Religare Capital has maintained 'Buy' on Dabur India after the company declared its second quarter results. The stock broker fixed price target at Rs 310.

Commenting on the results, Religare said, ''Dabur posted a below-expected second quarter result with net sales, EBITDA and adjusted PAT up 8.7%, 15.9% and 18.7% year-on-year (YoY) as domestic volumes grew at a slower than expected pace (5% YoY vs. RCMLe 6-7%) due to supply disruptions. EBITDA margins however were largely in line on lower input and stable A&P costs.''

Commenting on the investment rationale, the stock broker said, ''We pare our FY16, FY17 and FY18 earnings estimates by ~1.9%, 2.9% and 3.9% to build in the slower-than-expected recovery in consumer demand. We accordingly revise down our Sep'16 TP to Rs 310 from Rs 325 earlier. Maintain Buy on the stock.''

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