ICICI Direct's research report on Nestlé India
Nestlé India (NIL) is the largest food company in India with over Rs 14000 crore of sales. It is broadly present in infant & baby food products, noodles, chocolates & beverage categories. In the last five years, the company has forayed into newer categories and launched more than 100 new products. The company has nine manufacturing facilities including newly commissioned plant in Sanand, Gujarat. Its major brands include Maggi, Nescafe, KitKat, Cerelac among others.
Outlook
We slightly increase our revenue & earnings estimates for CY22-24 on the back of expected volume recovery with softening of RM costs. We continue to maintain our HOLD rating on the stock. We value the stock at Rs 22400, valuing the business 65x CY24 earnings.
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Nestlé India - 201022 - icici
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