Nestle India (NEST) 4QCY20 result was below our estimates. Domestic business continued double digit growth momentum however, revenue from export declined due to lower coffee exports. Key brands like Maggi noodles, Kitkat and Nescafe continued to record strong revenue growth. Business recovery for out-of-home-consumption products improved sequentially but continues to remain below pre-covid levels. Deflationary raw material environment supports gross margin expansion for 2 nd consecutive quarter. In 3QCY20 NEST guided to invest Rs 26bn for developing new factory in Gujarat. As on Dec'31 2020; total capex incurred stands at Rs 4.8bn. We...