High concentration to rural to drive future growth Dabur derives 40-45% of revenue from rural sales vs 35% for the industry, which has led the company to grow at 20% sales CAGR over FY09-14 period. However, rural slowdown due to GST and demonetisation over last 4 years has resulted in a tepid topline growth of ~4% in the last 5 years. Though high base in FY19 and recent rural slackness may impact company's performance in FY20, we remain positive on long term growth prospects for Dabur. We believe that government would increase its measures to improve...