ICICI Direct: Nestle India - Strong Growth In Smaller Cities Aid Growth
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ICICI Direct Report
Nestle India Ltd. posted strong results with 10.2% domestic revenue growth led by robust demand for noodles category supported by continued trend of higher ‘at-home’ consumption.
Export sales were also up 9.4%. Though our channel check suggested dismal growth numbers, especially in infant food category, we believe this was only Metro cities (Delhi, Mumbai and Bangalore) phenomenon.
There was strong growth in tier 2, tier 3 cities. Further, e-commerce sales also increased 97% in Q3 CY20. It is now contributing 4% to overall sales.
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