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Dolat Capital Report
Nestle India Ltd.'s Q4 CY23 revenue and Ebitda came in line with our estimates. The company reported 8.9% YoY growth in the domestic market driven by pricing and mix led growth, while exports business posted 5.6% YoY decline.
On a four-year compound annual growth rate basis, revenues increased by 9.9% - indicates acceleration in overall growth. E-com channel (contributes 7% to domestic sales) continued its growth trajectory.
Out of home delivered strong growth led by focus on portfolio transformation, premiumisation, new customer acquisition and geographical expansion.
Gross margin expanded by 370 bps YoY led by stable key commodity prices. However, coffee prices continued to be volatile due to limited availability. Going ahead, we expect gross margin gains to continue with stable cost environment.
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