External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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<ul><li>Expect similar volume CAGR, revenue to grow by 9/11% on YoY/three-year CAGR: Our FMCG coverage universe is expected to deliver growth of 9/11% on YoY/three-year CAGR in revenue in Q3FY23 (vs 17/10% in Q3FY22 and 8/11% in Q2FY23)</li><li>Rural demand remained tepid while some green shoots were visible at the end of the quarter</li><li>Urban demand too was not different from that seen in Q2</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Expect similar volume CAGR, revenue to grow by 9/11% on YoY/three-year CAGR: Our FMCG coverage universe is expected to deliver growth of 9/11% on YoY/three-year CAGR in revenue in Q3FY23 (vs 17/10% in Q3FY22 and 8/11% in Q2FY23)Rural demand remained tepid while some green shoots were visible at the end of the quarterUrban demand too was not different from that seen in Q2Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FMCG & Alco Bev (Q3FY23 Results Preview): Unchanged demand trend, some respite in margins

<ul><li>Nestle India: Nestle reported a beat on revenue while margin was below our expectations</li><li>Domestic revenue growth was at 18%, showcasing an acceleration in its three-year CAGR at 13%</li><li>The growth was led by strong volume and mix across large metros, mega cities, and smaller towns, including rural markets</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nestle India: Nestle reported a beat on revenue while margin was below our expectationsDomestic revenue growth was at 18%, showcasing an acceleration in its three-year CAGR at 13%The growth was led by strong volume and mix across large metros, mega cities, and smaller towns, including rural marketsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Nestle India, UltraTech Cement

HSIE Results Daily: Nestle India, UltraTech Cement, IndusInd Bank

<ul><li>Volume weakness to continue, revenue to grow by 15/10% on YoY/three-year CAGR (weak ex-ITC): Our FMCG coverage universe is expected to deliver growth of 10/15% on YoY/three-year CAGR in revenue in Q2FY23 (vs 12/7% in Q2FY22 and 24/11% in Q1FY23)</li><li>ITC’s strong reported growth will drive the aggregate growth for Q2FY23, ex-ITC we expect overall weakness in volume</li><li>Demand trends in our FMCG universe for Q2FY23 will be similar to the trends seen in the previous two quarters where demand was impacted by the retail inflation (particular in rural).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Volume weakness to continue, revenue to grow by 15/10% on YoY/three-year CAGR (weak ex-ITC): Our FMCG coverage universe is expected to deliver growth of 10/15% on YoY/three-year CAGR in revenue in Q2FY23 (vs 12/7% in Q2FY22 and 24/11% in Q1FY23)ITC’s strong reported growth will drive the aggregate growth for Q2FY23, ex-ITC we expect overall weakness in volumeDemand trends in our FMCG universe for Q2FY23 will be similar to the trends seen in the previous two quarters where demand was impacted by the retail inflation (particular in rural).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FMCG & Alco Bev (Q2FY23 Results Preview): Growth and margin to remain under pressure

<ul><li>We hosted a multi-sector channel check, wherein we hosted participants from auto, FMCG, durable, building materials, jewellery, cement and real estate</li><li>The meetings were represented by senior and experienced channel partners, CXOs of unlisted companies, and industry experts</li><li>Our primary objective was to check festive season demand along with overall consumption environment, particularly since industries have seen one of the toughest retail inflation environments.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We hosted a multi-sector channel check, wherein we hosted participants from auto, FMCG, durable, building materials, jewellery, cement and real estateThe meetings were represented by senior and experienced channel partners, CXOs of unlisted companies, and industry expertsOur primary objective was to check festive season demand along with overall consumption environment, particularly since industries have seen one of the toughest retail inflation environments.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Reality Check: Festive checks—positive trend

India

Nestle India Limited is the Indian subsidiary of the Swiss multinational company Nestlé, operating as a prominent player in India's Fast-Moving Consumer Goods (FMCG) industry. The company manufactures and sells a diverse range of food products, beverages, chocolates, and confectioneries, with key brands including Maggi, Nescafé, and KitKat. Nestle India Limited was incorporated on March 28, 1959, and is headquartered in Gurugram, Haryana, India.

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Nestle India (NEST IN)

FMCG & Alco Bev (Q3FY23 Results Preview): Unchanged demand trend, some respite in margins

Our FMCG coverage universe is expected to deliver growth of 9/11% on YoY/three-year CAGR in revenue in Q3FY23 (vs 17/10% in Q3FY22 and 8/11% in...

HDFC Securities

HSIE Results Daily: Nestle India, UltraTech Cement

Nestle India: Nestle reported a beat on revenue while margin was below our expectationsDomestic revenue growth was at 18%, showcasing an...

HDFC Securities

HSIE Results Daily: Nestle India, UltraTech Cement, IndusInd Bank

Nestle India: Nestle reported a beat on revenue while margin was below our expectationsDomestic revenue growth was at 18%, showcasing an...

HDFC Securities

FMCG & Alco Bev (Q2FY23 Results Preview): Growth and margin to remain under pressure

Demand trends in our FMCG universe for Q2FY23 will be similar to the trends seen in the previous two quarters where demand was impacted by the...

HDFC Securities

Reality Check: Festive checks—positive trend

We hosted a multi-sector channel check, wherein we hosted participants from auto, FMCG, durable, building materials, jewellery, cement and real estate

HDFC Securities

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