BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Nestle India Ltd.’s domestic revenue grew 10% in Q3 CY20 (with approximately 7% volume growth (our view)), with double-digit growth in culinary (Maggi), chocolates (a positive surprise), coffee (as expected).
The company seems to be in the sweet spot -
- structural tailwind from increasing consumer propensity to consume packaged foods,
- key input remaining stable and
- significant increase in capex (Rs 26 billion planned over CY20-23 which is equal to cumulative capex of CY12-19).
Our long-term positive view is intact; however, our primary research indicates likely lower birth rates in CY21, a potential headwind for its infant nutrition business in CY21.
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