Nestle India Q3 Review - Growth Driven By Volume And Price Mix: KRChoksey

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KRChoksey Report

For Q3 CY21, Nestle India reported revenue growth of 9.6% YoY (+11.7% QoQ) to Rs 38,826 million; for 9M CY21, revenue stood at Rs 109,701 million (+10.6% YoY).

Domestic sales increased by 10.1% YoY largely driven by volume & realisation. Export Sales marginally grew by 1.3% YoY.

For 9M CY21, Ebitda margin expanded by 40bps YoY to 24.8%. For Q3 CY21 Ebitda margin increased by 3bps QoQ, though it declined by 53bps YoY.

Net Profit increased by 5.2% YoY to Rs 6,174 million (+14.6% QoQ), with net profit margin at 15.9% (-68 bps YoY; +41 bps QoQ); for 9M CY21 net profit stood at Rs 17,582 million (+9.9% YoY), with net profit margin at 16.0% (-10 bps YoY).

The company continued to showcase strong double digit growth in key categories. E-commerce shown increased traction and organised trade witnessed growth in mid twenties. Growth was spread across rural as well as urban markets.

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