Fourth Quarter/Full Year - Dabur India Limited

Sameer Deshmukh (Capital Market): Hello sir and congratulations for the excellent numbers.My question relates to the Real juice. Sir congratulations for crossing the turnover of 100crore in that respect. Where do you see the top line growth of this segment in the nextcouple of years?Sunil Duggal : I wont be surprised if brand Real crosses 150 crores in the next fiscal. Thegrowth rates are very fast, the momentum in the business is high, and we see no reasonswhy growth should slow down.Sameer : Okay, and one more question sir, with respect to Dabur Lal Dant manjan, thevolumes have come down by around 7.1%, whereas in case of Dabur Red toothpaste theturnover has increased to around 50 crores. So is this a general trend that this dantmanjansegment is decreasing or is it specific to Dabur India?Sunil Duggal : I think the tooth powder segment is not increasing as fast as toothpastesegment. Now whether it is declining is a moot point because it need not decline in nextyear, but certainly we don’t expect the pace of growth to be commensurate with toothpaste,that is where the growth comes from. We would seek to maintain our LDM volume, I think itwill be unrealistic to expect it to grow sharply, and strongly build the toothpaste franchise.And the acquisition was strategically very important for us because the trend is towards thisspace.Sameer : And sir one last question is relating to the international business. Is the productportfolio in the international business more or less similar to the domestic business ?Sunil Duggal : Yes, in a sense it is substantially similar. It is similar even though it will followthe same architecture but there would be, let us say, more emphasis on health supplementsand nutraceuticals for the developed market as compared to the others markets. So let ussay for the semi-developed markets there is greater emphasis on personal care portfolio.For the developed markets health care is the focus.Sameer :Okay. Thank you very much sir and congratulations for the numbers again.Hemant Patel (Enam Securities) :Hi Sunil, I just had one particular question pertaining to, a.)the VAT issue, and in that Dabur India Limited actually showed a slowed pace in growth forthis particular quarter, was it predominantly because the trade actually took up less stock atthe last quarter?Sunil Duggal : Yes, I think so. I think the growth in quarter four would have been higher hadit not been for VAT. Trade was not inclined to buy. They were pretty skittish and theywanted to scale down investment consequent to the uncertainties. Now, we could have gotsales by extending credits and by giving them terms, which were not acceptable. We did notwant to do that, so we said we would rather take some hit on the top line.Hemant Patel : But is it supposed to, I mean, looking at the inventory levels at which theindustry is functioning at, would we see this like evening out going ahead in the nextquarter?Sunil Duggal : Absolutely, it would even out. Because even if trade down stocks, that is aone-time hit, ultimately everything depends upon the consumer off take. Consumer off takeremaining pretty aggressive, I do not think this is something, which we need to worry about.Hemant Patel : What would be the average inventory level at the stockist level?Page 4 of 4