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Dolat Capital Report
Nestle India Ltd.'s Q3 CY21 results were in line with our estimate. Domestic business reported 10.1% YoY growth while exports grew merely 1.3%.
E-commerce business continues to maintain strong traction during Q3. Out-of-home channel is showing signs of recovery with gradual opening of hotels, restaurants, offices and malls.
Gross margin declined 240 basis points in mainly attributed to higher inflation in wheat, coffee, edible oils and packaging materials.
While input prices are likely to remain firm, cost optimisation initiatives should support margins.
Considering niche play and unique positioning in multiple categories, we believe that Nestle India would continue to command higher premium compared to peers.
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