Nestle India (NEST) 3QCY20 result was above our estimates. Revenue came back to strong double digit growth at 10%YoY (vs 2% in 2QCY20) driven by rise in at-home consumption. Out-of-home consumption also picks-up but remain below pre-covid levels. Operating profit margins improved led by deflationary raw material and cost rationalization. Positively, NEST has turned aggressive as the management guides for Rs 26bn capex (equivalent to total capex done over last 8-9 years). We have marginally trimmed our estimates downwards adjusting for lower yield on other income and higher depreciation due to accelerated capex. We value the company at 55x CY22E EPS. Our...