Sharekhan's research report on Nestle India
H1CY2021 numbers were good with revenues and PAT growing by 12% and 13%, respectively and OPM standing at 25%. It maintained its thrust on achieving double-digit revenue growth by penetrating deep in rural markets (covered 89,288 villages), innovation (that contributes 4.3% of sales) and accelerating footprint through new channels. Nestle is planning to reward its shareholders with a higher dividend in the coming years by transferring Rs. 837 crore from the general reserve to retained earnings.
We maintain a Buy on Nestle India with a revised price target of Rs. 22,395. Revenues and PAT are expected to clock a CAGR of 14% and 18% over CY2020-23.
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