Steady performance; but valuations expensive

Company
26 Apr 2024
5 Min read 
  • Nestle India reported 9% YoY revenue growth during the quarter ended Mar24.
  •  Domestic sales grew 9% YoY, supported by pricing, mix, and volume growth.
  •  Export sales rose 19% YoY to INR2.3b for the quarter.
  •  EBITDA margin expanded 220bp YoY, while EBITDA rose 19% YoY to INR13.4b.
  •  NEST has entered into a JV agreement with Dr. Reddys Laboratories.
  •  Reiterate Neutral with a TP of INR2,400 due to expensive valuations.
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