Nestle’s Q4FY25 revenue came at INR 55,039 Mn up 4.5% YoY (+15.2% QoQ), which was in-line with our estimates.EBITDA stood at INR 13,890 Mn., up 2.9% YoY (+26.0% QoQ), beating our estimates by 5.4%, mainly driven by positive operating leverage. EBITDA margin contracted -39 bps YoY (+217 bps QoQ) to 25.2%.