New Research Reports

? For Q3FY25, the revenue increased 16.8% YoY (+5.4% QoQ) to INR 44,436 Mn, beating our estimates by 2.1%.
? EBITDA declined by 1.3% YoY (-9.8% QoQ) to INR 5,647 Mn, missing our estimate mainly due to higher than estimated operating expenses. EBITDA margin contracted by 234bps YoY (-215bps QoQ) to 12.7%, missing our estimate by 184bps.

Marico (MRCO) reported consol. revenue growth of 15% YoY (in line) in 3QFY25. Domestic revenue growth was 17% YoY, with 6% volume growth. International growth was 10% YoY (16% cc growth).

Compared to consensus, 3QFY25 sales were 2% lower (1% below our estimate) while EBITDA was 1%

NEST continues to manage profits amidst inflation in cocoa and coffee. Wheat and palm have also turned inflationary

Tea inflation recovery prospects have improved as higher pricing has come through earlier than expected

With an upside potential of 15% from the CMP, we maintain our BUY rating on the stock.

Competitive intensity has increased in the domestic business and Dabur is doing retailer discounts to maintain market share

Nestle India (Nestle) reported a 4% YoY revenue growth (est. 5%) in 3QFY25. Domestic sales grew 3% YoY, hurt by a slowdown in urban consumption and higher commodity prices.

For Q3FY25, the revenue increased to 4.7% YoY (-9.7% QoQ) to INR 14,618 Mn, which missed our estimate by 3.9%. The company YoY growth, driven by toothpaste sales which showed mid-single digit volume growth.