Margins Remain Robust despite Lower Volume Growth Consolidated net sales of Dabur India grew 1.2% yoy to Rs19.2bn with net profit rising by 11.8% to Rs2.9bn in 1QFY17. Volume growth came in at 4% compared to our estimate of 7%. Its domestic FMCG business grew 0.5%, while international business grew 6% yoy in the quarter under review. We estimate 11.3% & 14.7% CAGR in revenues and earnings through FY16-18E and maintain our BUY...