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IDBI Capital Report
Nestle India Ltd.'s Q3 CY20 result was above our estimates.
Revenue came back to strong double digit growth at 10% YoY (versus 2% in Q2 CY20) driven by rise in at-home consumption.
Out-of-home consumption also picks-up but remain below pre-Covid-19 levels.
Operating profit margins improved led by deflationary raw material and cost rationalization.
Positively, the company has turned aggressive as the management guides for Rs 26 billion capex (equivalent to total capex done over last eight to nine years).
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