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.
IDBI Capital Report
Nestlé India Ltd.'s Q1 CY22 result has been marginally below our estimates.
Revenue maintained 9-10% growth momentum driven by double digit growth in key brands; Maggi Noodles, KitKat, Nestlé Munch, Nescafé Classic and Sunrise.
Penetration driven growth from rural India is tracking well.
Revenue from e-commerce grew 71%YoY (now contributes c. 6% to revenue).
Out of home business was impacted in January 2022 due to Covid-3 but recovered smartly.
However, gross margin contraction has been steepest (at -313 basis points year-on-year) amongst last 3 quarters as cost of key RM witness 10-year high.
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