On account of the limited upside from the current market price, we reiterate our rating on the stock as HOLD, with a revised target price of Rs. 17,460 based on 62x CY21E adj. EPS. Domestic sales drives performance Nestle India Limited registered a revenue growth of 10.7% YoY in Q1CY20 to reach Rs. 3,325cr (vs. Rs. 3,003cr in Q1FY19). This growth was largely supported by increase in Domestic sales (10.7% YoY) driven by volume and mix, and improved Export sales (12.9% YoY) on account of lower base. Brands like Maggi, KitKat, Nestle Munch helped...