The Namaste group has a complimentary product mix that can

be easily integrated with Dabur .Post the demerger, Dabur started to focus in its core business

interests, i.e., personal care, health care and ayurvedic products.

In January 2005, Dabur announced its decision to acquire an Indian FMCG –Balsara India, a loss

making company. Dabur believed that Balsara's product basket fits well with Dabur’s own portfolio.

The Balsara brands - which have been stagnating since the late 1990s were rejuvenated by Dabur.

Dabur had overhauled its operations and purchasing strategy operations. Contrary to expectations,

Dabur was successful in turning Balsara around in eight months. With the Balsara acquisition, Dabur

added brands like Promise, Babool, Meswak in its oral care segment and entered into the homecare

sector with Odonil, Odomos, Odopic and Sani Fresh. These changes in the company were part of

their four-year ‘Vision Plan,’ which Dabur had started charting out with suggestions from consulting

firm Accenture. Thereby, the company was no longer just a herbal specialist brand. As a result, its

topline grew from Rs. 1,285 crore in 2002-03 to Rs. 1,756 crore at the end of this first ‘Vision Plan’ in

2005-06.

Further, in 2008-09 Dabur bought Fem Pharma, for Rs. 257 crore. They wanted

to grow into high growth areas and skin care was definitely one of them.

Acquisitions provided them a good and convenient platform to do that.

Company could have done that on its own, but it would have taken it much

longer and there would have been considerable risk given the high failure rates for new products in

India.

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In 2010, Dabur made its first overseas acquisition, buying Hobi Kozmetik Kozmetik Group, a

leading personal care products company in Turkey, for $69 million. The completion of this acquisition

represents a significant step for Dabur in their strategy to accelerate growth in the international market.

The acquisition further enabled consolidating and expanded Dabur's already substantial presence in

the Middle East and North African region. Hobi Kozmetik was a leading manufacturer of personal

care products in Turkey. It sold a range of hair care and skin care products under the 'Hobby' and

'New Era' brands across 35 countries, including the Middle East and North Africa.

Dabur acquired 100% equity in Namasté Laboratories LLC of the US for $100 million. This marks

Dabur’s entry into the fast-growing ethnic hair care products market in U.S., Europe and Africa.

Namaste's hair straightening lotions and hair oils were hugely popular with African Americans in the

US and sells well in Africa and Nigeria too. Namaste Laboratories was founded in 1996 to cater to the

special hair care needs of women of African descent. It reported annual revenues of $90 million in

calendar 2009, of which the US accounted for 70% and the rest mainly came from Africa. Pre-tax

profit stood at $12.5 million. Namaste made a portfolio of products for hair loss, damaged hair,

thinning and drying and itchy scalp under the brand Organic Root Stimulator. And its products are

available in the mass, retail, beauty stores and salons.

In 2011, Dabur India Ltd acquired Ajanta Pharma’s '30-Plus' over-the-counter energizer brand ’30-

Plus’. The acquisition of '30-Plus' is part of an aggressive strategy to build capability on the over-the-

counter (OTC) health care business and Company was confident that this transaction will helps them

in their endeavor to further strengthen our portfolio in this category. Launched in 1990 as an herbal

energiser capsule, 30-Plus was a key brand for Ajanta Pharmaceuticals. Launched in 1990 as an herbal

energiser capsule, 30-Plus was a key brand for Ajanta Pharmaceuticals.

In January same year, the company had acquired US-based personal care firm Namaste Group for

USD 100 million (about Rs 451 crore) and in September last year it had completed acquisition of

Turkish personal care firm Hobi Kozmetik Group for USD 69 million (about Rs 324 crore).

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Consumer Care Products:

Hair Care Products: Dabur's range of natural Hair Oils have an array of specilised products

that offer you problem-free hair, making your crowning glory grow healthy, lustrous and full

of life.

1. Dabur Amla Hair Oil:

Dabur Amla Hair oil is India's trusted hair oil. Packed with the natural goodness of

Amla (Indian gooseberry), Dabur Amla Hair Oil enriches your hair, making them

strong from inside and beautiful outside to keep you looking absolutely gorgeous all

day long.

Dabur Amla Hair Oil is today the largest hair oil brand in the country with over 35

million consumers. Dabur Amla Hair Oil has constantly evolved as the epitome of

beauty for Indian women.

2. Dabur Almond Hair Oil:

It is one-of-its-kind product that offers superior nourishment for 100% damage-free

hair. Dabur has combined the goodness of nature and scientific research to introduce

Dabur Almond Hair Oil, a product that has twice the amount of Vitamin E as

compared to well known almond hair oils and Almond Protein -- vital nutrients known

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for hair health. Dabur Almond Hair Oil is, in fact, the only product in the almond hair

oil category with Almond Protein.

Extensive consumer research has shown that Dabur Almond Hair Oil keeps hair silky,

strong and 100% damage free. The oil penetrates deep into the hair instantly, providing

intensive care without leaving a greasy feel.

3. Dabur Vatika Enriched Almond Hair Oil:

As compared to ordinary almond hair oils, Vatika Enriched Almond Hair Oil has

superior nourishment properties that make your hair 2X stronger and 30% thicker. It

also fights dandruff with its two active natural ingredients and keeps your hair smooth

& silky.

It is available in two SKUs:

100ml (Rs 40)

200ml (Rs 70)

4. Dabur Vatika Shampoo

Vatika Heena & Olive Shampoo is a natural shampoo that conditions from deep

within, while gently cleansing and nourishing your hair. Its offers the gentle & caring

touch of nature that leave your hair soft, silky and radiant.

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It has the perfect balance of natural ingredients like Henna, Green Almonds and

Shikakai that turn your dull & lifeless hair into smooth & silky without damaging them.

Oral Care Products:

1. ToothPastes:

Dabur Lal tooth Paste

Babool:

Meswak:

2. Tooth Powders:

Dabur Lal Tooth powder

Skin Care Products:

1. Fem

2. Gulabari

3. Uveda

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HEALTH CARE PRODUCTS:

Offers a range of classical Ayurvedic medicines and Ayurvedic OTC products that deliver the age-old

benefits of Ayurveda in modern ready-to-use formats. Has more than 300 products sold through

prescriptions as well as over the counter

Major categories in traditional formulations include:

Health supplement

1. Chaywanprash

2. Glucose-d

3. Dabur honey

digestive

1. Pudin hara

2. Hajmola

3. Hingoli

otc healthcare

1. Active antacid

2. Honitus

3. Shilajit gold

4. Active blood purifier

5. Dabur balm

6. Lal tail

7. Badam oil

8. Shankhpushpi syrup

FOOD PRODUCTS:

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REAL

ACTIV

BURRST

HOMMEMADE

LEMONEEZ

CAPSICO

Dabur Chyawanprash the largest selling Ayurvedic medicine with over 65% market share. Vatika has been

the fastest growing hair care brand in the Middle East. Hajmola tablets in command with 60% market

share of digestive tablets category. About 2.5 crore Hajmola tablets are consumed in India every

day.Leader in herbal digestives with 90% market share.Consumer Health Division (CHD) offers a range of

classical Ayurvedic medicines and Ayurvedic OTC products that deliver the age-old benefits of Ayurveda

in modern ready-to-use formats Has more than 300 products sold through prescriptions as well as over

the counter. Division also works for promotion of Ayurveda through organised community of traditional

practitioners and developing fresh batches of students

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India’s macroeconomic environment continues to remain challenging with deceleration in GDP growth rates.

Moreover, GDP forecasts have been lowered with the Reserve Bank of India surveyors now forecasting a GDP

growth rate of 4.8% for fiscal 2013-14. Other macroeconomic headwinds such as high inflation and adverse

currency movement still persist, though the pressure on INR has somewhat moderated recently. But, inflation

continues unabated with Consumer Price Index (CPI) based inflation at nearly 10% during H1 2013-14.

Dabur Performance Overview:

Dabur continued to perform well with Net Sales growing by 13.9% to Rs. 3,399.9 crores in H1 2013-

14, largely driven by volumes. Material costs to sales ratio was lower at 47.5% in H1 2013-14 as

compared to 49.7% in H1 2012-13. Strong investments behind our brands continued with

Advertisement & Publicity as percentage of sales increasing to 14.2% in H1 2013-14 as compared to

13.7% in H1 2012-13. Driven by lower material costs to sales ratio, EBITDA margins expanded to

18.3% in H1 2013-14 as compared to 17.4% in H1 2012-13. Profit After Tax (PAT) grew by 23.9% to

Rs. 435.7 crores in H1 2013-14.

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Consumer Care Business:

The Consumer Care business in India which contributes to half of consolidated sales grew by 12.4%

in H1 2013-14 driven by strong growth in Health Supplements, Digestives, OTC & Ethicals, Home

Care, Oral Care and Skin Care. Some of the key launches in H1 2013-14 were Hajmola Anardana

variant, OxyLife Gel bleach, Vatika Enriched Coconut Hair Oil with Hibiscus and OxyLife bleach for

men.

Foods

Foods continued on the strong growth trajectory and grew by 20.2% during H1 2013-14, largely driven

strong volume growth in Real Fuit Juices. New products such as Drinking Yoghurts in Banana and

Strawberry variants under the brand Activ and Supafruits in Goji Berry-Pink Guava and Strawberry-Plum

under the brand Real were launched in H1 2013-14. International Business Dabur’s International Business,

which comprises around one third of our consolidated sales grew by 21.7% in H1 2013-14. The key growth

markets were the GCC (Gulf Co-operative Council), North Africa and Turkey. Namaste business posted

double digit growth in H1 2013-14. Some of the key products launched during H1 2013-14 in the

International Business were Vatika Hair Mayonnaise, Vatika Crème Hair Colors and a range of Shampoos

and Conditioners under Amla. Sales & Distribution. As part of our rural distribution enhancement initiative

– Project Double – we have expanded our direct coverage in terms ofvillages stood at 36,196 villages as on

September 2013 as compared to 14,865 villages as on March 2011. The initiative is has enhancing our

presence in the hinterland and we are witnessing improved momentum in sales.

Manufacturing

Our manufacturing plant in Sri Lanka commenced production during H1 2013-14. This will help us cater

to the Southern India markets for juices more efficiently. In addition, we are nearing completion of our

manufacturing facility in Bangladesh to cater to the local market there. We continue to undertake initiatives

to improve sustainability, encompassing energy and water conservation aspects. Some of these have been

commissioning of Bio Briqutte boilers and reuse of ETP treated water in cooling towers at our plants.

Overall we were able to manage the challenges of inflation, adverse currency movements and deceleration

in growth rates in the FMCG sector in H1 2013-14 and reported double digit revenue and profit growth.

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Continued investments behind brand building and strengthening of our distribution network should enable

us to perform well going ahead.

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commitment to Environment- Ancient wisdom of conservation:

From times immemorial, Indian sages and men of wisdom have understood and appreciated

the value of nature and its conservation. Our ancestors recognized that if we grabbed from

nature beyond what was healthy, it would lead to all round degradation, and even the extinction

of humanity. That is why nature was sanctified and worshipped in the form of gods and

goddesses.

At Dabur, environment and nature is the lifeline of our business. With a portfolio of Ayurvedic

and nature-based products, conservation of nature & natural resources is deep rooted in our

organizational DNA, and in every aspect of our ever-growing business. We, at Dabur, have

not merely incorporated the concept of sustainability into the core of our business but have,

in fact, expanded it to encompass our aspirations and responsibilities to the society and to the

environment. It is this concept that inspires us to optimize our business performance to tackle

the new and growing challenges of environment and technology.It is a concept on which we

aspire to build an organization that will continue to increase value for all our stakeholders for

generations to come, through intensive focus on Conservation of Energy and Technology

Absorption, along with Health, Safety and Environment Protection.

We have set up the "Plants for Life" project in the mountainous regions of the Himalayas.

Under the project, a high-tech greenhouse facility has been set up for developing saplings of

rare and endangered medicinal plants. Fully computer-controlled and monitored, this

greenhouse maintains the highly critical environmental parameters required for their survival.

We are also developing quality saplings of more than 20 herbs, 8 of them endangered, through

micro propagation.

In addition, satellite nurseries spread across mountain villages and contract cultivation of

medicinal herbs helps in maintaining the ecological balance. These measures have also helped

provide local cultivators the scientific knowledge for harvesting herbs and a steady source of

income. So that they are not forced to exploit the environment to earn a livelihood.

Conservation of energy:

Dabur has been undertaking a host of energy conservation measures. Successful

implementation of various energy conservation projects have resulted in a 13.8% reduction in

the Company’s energy bill in the 2008-09 fiscal alone. What was noteworthy was the fact that

this reduction has come despite an 8-9% volume increase in manufacturing, and an average

11.7% increase in cost of key input fuels.

The host of measures – key among them being use of bio-fuels in boilers, generation of biogas

and installation of energy efficient equipment – helped lower the cost of production, besides

reduce effluent and improve hygiene conditions & productivity

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Technology Absorption:

At Dabur India Limited, knowledge and technology are key resources which have helped the

Company achieve higher levels of excellence and efficiency. Towards this overall goal of

technology-driven performance, Dabur is utilizing Information Technology in a big way. This

will help in integrating a vast distribution system spread all over India and across the world. It

will also cut down costs and increase profitability.

Dabur has also made continuous efforts towards technology absorption and innovation, which

have contributed towards preserving natural resources. These efforts include:

Minimum use of water in process by pre-concentration of herbal extract and reduction

in concentration time

Uniform heating in VTDs by hot water as against steam earlier, resulting in 30%

reduction in bulk wastage by using non-stick coating and formulation change

Improvement in water treatment plant through introduction of RO (Reverse Osmosis)

system for DM water, reutilization of waste water from pump seal cooling and RO

reject waste-water management

Introduction of water efficient CIP system with recycling of water in fruit juice

manufacturing

Development of in-house technology to convert fruit waste into organic manure by

using the culture Lactobacilus burchi

The Company has achieved a host of significant benefits in terms of product improvement,

cost reduction, product development, import substitution, cleaner environment and waste

disposal, amongst others.

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Sustainability Report:

At Dabur, environment and nature is the lifeline of our business. With a portfolio of Ayurveda

and nature-based products, conservation of nature & natural resources is deep rooted in our

organizational DNA, and in every aspect of our ever-growing business. We, at Dabur, have

not merely incorporated the concept of sustainability into the core of our business but have,

in fact, expanded it to encompass our aspirations and responsibilities to the society and to the

environment. It is this concept that inspires us to optimize our business performance to tackle

the new and growing challenges of environment and technology.

It is a concept on which we aspire to build an organization that will continue to increase value

for all our stakeholders for generations to come, through intensive focus on Conservation of

Energy and Technology Absorption, along with Health, Safety and Environment Protection.

IT Initiatives:

At Dabur India Limited, knowledge and technology are key resources which have helped the

Company achieve higher levels of excellence and efficiency. Towards this overall goal of

technology-driven performance, Dabur is utilizing Information Technology in a big way. This

will help in integrating a vast distribution system spread all over India and across the world. It

will also cut down costs and increase profitability.

Dabur implemented SAP ERP system from April 2006 for all its business units, a more

advanced ERP system than the earlier Baan and Mfg ERP system.

1. Installed a country wide WAN infrastructure for running centralized ERP system.

2. They opened up their new data centre at KCO head office.

3. Extension of reach system to distributors for capturing secondary sales data.

4. Some of the future plans for Dabur are mainly focused on SAP ERP system.

5. Integration with distributors and stockists using SAP

6. Backward integration of SAP with suppliers.

7. Implementation of SAP HR and pay roll.

SAP-A Boost to Dabur India

A study conducted by Accenture states that high performance business invest in the state of

art IT like ERP software are the most important in order to be able to leverage it for strategic

cost management and effective collaborations with the customers. Dabur has linked its

corporate headquarters, 12 manufacturing units and 30 distribution centers with SAP ERP

system. They had a three phase ERP improvement model-

Correcting the transactional and management information systems.

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Conducting change management and synchronizing its business processes with reliaties in an

ERP context.

Developing value realization project.

The use of SAP ERP system was immense such that they even developed a web based demand

planning and trade promotion forecasting tools and installed point of sale software at select

retail outputs. This helped Dabur to integrate with the customers into its IT network and

gather real time market information that would result in better sales.

Dabur has been immensely successful in implementing strategic and operational changes

which have led to much higher amount of performance. The shoot up of their annual sales

was noteworthy. Their profits too increased by a considerable amount. It even developed a

new sales force structure which has enhanced productivity. These initiatives are slowly

allowing Dabur to leverage IT as a strategic asset and are ensuring a constant availability of IT

talent regardless of business demands. It is to be noted that all of these efforts are aimed at

achieving operational excellence and performance.

SAP has helped Dabur in identifying opportunities based on consumer needs, tailoring

product for that people and expanding with the segment, retaining its overall leadership

position.

Dabur India has tied up with Country’s leading IT provider Accenture, both these companies

are designing an application outsourcing approach thus transforming application development

and maintenance to help themselves to achieve performance.

By implementing a SAP ERP system, Dabur India has helped itself in retaining the position

as a growing leader in the fast moving consumer goods section (FMCG). Its move to disable

the baan and Mfg ERP was seen as a highly innovative move. This has also enabled them for

better sales forecasting and improvement in their sales after the implementation of SAP raised

several eye brows. The move to make this system available for all the employees starting from

the top management to the bottom strata has what made Dabur distinguish itself from the

other companies in the FMCG sector. With the implementation of MYSAP, Dabur has been

able to make some very important strategic decisions and thus increasing its productivity.

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Business challenge

Consumer packaged goods companies operate in a global marketplace that is highly

competitive and commoditized. These organizations need to work smarter, perform better

and make faster, wiser decisions than ever before. Dabur is no exception. Nearly five years

ago, Dabur clearly identified these challenges and set out to outpace its peers in the industry

in terms of revenue and profitability growth. To build a competitive edge, the company asked

Accenture to help identify specific opportunities that would lead to short term advantage and

long-term growth. Accenture was well suited for the task. In addition to its highly respected

business consulting skills and deep industry insights, Accenture brought a solid understanding

of what companies need to do to achieve high performance in the consumer products sector.

This understanding is based not just on Accenture’s global experience, but also on its ongoing

research into the characteristics of high-performance businesses. Accenture’s research

indicates that high performance businesses relentlessly pursue operational excellence.

Future Plans

schemes based on secondary volumes will help control secondary pipelines and

sales. Primary sales will therefore come from a resultant 'pull' from secondary replenishments.

Sales order servicing can be further improved by taking orders through the Internet,

and by setting stocking norms and replenishing stocks to improve ROI of stockists.

Sales officers' targets can be set against a measure of secondary sales and pipelines to further improve control and avoid stuffing of CFAs to meet targets.

MY OPINION:

Dabur should focus on the following key strategies:

Acquire

1. Acquisitions critical for building scale in existing categories & markets

Should be synergistic and make a good strategic fit

2. Target opportunities in our focus markets

Expand

1. Strengthening presence in existing categories and markets as well entering new

geographies

2. Maintain dominant share in categories where we are category builders like Health

Supplements, Honey etc.

3. Calibrated international expansion –local manufacturing and supply chain to enhance

flexibility / reduce response time to change in market demands

Innovate

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1. Strong focus on innovation. Have rolled out new variants & products which have

contributed to around 5-6% of our growth p.a.

2. Renovation of existing products to respond to changing demands (Toothpowder to

Toothpaste)Three pronged Growth Strategy

Dabur the leading personal and healthcare company among the four FMCG giants in India

is managing the Oldest Supply Chain in India. Dabur is over 125 years old and deals with the

diversified product range in ‘Natural and Herbal’ which leads to the EBITDA –quarter growth

of 27.8% and consolidated Q1 net Profit up 19.6% at `127.74 Cr with Revenue surges 31.6%

to `1216.24 Cr, for the Q1 2011-12. Building on a legacy of Quality and Experience, Dabur is

at present India’s trusted name and world’s largest Ayurvedic and Natural Helath Care

Company having distinct brand identities such as Dabur master brand for the natural health

care product, Vatika for premium personal care, Hajmola for digestives, Real for fruit juices

and beverages & Fem for fairness bleaches and skin care products.

Dabur procures raw materials worth around `500 Cr from a wide base of vendors. The

Company has wide and integrated distribution network for its around 600 SKU delivering to

around 2100 stockiest, further connecting to the thousands of retail outlets covering every

small and remote part to organized stores of India. Dabur has improved distribution system

through its unique Retails Excellence program, “DARE” (Driving Achievement of Retail

Excellence). the Program covers a major objective as a channel focus, activating key customer,

improving rural focus, rewarding distribution efficiency, maximizing brand impact and

building information capabilities.

Dabur has used Direct Shipment Strategy which was implemented in order to bypass

warehouses and distribution centers. Thus Dabur delivers products directly to the

retailers/consumer through the Institutions & Modern Trade System. Advantages of

implementing strategy are –

The retailer avoids the expense of operating a distribution center

Reducing lead time

Thus, Dabur has achieved cost reduction in the transportation process which overall adds to

the reduction in price of the product. By this strategy Dabur has reduced the lead time,

bringing Dabur and other elements in the Supply Chain closer which improves overall

efficiency of the supply chain as shown in following figure. Reduction in lead time has added

in reduction in Bullwhip Effect of the Supply Chain. Dabur has managed to minimize the

Inventory-Transportation cost Trade-off. By elimination of the warehouse in supply chain,

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the company has reduced the inventory carrying cost and Implementing ‘Milk run’ system by

the small truck loads Dabur has managed the increased transportation cost in the chain.

Dabur tackles the secondary supply chain

In 2001, Dabur decided to tackle its extended supply chain f over 30 factories, six key

warehouses, and 52 stocking points distributing over 1,000 SKUs to 10,000 stockists

countrywide. The company needed a system to accurately control distribution and sales

forecasting to reduce inventory in the pipeline.

Dabur went ahead and built a system using Visual Basic and ASP with SQL Server 2000 as

the database. It decided not to use a packaged SCM solution due to the high cost and

relative lack of complications in its supply chain.

The initiative

An in-house developed, easy-to-use, Intranet based data-warehouse displays as-of-yesterday sales, stock, receivables, banking, and other MIS. Over 5,000 ASP pages meet almost all reporting requirements and make this a single source of MIS for all levels of decision makers.

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This success paved the ground for the company's supply chain initiative. Fifty-five Ku Band TDMA VSATs were used to link primary distributors to the system. Factories were hooked up using PAMA (Permanent Assigned Multiple Access) VSATs. At some locations VPNs had to be used because it was not possible to set up a dish. The zonal offices in Mumbai were hooked up in a similar manner.

The hardware is mostly owned by the primary CFA (Carry and Forward Agent) except for the networking equipment, which is owned by Dabur. In the case of the secondary systems, stockists wholly own the hardware.

The primary rollout began in April 2001 and took 16 months. The first six months were used to create a business model common to all divisions (family products, healthcare, ayurvedic products, and pharmaceuticals), and testing and piloting the same.

The Innovation

The integrated primary and secondary system has a number of unique features. The features like tight integration of schemes, stockists credit limit control, automated banking of cheques, and online cheque reconciliation have obvious advantages in the primary distribution. These are basically extensions to the MFG/PRO ERP system and not core customizations.

Dabur's stockists supply to 1.5 million retailers. Seventy percent of the sales are accounted for by the top 500 stockists. The incorporation of these top stockists into its supply chain is a first for any FMCG company in India. The average sale of each stockist and the current stock are the two parameters.

Details are collected from stockists on a weekly basis. In case of primary distribution points, an incremental backup is sent to the central location when the CFA closes operations for the day. These are computed at night in a process called ‘cubing’. And when managers come into office in the morning the information is ready for them. The integrated system allows each Area Manager to plan for the month's sales forecasts, stockists performance, and sales officers' performance. The integration allows better control on pipelines in primaries and secondaries, brings down inventories, and offers better control on production and sales against a confirmed forecast.

The company has added an SMS interface that lets authorized phones query the system for aspects like stock status, credit limits, and current outstanding, and division-wide sales. An access control list of mobile phone numbers is used to restrict access to the system. Salespeople can get responses to their queries in a minute with this system.

Tackling with Secondary Supplychain

In 2001, Dabur decided to tackle its extended supply chain of over 30 factories, six key warehouses, and 52 stocking points distributing over 1,000 SKUs to 10,000 stockists

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countrywide. The company needed a system to accurately control distribution and sales forecasting to reduce inventory in the pipeline. Dabur went ahead and built a system using Visual Basic and ASP with SQL Server 2000 as the database. It decided not to use a packaged SCM solution due to the high cost and relative lack of complications in its supply chain. The initiative

An in-house developed, easy-to-use, Intranet based data-warehouse displays as-of-yesterday sales, stock, receivables, banking, and other MIS. Over 5,000 ASP pages meet almost all reporting requirements and make this a single source of MIS for all levels of decision makers. This success paved the ground for the company's supply chain initiative. Fifty-five Ku Band TDMA VSATs were used to link primary distributors to the system. Factories were hooked up using PAMA (Permanent Assigned Multiple Access) VSATs. At some locations VPNs had to be used because it was not possible to set up a dish. The zonal offices in Mumbai were hooked up in a similar manner. The hardware is mostly owned by the primary CFA (Carry and Forward Agent) except for the networking equipment, which is owned by Dabur. In the case of the secondary systems, stockists wholly own the hardware. The primary rollout began in April 2001 and took 16 months. The first six months were used to create a business model common to all divisions (family products, healthcare, ayurvedic products, and pharmaceuticals), and testing and piloting the same.

DISTRIBUTION NETWORK

Manufacturing plant

company ware house

Regional ware house

Regional stockist

Super stockist

Stockist

Distributor

Retailer

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Now this channel depends on the complexity of the product, if it is a product like pen, soap etc. then the entire channel might be there, as the complexity of the product goes up the channel size comes down. Dabur gets about 75 of its sales from rural areas. So the chain can get long in this condition. Sales around 50 countries of the world

Accenture proposed that Dabur improve its supply chain management, sales and distribution capabilities and use IT as a strategic enabler for its business strategy. From an IT perspective, Accenture recommended a two-pronged strategy: migration to a nimbler outsourcing model that would generate value through agility and support business initiatives and maintenance of its SAP enterprise resource planning(ERP) system. To bring these initiatives to life, Accenture assembled a team of highly skilled industry experts, as well as professionals with extensive SAP design and implementation experience. Working closely with Dabur, the Accenture team initiated a number of high-impactprojects, including:

Implementing a new sales and distribution strategy.

Accenture helped develop a comprehensive retail strategy that marked Dabur’s first significant effort to identify key customer segments in urban and rural markets, customize sales programs for key accounts and reorganize. Dabur’s sales teams by one of fourtrade channels (modern trade, rural, “mom-and-pop” and drugstores).Accenture supported this businessstrategy with a cost-effective IT solution, developed in-house over several platforms, which captured actionable information across the national footprint of nearly 500 distributors. In the area of productdistribution, the team focused on bolstering efficiencies and rural market penetration and designed a channel-specific strategy for grocers, chemists, modern trade, wholesalers and convenience stores. In developing a more effective sales

program, Accenture paid special attention to how Dabur might improve service to Indian mega retailers, which are expected to account for more than 15 percent of consumer product sales by 2010. For this group of customers, the team established a new operating model that included a pricing architecture framework to aid negotiations, an activation strategy to guide tactical initiatives, and revised roles and responsibilities for all members of the trade field force. In devising this strategy, the Accenture and Dabur team optimized the company’s internal logistics and distribution processes for mega retail customers, and put metrics and incentives in place to drive specific goals such as consistency of sales in grocery stores, improved service to drug stores and increased sales via wholesale channels.

Developing a new supply chain management capability:

Research into the characteristics of high-performance businesses has shown that leading organizations reorient their supply chains based on capability building for revenue enhancing opportunities. For Dabur, Accenture proposed strengthening demand forecasting capabilities, which would result in greater operational efficiencies and lower inventory costs. The team also

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focused on bringing a market-driven perspective to the new supply chain and building collaboration skills, which are vital for engaging partners across functional areas throughout the company and across the supply chain. Accenture helped Dabur create capabilities to facilitate the launch of new initiatives, products and trade promotions. This effort entailed putting complex metrics into place via the IT landscape. Accenture then instituted a plan to leverage SAP by automating Dabur’s material resource planning processes across the complex manufacturing arena. The new approach allowed employees to shift their focus from simple transactions to more strategic procurement efforts such as cost management.

Optimizing Dabur’s ERP capabilities:

Research indicates that high-performance businesses invest in state-of-the-art information technology infrastructure, especially ERP software, and are, more importantly, able to leverage it for strategic cost management and collaboration with customers and suppliers. While Dabur had deployed a SAP ERP system to link its corporate headquarters, 12 manufacturing plants and more than 30 distribution centers, the company was not using the system to its maximum potential. Accenture launched a three-phase ERP improvement program that involved:

---- Correcting the transactional and anagement information systems.

— Conducting change management and synchronizing Dabur’s business processes with realities in an ERP context.

— Developing value realization projects.

Once the system was collecting accurate and timely data, Accentureidentified key performance indicators and created management dashboards to improve and speed executive decision making.

Leveraging IT for business initiatives:

In addition to revitalizing Dabur’s ERP system, Accenture applied its deep technical skills to create entirely new IT capabilities. For example, Accenture designed a Web-based demand planning and trade promotion forecasting tool, and installed point-of-sale software at select retail and wholesale sites. This latter initiative allowed Dabur to integrate key customers into its IT network and gather real-time market information that would drive better sales and distribution decisions.

Outsourcing IT operations:

Dabur realized the significant commitment of resources and time that the ongoing management of its IT operations, including its core ERP system would entail. Given the success of Accenture’s strategy and implementation efforts to date, coupled with the strong reputation Accenture has achieved in the application and infrastructure outsourcing markets, the company decided to outsource its IT management to Accenture for 10 years—marking one of the first IT outsourcing agreements to be forged by an Indian company. In its capacity as IT outsourcing provider, Accenture delivered industrialized and cost-effective skills that

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would allow Dabur to remain at the leading edge of IT delivery. Plus, Dabur gained the flexibility of being able to focus on its core capabilities while realizing increased value and lower costs through improved performance.

In addition to managing the client’s information technologies, Accenture continues to be involved in helping Dabur achieve operational excellence in a number of areas. The two companies are collaborating to extend ERP implementations in new geographies to support international growth. They are jointly examining strategic opportunities such as mergers and acquisitions. And they are working together to explore the creation of even greater value through the development of business cases and diagnostic capability assessments.

Dabur has implemented strategic and operational changes that have led to a much higher level of performance. Dabur is now one of India’s fastest-growing companies. Annual sales are up by 17 percent. Year over- year profits have increased by 40 percent. The company’s new sales force structure has significantly enhanced channel throughput and productivity

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13.pdf 3. http://euroland.com/pdf/IN-500096/Q2_ENG_2013_2014_1.pdf 4. www.dabur.com/Annual-Reports-2012-13 5. www.dabur.com/Investors%20Relation-Reports 6. www.money.rediff.com/companies/Dabur-India-Ltd/12540103/balance-sheet

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www.livemint.com/.../Dabur-strategy-yields-higher-sales-growth.html