External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Beat on operating front: Nestlé reported a 3.7% YoY revenue growth, slightly below expectations (missed by 1% YoY), driven by double-digit growth in beverages and confectionery, alongside improved volumes.</li><li>EBITDA rose 3% YoY (beat on estimates) while margins contracted marginally 17bps to 25.5% due to a 97bps decline in gross margins, impacted by inflation in coffee and cocoa prices. PAT declined 5.2% YoY.</li><li>On the distribution front, the company’s RURBAN strategy continues to scale, with touchpoints now at 27,730 and coverage extending to approximately 208,500 villages.</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.

Beat on operating front: Nestlé reported a 3.7% YoY revenue growth, slightly below expectations (missed by 1% YoY), driven by double-digit growth in beverages and confectionery, alongside improved volumes.EBITDA rose 3% YoY (beat on estimates) while margins contracted marginally 17bps to 25.5% due to a 97bps decline in gross margins, impacted by inflation in coffee and cocoa prices. PAT declined 5.2% YoY.On the distribution front, the company’s RURBAN strategy continues to scale, with touchpoints now at 27,730 and coverage extending to approximately 208,500 villages.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 Ltd. - Long-Term Outlook Remains Intact; Maintain BUY

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Nestle sees strong growth potential in India, as its per capita packaged food consumption remains low.</li><li>With 60 million people expected to join the middle- and high-income segments by 2030, rising affordability will boost demand.</li><li>Nestle’s growth strategy focuses on efficiency, brand investment, and market share expansion to drive profitability.</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 sees strong growth potential in India, as its per capita packaged food consumption remains low.With 60 million people expected to join the middle- and high-income segments by 2030, rising affordability will boost demand.Nestle’s growth strategy focuses on efficiency, brand investment, and market share expansion to drive profitability.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.

Nestlé India - Long-Term Drivers Intact; Rich Valuation Limits Upside

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We attended the Nestle India analyst meet where the company has given cautiously optimistic outlook on growth, notwithstanding near-term demand pressures led by high inflation and urban distress.</li><li>NEST will focus on volume led growth with range margin margins as current levels seem optimal post 600bps expansion since 2016. NEST continues to innovate with rising share of NPD (6-6.5% of sales) and is looking at major gains in Maggi, Chocolates, Beverages and OOH consumption.</li><li>We expect growth rates to accelerate given capacity expansion (Rs55bn in four years) and benefit from JV with Dr Reddy’s in the medical nutrition business.</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 attended the Nestle India analyst meet where the company has given cautiously optimistic outlook on growth, notwithstanding near-term demand pressures led by high inflation and urban distress.NEST will focus on volume led growth with range margin margins as current levels seem optimal post 600bps expansion since 2016. NEST continues to innovate with rising share of NPD (6-6.5% of sales) and is looking at major gains in Maggi, Chocolates, Beverages and OOH consumption.We expect growth rates to accelerate given capacity expansion (Rs55bn in four years) and benefit from JV with Dr Reddy’s in the medical nutrition business.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 (NEST IN) - Focus on Volume Led Growth Amidst Tepid Urban Demand

<ul><li>Beat on operating front: Nestle posted inline topline with revenue grew 4% YoY, primarily led by price hikes, while volume growth stood at ~1% YoY.</li><li>EBITDA declined 1% YoY while EBITDA margins declined 111bps YoY to 22.8% owing to a drop in gross margins by 222bps to 56.2% as coffee and cocoa prices remained firm and an increase in staff cost (up 18% YoY); however, it was offset by 6% cut in other expenses.</li><li>PAT grew by 6% YoY. The ongoing RURBAN strategy enhanced Distribution reach by 5% in the last twelve months.</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.

Beat on operating front: Nestle posted inline topline with revenue grew 4% YoY, primarily led by price hikes, while volume growth stood at ~1% YoY.EBITDA declined 1% YoY while EBITDA margins declined 111bps YoY to 22.8% owing to a drop in gross margins by 222bps to 56.2% as coffee and cocoa prices remained firm and an increase in staff cost (up 18% YoY); however, it was offset by 6% cut in other expenses.PAT grew by 6% YoY. The ongoing RURBAN strategy enhanced Distribution reach by 5% in the last twelve months.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 Ltd. - Result & Analyst Meet Takeaways; Maintain BUY

<ul><li>Motilal Oswal's research report onNestlé India Nestle India (Nestle) reported weak revenue growth of 1% YoY (est. 6%) in 2QFY25. Last eight-quarter average revenue growth was 10%.</li><li>Domestic sales grew 1% YoY, impacted by muted demand and higher commodity prices.</li><li>Beverage, toddlers’ range and milkmaid posted high double-digit growth, while KitKat saw high single-digit growth.</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.

Motilal Oswal's research report onNestlé India Nestle India (Nestle) reported weak revenue growth of 1% YoY (est. 6%) in 2QFY25. Last eight-quarter average revenue growth was 10%.Domestic sales grew 1% YoY, impacted by muted demand and higher commodity prices.Beverage, toddlers’ range and milkmaid posted high double-digit growth, while KitKat saw high single-digit growth.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.

Nestlé India - Weak Revenue Growth; Miss on All Fronts

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)

Nestle India Ltd. - Long-Term Outlook Remains Intact; Maintain BUY

On the distribution front, the company’s RURBAN strategy continues to scale, with touchpoints now at 27,730 and coverage extending to approximately...

Axis Direct

Nestlé India - Long-Term Drivers Intact; Rich Valuation Limits Upside

With 60 million people expected to join the middle- and high-income segments by 2030, rising affordability will boost demand.

Motilal Oswal