Steady performance; but valuations expensive

Company
11 Mar 2024
5 Min read 
  • Nestle India reported 8% YoY revenue growth in 4QCY24, with sustained 10% four-year revenue CAGR.
  •  Domestic sales grew 9% YoY, supported by pricing, mix, and volume growth.
  •  Export sales dropped 5.6% YoY during the quarter.
  •  Gross margin expanded to 58.6% and EBITDA grew 13.5% YoY.
  •  Nestle has been focusing on its RURBAN strategy and expanding distribution reach.
  •  Valuations are expensive, with a Neutral rating and a TP of INR2,400.
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