BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Nestle India Ltd.’s CY20 annual report highlights its underlying strengths, which make it one of the strongest topline growth opportunities in the Indian consumer universe.
Key takeaways are as follows:
- Barring 2Q CY20, where all consumer companies, especially those with their own manufacturing facilities, faced supply-chain issues due to the sudden Covid-led lockdown, the company reported 10-11% sales growth in three quarters in CY20.
- The pace of new launches, while lower than preceding years due to the management’s focus on the core, amid the Covid-19 pandemic, was still healthy compared to peers.
- Ad spend at 6% of domestic sales (down 70 bps YoY) has been close to elevated levels in recent years, unlike peers who reported a sharper decline to save costs.
- The business has been improving its efficiency over the years.
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