Dabur Financial Report

1. Dabur India Limited's Financial Position Analysis

The following report analyse Dabur India Limited's financial condition based on the financial statements data prepared according to International Financial Reporting Standards (IFRS) for the financial year 2012-2013.

1.1. Structure of the Assets and Liabilities

Indicator Value Change for the period analysed

in million INR % of the balance total million INR

(col.3-col.2) ± %

((col.3-col.2) : col.2)

31.03.2012 31.03.2013 at the beginning of the period analysed

(31.03.2012) at the end of the period analysed

(31.03.2013)

1 2 3 4 5 6 7

Assets

1. Non-current assets 8,588 10,905 35 38.6 +2,317 +27

2. Current assets, total 15,927 17,374 65 61.4 +1,447 +9.1

Inventories 5,286 4,997 21.6 17.7 -288 -5.5

Trade and other current receivables 2,242 2,553 9.1 9 +312 +13.9

Cash and cash equivalents 2,613 3,194 10.7 11.3 +581 +22.2

Equity and Liabilities

1. Equity 13,033 15,948 53.2 56.4 +2,915 +22.4

2. Non-current liabilities 687 747 2.8 2.6 +59 +8.6

3. Current liabilities 10,795 11,584 44 41 +789 +7.3

Assets; Equity and Liabilities 24,515 28,279 100 100 +3,764 +15.4

On 31 March, 2013, Dabur India Limited's assets structure was built in the following way: non-current assets are 38.6% and current assets are 61.4%. For the entire period reviewed, the assets were found to jump significantly to INR 28,279 million (INR +3,764 million). Assets were observed to grow simultaneously with equity. With that, the equity has grown with outrunning rates (+22.4% for the last year). An outrunning increase in equity relative to a total change in assets should be considered as a positive factor.

The total growth of Dabur India Limited's assets value is primarily connected with the growth value of the following assets (amount of change and percentage of this change relative to the total assets growth are shown below):

• Other non-current financial assets – INR 1,293 million (28.6%)

• Other current financial assets – INR 1,012 million (22.4%)

• Investment property – INR 755 million (16.7%)

• Cash