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Nestle India\’s share price fell 2% to Rs 2,511.60 after Q4 results. Standalone net profit rose 27% to Rs 934 crore, revenue increased 9% to Rs 5,268 crore. Brokerages hold mixed views on the stock.
Abneesh Roy discusses the impact of milk softness, margin expansion at Hatsun Agro, and cereal inflation in India. Despite global cost dependencies, strong pricing power persists amidst inflation concerns, offering a positive outlook for the future.
European stocks slipped on Thursday following mixed earnings from blue-chip companies such as Nestle and Deutsche Bank, while big M&A news in the mining sector powered Britain\’s FTSE 100 to fresh highs.
Nestle India Results: The revenue from operations stood at Rs 5,268 crore, 9% higher compared to Rs 4,830 crore reported by the company in the year-ago period. The Board has also recommended a final dividend of Rs 8.5 per share for the financial year 2023-24.
Nestle on Thursday missed first-quarter organic sales growth estimates, as the world\’s biggest packaged food company hiked prices and sold fewer products, particularly in North America.
Nestle India announced a dividend of Rs 8.50 per share with March quarter results. The company reported a 27% increase in net profit year-on-year (YoY) for the said quarter.
Nestle India\’s shares climbed 1% to Rs 2,530 during Thursday\’s intraday trading on the BSE in anticipation of the company\’s fourth-quarter results, scheduled for later in the day. Analysts predict a 17% increase in net profit to Rs 867 crore for the quarter ending March 31, 2024, based on the average estimates of three brokerages.
Expensive valuations make the FMCG stock less appealing for Motilal Oswal which has a \’Neutral\’ rating on the counter. Its target estimates a 2.5% downside over Thursday\’s closing price.
Indian benchmark indices closed lower as banking stocks declined, with Sensex falling 455 points and Nifty dropping by 152 points. Top laggards included Nestle India, Titan, Axis Bank, NTPC, Tata Motors, and ITC.
Nestle India\’s shares plunged 5.4% on Thursday to Rs 2,409.55 on BSE, following revelations of adding sugar to baby food in India but not in Europe or the UK. The health ministry expressed concern. This marked Nestle\’s worst single-day drop in 3 years.
The shares of RIL-owned chocolate manufacturer, Lotus Chocolate rallied 14% to hit a 52-week high of Rs 470 on BSE in Tuesday\’s trade ahead of its Q4 results which are due later today.
Indian equity indices continued their decline for the third consecutive session, dragged by IT stocks, amid concerns over delayed US rate cuts and escalating Middle East tensions. US-rate sensitive Nifty IT dropped 2.6% — the most among the major sectors.