ICICI Direct: Nestle India - Strong Growth In Smaller Cities Aid Growth  
Packets of Maggi 2-Minute Noodles and Xtra-delicious Magical Masala, both manufactured by Nestle India Ltd., are displayed for sale at a general store in Mumbai, India. (Photographer: Vivek Prakash/Bloomberg)  

ICICI Direct: Nestle India - Strong Growth In Smaller Cities Aid Growth  

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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 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.

Click on the attachment to read the full report:

ICICI Direct Nestle Q3CY20 Result Update.pdf

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