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ICICI Securities Report
Nestle India Ltd.'s domestic revenue grew 10% in Q3 CY20 (with approximately 7% volume growth (our view)), with double-digit growth in culinary (Maggi), chocolates (a positive surprise), coffee (as expected).
The company seems to be in the sweet spot -
- structural tailwind from increasing consumer propensity to consume packaged foods,
- key input remaining stable and
- significant increase in capex (Rs 26 billion planned over CY20-23 which is equal to cumulative capex of CY12-19).
Our long-term positive view is intact; however, our primary research indicates likely lower birth rates in CY21, a potential headwind for its infant nutrition business in CY21.
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