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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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