Nestle India Q3 Review - Our Longstanding Neutral Stance Is Intact For Now: ICICI Securities
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ICICI Securities Report
Nestle India Ltd.'s domestic revenue growth of 10% YoY as steady though unexciting – recovery in some categories (mainly out-of-home) appears to have been partly offset by reduced in-home consumption for select products.
We see near-term (increased) challenges due to inflationary inputs while execution on growth pillars continues.
Our long-term positive view on Nestle India is intact driven by-
structural tailwind from increasing consumer propensity to consume packaged foods,
continued investment behind brands,
renewed focus on distribution expansion, particularly rural and e-commerce and
significant increase in capex (Rs 26 billion planned over CY20-23 which is equal to cumulative capex of CY12-19).
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