New Research Reports

We remain optimistic about the company's long-term prospects. With a 10% upside potential from the CMP, we maintain our BUY rating on the stock.

Nestlé sees strong growth potential in India, as its per capita packaged food consumption remains low. With 60 million people expected to join the middle- and high-income segments by 2030, rising affordability will boost demand.

TCPL’s Q3FY25 numbers are not exactly comparable on y-o-y basis due to consolidation of acquired businesses - Capital Foods and Organic India. TCPL’s Q3FY25 performance was impacted by sharp increase in the tea prices (up by 20-40%) which led to 234 bps y-o-y decline in the consolidated OPM to 12.7%.

The company's revenue stood at Rs. 47,797 Millions in Dec 24 quarter, showing a 3.9% increase compared to Rs. 46,004 Millions in the corresponding quarter of the previous year whereas there was a de growth of 6.4% on QoQ basis. In 9M FY25 basis, the company reported a revenue of Rs. 146,977 Millions a growth of 2.8% on annual basis.

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

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).

? 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.

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.

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