DABUR India (DABUR) 3QFY21 result was better than our estimates. Consolidated revenue grew by double-digit for the second consecutive quarter led by strong FMCG domestic volumes (+18%YoY) and double digit revenue growth in international geographies. DABUR has gained market share in most of the categories. Health supplement continued its growth momentum delivering 35%YoY revenue growth driven by strong double digit volume growth and market share gains in Chyawanprash and Honey. In HPC; revenue from hair oil, shampoo and home care witnessed significant recovery. In food portfolio; new launches are tracking well. We maintain...