• Dabur India (Current Price Rs153, Target Price: Rs177; Buy)
– We forecast sales growth of 20% in F10E & 17% in F11E. F10E sales growth of 20% is premised upon: (a) 13-
14% growth in domestic portfolio (ex-Fem) vs F09’s 14.8%, (b) c.30% growth in international business vs
F09’s 40%, (c) Newly acquired Fem portfolio adding 3% to overall sales growth. For F11E, we expect
international sales growth to slow further to c.25%, 50% increase in Fem sales (first full year of operation) &
domestic growth (ex-Fem) being maintained at c.13%.
| NIFTY 
