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 Q4 CY21 sales were in-line with our estimate. Volume growth of 9.6% in CY21 was impressive, but segmental performance (declared only at the year-end) was a mixed bag, with the largest segment – milk and nutrition (43% of CY21 sales) – growing 2.6% YoY as against an impressive 16-20% in the other three segments.
While there was a sequential gross margin improvement (contrary to our estimate) leading to a margin beat, Nestle India's management said further material cost pressures are here to stay for the time being and may impact CY22 margin.
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