New Research Reports

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.

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

RKL’s Q3FY25 performance was good with revenue growth of 11.5% y-o-y to Rs. 1,294 crore and OPM rising by 191 bps y-o-y to 14.2%, which led to PAT growth of 27% y-o-y to Rs. 96 crore.

With an upside 6% from the CMP, we maintain our HOLD rating on the stock.

Emami’s reported moderate sales growth in 3Q FY25, encountering economic and industry headwinds. Urban demand remained subdued due to rising food inflation and cash-strapped retail and wholesale trade.

Emami’s Q3FY25 numbers were soft but performance was relatively better compared to peers, as the company posted mid-single digit volume growth and OPM beat expectations.

Godrej Consumer (GCPL) reported a 3% YoY increase in consolidated net revenue to INR37.7b (est. INR37.5b). Constant currency organic revenue growth was at 2% YoY.

GCPL has been a play on execution for a couple of years now. Our downgrade (to Reduce) after the Q3 business update factored in concerns on slowdown in/waning of execution.

United Spirits (UNSP) reported revenue growth of 15% YoY (est. 13%) in 3QFY25, along with total volume growth of 10% (est. 8%). The Prestige & Above (P&A) segment clocked volume and value growth of 11% and 16%.