DABUR India (DABUR) 2QFY21 result was above our estimates. Consolidated revenue growth recovered to high double digit after two consecutive quarter of decline. Health supplement portfolio delivered astronomical 71%YoY revenue growth driven by 2x sales of Chyawanprash. In HPC; oral care, hygiene and shampoo portfolio revenue grew at 18-38% rate while revenue from Odomos, Odonil and Hair Oil portfolio declined 6-10%. Food continues to face growth head-winds due to sub-par performance of beverage portfolio. Performance of international business remained satisfactory. We expect DABUR, as a category leader in India, to benefit from the penetration of...