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HDFC Securities Report
Nestle India Ltd.’s Q3 CY20 was healthy as the company clocked 10% YoY growth (our estimate 8%).
Packaged food category has done well, and the company’s performance in the past two quarters was steady (6.5% YoY growth).
Maggi, Kitkat and Nescafe (in-home consumption) posted double-digit growth.
Exports also bounced back with 9% YoY growth. Gross margin expansion was slower at 54 basis points YoY (58.1%).
Cost control initiatives led to Ebitda growth of 16.5% (our estimate 16%).
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