Academic Research Report – Not a Recommendation

Equity Research Report

Nestle India Ltd
Capex announced, for capacity expansion

Recommendation : XXX
About the Company CMP :INR24,155
Target Price :xxx
Nestle India Ltd (hereinafter referred as “Nestle” or “ The Company”) is
the biggest player in the Indian FMCG segment, headquartered in
Stock Data (as on Oct 30,2023)
Gurugram ,which is a subsidiary of Nestle S.A. of Switzerland. The
company was incorporated in the year 1956. The company set up their NIFTY : 19,140.90
first production facility in the year 1961 at Moga in Punjab. 52 Weeks H/L (INR) : 24,745/17,880
The company has now nine manufacturing unites across the country. Market Cap (INR Crs) : 2,33,043
The company is also part of NESTLÉ S.A.’s global R&D network and o/s Shares (Crs) : 9.64
supports all markets worldwide with new product development and Dividend Yield (%) : 0.91%
manufacturing excellence for Noodles. Now the company also has an NSE Code : NESTLEIND
R&D Centre in Manesar( India).
The company has a presence in milk & nutrition, beverages, prepared
dishes & cooking aids & chocolate & confectionery segments. The Relative Stock Performance – 1Y
company is engaged in the food business. Nestle India manufactures Nifty Nestle
brands such as Nescafe, Maggi, Milkybar, Milo, Kit Kat, Bar-One,
Milkmaid and Nestea.
During the year 2022-23, Company launched 'Gerber Cereals' brand in
two variants - Spinach & Carrot and Mango & Berry and also acquired
the Purina Petcare business.

Overall View

Company posted double digit growth in domestic sales across all

product groups. Further sustainability of growth is expected from
innovation, higher capex plans coming on stream over the next couple Absolute Returns
of years, continued thrust on RURBAN strategy and higher media 1 Year : 18.87%
investments. 3 Years : 41.05%
Despite higher inflation in previous few quarters, company volume 5 Years : 138.53%
growth is slowdown. However the company is growing at 26.6% CAGR
in last 3 year in rural India.
The company has continuously innovate and launch new products and Shareholding Pattern (as on Sep 30,2023)
has 10 products in the pipeline for the near future. Promoters : 62.8%
The stock currently trades at P/E of 80.0x. FIIs : 12.1%
DIIs : 9.3%
Public : 15.8%
Key Highlights
Financial Summary
In INR Crs CY22A CY23E CY24E
• Top-line growth of 14.63% on YoY basis was achieved for CY22 and
Net Revenue 16,897.0 19,449.8 21,987.7
growth of 9.45% QoQ basis in Q3CY23.
• Gross margins were contracted by 300 bps YoY to 61% in CY22 but YoY Growth % 15.0% 15.1% 13.0%
expanded by 381 bps QoQ in Q3FY23. EBITDA 3,706.3 4,556.0 5,214.8
• Volume is growing at 6.7% CAGR annually in last 4 years. EBITDA
• The company have committed to spend INR5,000 crores in 2023- Margins(%) 21.9% 23.4% 23.7%
2025. Out of that INR 900 crores has been committed toward Odisha PAT 2,390.5 2,994.0 3,558.9
factory . YoY Growth % 13.0% 25.2% 18.9%
• Nestle current addressable market is 487m people in India and its
ROE 108.5% 107.70% 96.80%
target is to reach 700m by 2030.
• The e-commerce channel contributed 6.6% of sales and posted 20% EPS (in INR) 248.0 312.1 369.1
YoY growth during 9MCY23 led by quick commerce. EV/EBITDA 50.81x 51.00x 44.45x
• The company estimates that innovation contributes more than 6%
of its domestic sales.
• The company has covered 108000 village with population greater Prepared by : Kaushal Kaushik
than 2000 and the ambition is to cover 120000 by 2024. Guided by- Parth Verma (The Valuation School)
Academic Research Report – Not a Recommendation

Nestle India Ltd

Global Economy
Global GDP Projections (%)
The global economy witnessed centenarian shock due to 0.5% 2.5% 4.5% 6.5% 8.5%
COVID 19. While most of the countries witnessed sharp
recovery post COVID, CY 22 was a rocky ride due to high
World
inflation, increased cost of living, spike in energy prices, etc.
Further, geopolitical tensions between Russia and Ukraine
disrupt the trade and supply chain especially for western Advance Economies
countries.
While central banks across the globe are fighting with Emerging Economies
inflation by rate hikes. The recent conflict between Israel and
Gaza could pose challenges in energy cost and supply chain
smoothening. Due to above issues, the developed economies US
grew at a slower pace of 2.7% as against 5.0% in CY 2021.
While Emerging & Developing economies posted a growth of Japan
4.5% as against 6.5% in CY2022 . The overall global economy
witnessed a growth of 3.4% for CY2022 as against c. 5.0% in
UK
CY21.
Global growth is projected to fall from an estimated 3.5% in
China
CY22 to 3.0% in both CY23 & CY24. While the forecast for
CY23 is modestly higher than predicted earlier, it remains
weak by historical standards. The rise in central bank policy India
rates to fight inflation continues to weigh on economic
activity. Global headline inflation is expected to fall from 8.7
percent in 2022 to 6.8 percent in 2023 and 5.2 percent in 2022A 2023P 2024P
2024. Source: IMF, WEO
Source: IMF, WEO

Indian vs Gloabl GDP Growth (%) Global Economy

6.8% 6.5% 7.2% 6.3% 6.3% FY23 was an year of significant achievement for India, were it
3.9% surpassed the UK to became 5th largest economy after it
recovered from the COVID-19 pandemic shock.

2018 2019 2020 2021 2022 2023P 2024P Despite significant global challenges, India was one of the
fastest-growing major economies in FY22/23 at 7.2%. India’s
-5.8% growth rate was the second highest among G20 countries and
almost twice the average for emerging market economies.
India Global
This resilience was underpinned by robust domestic demand,
Source: IMF, World Bank, RBI
strong public infrastructure investment and a strengthening
financial sector.
Indian GDP Quarterly Growth- Actual vs Projected
India will became the third largest economy by FY28, two
16.0%
years earlier than projected, said by SBI research economists
14.0% in a note. SBI economists said India will likely grow 8.1% in
the first quarter of FY24, pushing the overall growth rate to
12.0% 6.5%. India recorded a 13.5% growth in the first quarter of
10.0% FY23. The forecast aligns with RBI projections of 6.5% growth
in FY24 but is more optimistic than IMF forecast.
15.2%
13.5%

8.0%
Despite the impact of a tightening global monetary policy
6.0% cycle, slowing global growth and elevated commodity prices,
8.4%
8.4%

7.8%
7.7%

the economy is relatively well-positioned to weather global

6.3%
6.2%

6.1%
6.0%
5.4%

4.0%
4.1%
4.0%

4.4%
4.6%

4.6%

headwinds compared to most other emerging markets.

2.0%
Indian economy is robustly progressing over becoming 3rd
largest economy with $5tn GDP.
Actual Projected

Source: IMF, WEO, RBI, SBI Research , Company Analysis

2
Source: Investing.com
Academic Research Report – Not a Recommendation

Nestle India Ltd

Global FMCG Sector Global FMCG Market Size (USD Trillion)

20
The global Fast Moving Consumer Goods (FMCG) market size 18.4
was valued at USD 11.738 trillion in 2023 and is expected to 18 17.2
16.2
expand at a CAGR of 6.6% during the forecast period reaching 16 15.2
USD 18.365 trillion by 2030. 14.2
14 13.3
12.5
The growing trend of online shopping, R&D for the new 11.7
brands and products, and expansion of FMCG network in rural 12 11.1
areas of developing countries are the factors anticipated to 10
provide growth opportunity for the global FMCG market.
8
Furthermore, the growth in urbanization and premiumization
of FMCG products have significant contributions in the overall
growth of the market. According to data published by UN. org FMCG Market Share (%) by Region
in 2018, about 55% of the world's population currently 360.0%
resides in the urban areas, and that number is projected to 310.0%
rise to 68% by 2050, with about 90% of this expansion 260.0%
occurring in Asia and Africa. 210.0%

Despite the overall positive trend, consumers around the 160.0%

world are still grappling with challenges including the rising 110.0%

costs of utilities and goods, declining employment wage rate, 60.0%

geopolitical crises, and unusual weather events, among 10.0%
others. Consequently, consumers are more cost-conscious 2019 2020 2021 2022 2023
and implementing saving tactics. N.America Europe Asia Pacific M. East & Africa S.America
Source: Multiple sources Source: Multiple sources

Indian FMCG Market Size (USD Billion) Indian FMCG Sector

1,400 1,288.5
Fast moving consumer goods (FMCG) sector is the 4th largest
1,250
1,007.4
sector in the Indian economy with household and personal
1,100
950
care accounting for 50% of FMCG sales in India.
787.7
800
650
615.9 In 2022, urban segment contributed 65% whereas rural India
481.5 contributed more than 35% to the overall annual FMCG sales.
500 376.5
350 230.1
294.4 However, in the last few years, the FMCG market has grown
179.9
200 at a faster pace in rural India compared with urban India.
50 Semi-urban and rural segments are growing at a rapid pace
and FMCG products account for 50 per cent of total rural
spending.
Source: IBEF, Multiple sources
The key growth drivers for the sector include favorable
Category Wise Market Share (%) government initiatives & policies, a growing rural market and
youth population, new branded products, and the growth of
e-commerce platforms.
Food &
18.0% Beverages E-commerce now accounts for 17% of the overall FMCG
Healthcare
consumption among evolved buyers, who are affluent and
32.0%
make average spends of about USD 68.

India is a country that no FMCG player can afford to ignore

due to its middle class population which is larger than the
total population of USA.

The Indian FMCG market was valued at USD 179.94 billion in

50.0%
Household & 2022, and it is expected to reach USD 1007.45 billion by 2029
Personal care with a CAGR of 27.9% during the forecast period.
Source: Capital Sprout Source: IBEF, MMR, FICCI 3
Academic Research Report – Not a Recommendation

Nestle India Ltd

Global Food & Beverage Industry Global F&B Industry Market Size (USD Trillion)

The outbreak of COVID-19 disease (COVID-19) has acted as a 9.2

massive restraint on the food and beverages market in 2020. 8.7
However, it is expected that the food and beverages market 8.2
will recover from the shock across the forecast period as it is a 7.7
'black swan event and not related to ongoing or fundamental 7.2
weaknesses in the market or the global economy. 6.7

The global food and beverages market grew from $6,729.54

billion in 2022 to $7,221.73 billion in 2023 at a compound
annual growth rate (CAGR) of 7.3%.
2022A 2023F 2024F 2025F 2026F 2027F
The Russia-Ukraine war disrupted the chances of global Source: Research and Markets
economic recovery from the COVID-19 pandemic, at least in
the short term. The war between these two countries has led Global F&B Industry Market share (%) by region
to economic sanctions on multiple countries, a surge in
5%
commodity prices, and supply chain disruptions, causing 9%
inflation across goods and services and affecting many 28%
markets across the globe. The food and beverages market is
expected to grow to $9,225.37 billion in 2027 at a CAGR of
6.3%. 35%
23%
Asia-Pacific was the largest region in the food and beverages
market in 2022. Western Europe was the second-largest
region of the food and beverages market. North America Europe Asia Pacific South America Rest of the World

Source: Research And Markets Source: Industry ARC

Indian F&B Industry Market Size(USD Billion) Indian Food & Beverage Industry
Food & Beverage are considered as the fastest growing
504.9
454.7 industries in India. Being a developing nation with a rapidly
409.4 expanding population base, India is witnessing an escalating
368.7 demand for food & beverages.
332.0
299.0
The growth of the industry is supported by the availability of a
large raw material production base. With India’s population
skewed towards younger consumers, the majority of Indian
consumption of food and beverages is driven by people
between the ages of 18 and 40, which opens the opportunity
for manufacturers to come with more varieties.
2022A 2023F 2024F 2025F 2026F 2027F
As per market data, nearly 3% of India’s GDP is contributed
Source: MMR
by the food & beverages industry. The nation houses many
Rveneue Share of Major Players (%) of Indian F&B food & beverage companies who have amplified their reach
on a global level. The government of India is pressing hard to
6.5% make alternative ways for a strong industry for the food &
beverage sector.
12.3%
The Food Safety and Standards Authority of India (FSSAI) has
11.8% plans to invest about USD 72.3 million to strengthen the food
54.2% testing infrastructure by upgrading food testing laboratories
15.1%
and setting up new mobile testing labs.

The market size of Indian food and beverage industry in 2022

is USD 298.97 billion and is expected to reach USD 504.91
billion in 2027 by growing at a CAGR of 11.05%.
HUL Nestle VBL Tata Consumer Products Ltd. Hatsun Agro Product Ltd.

Source: Screener Source: MMR, Dart Consulting 4

Academic Research Report – Not a Recommendation

Nestle India Ltd

Quarterly Result Analysis – Q4CY2022 and Q3CY2023

❑ Capex:
The company has planned a capex of INR 2,600 cr between 2020 & 2023 out which INR 2,480 cr has utilized till end of
September and balance will be spent during the course of this year . The company has also committed capex of INR 5,000
cr between 2023 & 2025. Out of that approx. INR 900 cr has already committed toward Odisha factory .

❑ New Products:
Company has launched 125 new products in the last 7 years, which contribute around 6% to the sales . And there are 10
new important projects which are in the pipeline which is something that will be out between this year and next year.

❑ Guidance:
The company goal is to secure its core operations and they have no plan to diversify there portfolio. The management
focus is on 487 million people basically the striving and the middle class of the country & according to the management this
number is likely to go to about 700 odd million in the next couple of years, probably by 2030.

❑ RURBAN Strategy:
The company is focusing on unlocking its RURBAN potential, digital journey, and standing up to the nutrition opportunity in
the millets category.
The company is working toward affordable packs for its nutrition portfolio in the RURBAN strategy.
The company is sitting on 191345 villages in total and villages above 2,000 population is 108,000 and target is to cover
120,000 villages by 2024.
The company has scaled up HAAT activity (village fairs) and improved shop visibility with RURBAN smart stores for specific
visibility activities.

❑ Domestic Sales Growth

The company has strong, double digit sales growth across all product groups around 15% from nine months 2022 to nine
months 2023 the numbers are very consistent despite headwinds due to inflation. The company has volume growth of 6.7%
CAGR in last Five years (2018-2022).

❑ Inflation:
The company face headwinds due to inflation the pace of inflation in 2020-2021 put together was less than 2022. So that
company has taken price increase or grammage changes for ~50% of its products in the last year to mitigate the impact of
high raw material cost. Though key commodities have softened recently, no price hike rollbacks are on the cards.
Management also indicated that milk and green coffee costs remain hight.

❑ Distribution:
Distribution is key to the company's success, and they have total reach over 5.2 million people out of this they have direct
reach of around 1.6 million and 3.6 million indirect.

❑ E-commerce:
E-commerce has grown by more than 10 times in the last six years and has gone up by 20% in 9M 2023 vs 9M 2022, but the
company still maintains a balanced and judicious relationship between different channels of growth, including modern
trade and traditional mom-and-pop stores.
E-commerce is an important channel, but not the only channel for business.

❑ Profitability:
Despite inflation and cost escalations, the profit from operations remained consistent at 21.4% 9M2023 vs 19.7% 9M2022.
The companies profit from operation is growing at a CAGR of 9.4% between 2018-2022.
Nestlé India has shown consistent profitability and return on invested capital over the last six years, with both operating
margins and net profits moving in the right direction.

Source: Company analysis 5

Academic Research Report – Not a Recommendation

Nestle India Ltd

Management Analysis
Leadership

Below are the details and experience of Management

S.No
Name Designation Qualification Comments
.
Mr. Suresh Narayana is very well potential or
qualified as Chairman & MD. He joined the Nestle
Group in 1999 as an Executive Vice President for Sales
Mr. Suresh Narayanan holds a MA Degree in
in his home country India. He has lots of experience
Economics from the Delhi School of
Mr. Narayanan served as the Chairman and Chief
Economics (1979 – 1981), a BA Degree in
Executive Officer of Nestlé Philippines, Inc., a
Mr. Suresh Chairman & Economics from Shri Ram College of
1 subsidiary of Nestlé S.A. since April 2015. He has been
Narayanan MD Commerce (1976 – 1979) and a Diploma from
an Independent Director of Asian Paints Limited since
the IMD Program for Executive Development
2019. He served as the Head of Sales at Nestle India
and has participated in the Nestle Leadership
Ltd. Mr. Narayanan served as the Chairman and Chief
Program of the London Business School.
Executive Officer of Nestle Egypt and Head of the
Nestle Business for North East African Region (NEAR)
since 2010.
Ms. Svetlana Leonidovna Boldina have lots of past
experiences. She has worked in Nestlé markets in
Russia, Eastern Europe and Indonesia with strong
CFO, operational experience and an excellent track record
Executive with Nestlé Group. She serves as Chief Financial
Ms. Boldina holds an Engineering Degree from
Director of Officer at Nestlé India Limited. Before this
Ms.Svetlana Moscow Telecommunication University and
Finance & assignment, she was Head of Finance & Control of
2 Leonidovna Masters in Business Administration,
Control and Nestlé Indonesia. Ms. Boldina has contributed
Boldina Accounting and Finance Technology from
Additional significantly towards effective business decisions, as
Russian Academy for Economics.
Whole-time well as developing and shaping up a professional
Director Finance and Information Technology teams in her
previous roles and has displayed strong functional
capabilities, combined with leadership & drive to
achieve business outcomes.
Mr. Matthias Christoph Lohner has vast experience in
the past. He has over years of rich experience in
Whole-time Mr. Matthias holds Bachelor in Chemical Nestle Group and held various positions of increasing
Director & Engineering, has over 23 years of rich and responsibility in Vietnam, Mexico, El Salvador,
Mr. Matthias
3 Executive exhaustive experience in Technical and Canada, Chile. Currently he is Operations Manager,
Christoph Lohner
Director of Production functions and has held senior Nescafe Dolce Gusto, Global Business Unit based in
Technical management positions during his career. Switzerland. He brings with him a diverse background
with experience around different Markets and Zones
including Nestle Head Office at Switzerland.
Mr. Rai is a fellow member of the Institute of
Mr. Pramod Kumar Rai has lots of experience in his
Company Secretaries of India and a law
Company field. He served as a Associate General Counsel of
graduate from University of Delhi with years
Mr. Pramod Kumar Secretary & Corporate Legal, Governance & Compliance and
4 of experience in varied fields such as legal,
Rai Compliance Deputy Company Secretary until September 30, 2022
governance, compliance, investor relations,
Officer and previously served as Deputy Company Secretary
audit, insurance and governance and has been
at Nestl India Limited
associated with the Company for years.
Head of
Ambereen Ali Master of Philosophy (M.Phil), International Ambereen Ali Shah is Head of Media Relations at
5 Media
Shah Relations Nestlé India Limited.
Relations

Ravi Head of Ravi Ramchandran serves as Head of Sales at

6 Bachelors, Commerce
Ramchandran Sales Nestle India Ltd.

Source: Company analysis, Multiple source 6

Academic Research Report – Not a Recommendation

Nestle India Ltd

Management Analysis

Nikhil Chand serves as Head of Foods and

Head of Post Graduate Diploma in Management,
Confectionery at Nestle India Ltd and served as
7 Nikhil Chand Foods & Business Administration and Management,
its General Manager of Chocolates and
Confectionery General
Confectionery.

Mr. B. Kannan serves as Head of Centre of

Head of
Expertise - Sales at Nestle India Ltd and served
Centre of
8 Mr. B. Kannan Bachelor of Science (B.Sc.),Chemistry as its Head of Channel Category Geography
Expertise -
Sales Development and served as its General
Sales
Manager of Chocolate & Confectionery.

Mr. Sanjay Khajuria serves as Head of Corporate

Head of
Affairs at Nestle India Ltd and served as the
9 Mr. Sanjay Khajuria Corporate Law Degree from University of Jammu
Director of Corporate Affairs, Senior Vice
Affairs
President of Corporate Affairs.

Bachelor of Engineering - BE (Hons.),

Mehernosh Malia serves as Head of Dairy at
10 Mehemosh Malia Head of Dairy Electronics Engineering, & Master of Business
Nestlé India Limited.
Administration - MBA, Marketing & Finance

Head of Bachelor of Science (B.Sc.),Chemistry Sunayan Mitra serves as Head of Beverages at

11 Sunayan Mitra
Beverages Honours, & PGDBM, Marketing Nestlé India Limited.

Head of
Master in Management Studies, Master in Chandan Mukherji serves as served as Head of
12 Chandan Mukherji Consumer
Science Consumer Insights at Nestle India Limited.
Insights

Head of
Sushrut Nallulwar serves as Head of Nestlé
13 Sushrut Nallulwar Nestle B.E., Production & PGDIM,MBA - Operations
Professional at Nestlé India Limited.
Professional

Mr. Hari Nariani serves as Head of ISIT/Nestlé

Head of
Business Excellence at Nestle India Ltd and
ISIT/Nestlé
14 Mr. Hari Nariani served as its Head of Globe & Market NCE. Mr.
Business
Nariani served as a Member of Management
Excellence
Committee of Nestle India Ltd.

Head of
Bachelor of Technology - Btech, Computer Anurag Patnaik serves as Head of Human
15 Anurag Patnaik Human
Science & PM&IR, Human Resources Resources at Nestlé India Limited.
Resources

Head of Vineet Singh serves as Head of Nutrition at

16 Vineet Singh Bachelor's degree, Mechanical Engineering
Nutrition Nestlé India Limited.

Assistant Vice
Mr. Anurag Dikshit serves as AVP of Treasury &
President of
17 Anurag Dikshit M&A at Nestle India Ltd. and served as its Head
Treasury and
of Treasury & M&A.
M&A

Source: Company analysis, Multiple source 7

Academic Research Report – Not a Recommendation
Nestle India Ltd
Independent Directors Analysis
S.NO. Name
Mr. Rajya Vardhan
1 Kanoria
Mr. Ramesh
2 Prathivadibhayankara
Rajgopalan
3 Ms. Anjali P. Bansal
4 Ms. Alpana Parida
5 Dr. Swati Ajay Piramal
Source: Company analysis, Multiple source
Designation Qualification Comments
Mr. Rajya Vardhan Kanoria is very well potential or qualified for
Independent Non-Executive Director. He has over three decades of
experience in the chemicals, textiles and jute industries. President of
Federation of Indian Chambers of Commerce and Industry since
January 2012. He served as the Vice President of Federation of
Indian Chamber of Commerce (FICCI), whose committee he had
Independent Mr. Kanoria holds a B.Sc. Degree, holds an MBA (Hons.) served for 16 years. During this period, he also chaired various
Non-Executive from IMD, Switzerland and also an Advanced committees including the banking and finance committee. Mr.
Director Management Programme from Wharton. Kanoria serves as Chairman of the Commission on International
Trade and Investment Policy of the International Chamber of
Commerce, Paris. He serves as a Non-Executive Chairman at Ludlow
Jute & Specialities Limited since November 06, 2014. He served as
the Chairman of the Board at Ludlow Jute & Specialities Limited.
since November 8, 2006 until April 19, 2007. He is instrumental in
influencing trade policy both at the national and global level.
Mr. Ramesh Prathivadibhayankara Rajgopalan is well qualified
to serves as Independent Non-Executive Director at Nestlé
He has been associated with various Regulatory,
India Limited. He has also served as a member of Deloitte
Independent Professional as well as Industrial bodies. graduated in
Global Board and Deloitte Asia Pacmc Board, has over 40
Non-Executive Commerce from Osmania University, Hyderabad and is a
years of the experience and served clients in manufacturing,
Director Fellow Member of the Institute of Chartered Accountants
banking and financial services, technology, media,
of India.
telecommunications, energy and resources and consumer
business sectors throughout his professional career.
Ms. Anjali P. Bansal is very well potential or qualified for
Independent Non-Executive Director. She started her career as a
strategy consultant with McKinsey and Co. Ms. Bansal consulted on
strategy and organizational issues with firms in financial services,
private equity, industrial, technology and media. She served at
Indian Space Research Organisation. She has rich knowledge of new
She received an MA in international affairs with economy companies, and has been supporting them to leverage
Independent distinction, from Columbia University, where she opportunities ahead of them while overcoming the challenges in
Non-Executive majored in International Finance and Business. . She also their path to success. She serves as an Independent Non-Executive
Director holds a B.E. Degree in Computer Engineering from Gujarat Director on several leading boards including Siemens Ltd and
University. Delhivery. She is the Founder and Chairperson of Avaana Group. She
is also on the Advisory Board of the Columbia University Global
Centers, South Asia.She chaired the board of FWWB (Friends of
Women's World Banking). She is a member of the Young Presidents'
Organization, Charter Member of TiE, and is associated with NITI
Aayog’s Women Entrepreneurship Platform, Digital Solutions, and
Atal Innovation Mission.
Ms. Alpana Parida has more than two decades of experience in retail
and marketing communications in India and in United States of
America which shows her potential for Independent Director. She
Independent She holds a bachelor degree in arts from the University has served as Managing Director of DMA Yellow Works Limited. She
Non-Executive of Delhi and a post-graduate diploma in management was also associated as a Head of Marketing with Tanishq, a
Director from the Indian Institute of Management, Ahmedabad. prominent Jewellery brand in India. She conducts branding
workshops for large corporates. Previously, she has also been on the
board of SH Kelkar and Company Limited and Prime Research and
Advisory Limited.
As the first woman President of India’s apex Chamber of Commerce
in 90 years, she helped influence important public policies and
governance. She served as an advisor to the Indian Prime Minister in
science, technology and economic policy (2006-2014). she was
nominated to the Hall of Fame as the Most Powerful Women in
Business by Business Today. During 2011, she was also awarded by
Hon. President of India for contribution to better Corporate
She holds her M.B.B.S. Medical Degree from Mumbai Governance, and received Global Empowerment Award - UK, from
Independent
University and Master of Public Health Degree from Her Royal Highness, the Duchess of Kent. In 2012, she was honoured
Non-Executive
Harvard School of Public Health, Boston USA. She has with Padmashri, by President of India. She was awarded the “First
Director
D.I.M. Ladies Award” by the President of India in 2018 in being the first
woman leader of ASSOCHAM –the apex chamber of commerce in 90
years of its history. In 2016, she received IMC Ladies’ Wing’s
prestigious Woman of the Year award for her significant and
outstanding contribution to society in the medical field. she was also
elected as Member of Harvard Board of Overseers. She received the
Alumni Merit Award from Harvard, the highest award bestowed on
an Alumni.
8
Academic Research Report – Not a Recommendation

Nestle India Ltd

Commentary
The company has strong management with vast experiences and technical expertise. Further, the independent directors
come from diversified industries and dignified professions such as Ex-Vice President of FICCI, M.B.B.S, Padmashri honoured,
Ph.D., Ex-Chairman of the Commission on International Trade and Investment Policy of the International Chamber of
Commerce, Paris, etc. Basis our screening of publicly available data, we do not find any prominent political connections of
leadership and independent directors with national and regional political parties, Further, we do not find any conflict of
interest of independent directors with the company, as reported.

The Current Managing Director of the company Mr.Suresh Narayanan has joined the company in 1999 as an Executive Vice
President for Sales in his home country India and gradually promoted to his current designation in August 2015 after leading
manufacturing and strategic verticals. Since his joining, the top and bottom line of the company has grown 2.3x and 5.3x
approx. respectively from 2015 to 2023. The other members of the management were hired and promoted as per their
competencies and technical expertise. While Mr. Suresh Narayanan has been managing the business for 8 years, other
members of leadership team have been associated with the company for many years.

Shareholding Pattern

The company has majority of its shareholding with the parent company to the total of 62.76%. As on September 30, 2023,
Promoters are holding 62.76%, FIIs are holding 12,10%, DIIS are holding 9.32%, and Public holding is 15.81% respectively.
Promoter’s shareholding has been stable from last many years.

Yearly & Quarterly shareholding pattern of the company is as under:

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Sep-23

Promoters 62.76% 62.76% 62.76% 62.76% 62.76% 62.76% 62.76% 62.76%
FIIs 12.5% 11.9% 12.6% 11.8% 12.3% 12.0% 12.1% 12.1%
DIIs 7.4% 8.2% 7.7% 9.1% 8.0% 8.6% 9.2% 9.3%
Government 0.1% 0.1% 0.1% 0.1% 0.0% 0.0% 0.0% 0.0%
Public 17.2% 17.0% 16.9% 16.2% 17.0% 16.6% 16.0% 15.8%

Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23

Promoters 62.76% 62.76% 62.76% 62.76% 62.76% 62.76% 62.76% 62.76% 62.76%
FIIs 12.3% 12.4% 12.0% 11.7% 12.1% 12.1% 12.1% 12.4% 12.1%
DIIs 8.0% 7.9% 8.6% 9.1% 8.9% 9.0% 9.2% 9.1% 9.3%
Public 16.9% 17.0% 16.6% 16.5% 16.3% 16.1% 16.0% 15.8% 15.8%

Quarterly FIIs Holding

Quarterly DIIs Holding
12.6%
9.5%
12.4%
12.2% 9.0%
12.0% 8.5%
11.8% 8.0%
11.6%
7.5%
11.4%
11.2% 7.0%

Source: Company analysis, Screener 9

Academic Research Report – Not a Recommendation

Nestle India Ltd

Commentary
Management Remuneration
During CY22, the company has incurred managerial remuneration of INR 339 million as against INR 342 million in CY21 (0.8%
decrease in YoY basis ). The details are as under:

Designation Ratio to Median Remuneration CY22 CY21 Growth in Sales Growth Net Profit
Of the Employees Remuneration YOY% Growth YOY%
Mr. Suresh Narayanan Chairman and MD 120x 177 188 -5.9% 14.6% 14.2%
Mr. David Steven Mc Danie ED – F&C and CFO 57x 80 81 -1.2% 14.6% 14.2%
Mr. Matthias Christoph
Lohner ED – Technical 46x 68 73 -7.5% 14.6% 14.2%
Mr. Pramod Kumar Rai CS & CO 10.2x 15 NA NA 14.6% 14.2%
Total 339 342 -0.8% 14.6% 14.2%

Median ratio of Executive Directors and KMP remuneration with median employee salary is 51.5x, where as median of the same for
the peers stood at 96.7x. The decrease in the remuneration of chairman & MD is due to cut in perquisites in 2022, Narayanan
received INR 42 million as perquisites compared to INR 59 million received in 2021.
We have observed variation in revenue growth of the company and growth in chairman and MD remuneration. The revenue grew at
11% CAGR over the last 5 years and 10.96% CAGR over the last 3 years where as the chairman and MD remuneration has increased by
12.23% CAGR over the last 5 years and 3.14% CAGR over the last 3 years.

MD Remuneration, Revenue & Net Profit Growth (in %)

50.0%

40.0%

30.0%

20.0%

10.0%

0.0%
2018 2019 2020 2021 2022
-10.0%
MD Remuneration Revenue Net Profit

Board Efficiency
Basis our research, BOD has adequate representation of independent directors & industry experts as required by the statue.
The efficiency of BOD can be gauged with their contribution in various important meetings held in CY22. The details are as under:

Name/Designation of Directors Exec/Non-Executive/ No. of Board Meetings Attendance at

Independent Held Attended last AGM
Mr. Suresh Narayanan Chairman & MD Executive 7 7 Yes
Mr. David Steven McDaniel, F&c and CFO Executive 7 7 Yes
Mr. Matthias Christoph Lohner, Whole time Director Executive 7 7 Yes
Dr. Swati A. Piramal Non-Executive Independent 7 6 Yes
Mr. Rajya Vardhan Kanoria Non-Executive Independent 7 7 Yes
Mr. Prathivadibhayankara Rajagopalan Ramesh Non-Executive Independent 7 7 Yes
Ms. Anjali Bansal Non-Executive Independent 7 2 NA
Ms. Alpana Parida Non-Executive Independent 7 2 NA
Ms. Rama Bijapurkar Non-Executive Independent 7 3 Yes
Ms. Roopa Kudva Non-Executive Independent 7 4 Yes
Source: Company analysis, Screener 10
Academic Research Report – Not a Recommendation

Nestle India Ltd

Ms. Anjali Bansal & Ms. Alpana Parida were appointed as Ind. Non Executive Director of the Company with effect from 1st
May 2022 and 1st June 2022, respectively.
Ms. Rama Bijapurkar Ind. Non Executive Director, retired from the Company with effect from 30th April 2022 upon
completion of her term of five years and Ms. Roopa Kudva , resigned from the Company as Ind. Non Executive Director with
effect from 31st May 2022.

During CY22, the company has been supervised by the BOD efficiently as the majority of members of the board have attended
all the board meetings which show good participation by the board in key matters discussed during the year and helped the
company in taking effective decisions

Quarterly Snapshot

Particulars (INR Mn) CY22Q1 CY22Q2 CY22Q3 CY22Q4 CY23Q1 CY23Q2 CY23Q3
Net Revenues 39,930 40,460 46,020 42,570 48,310 46,590 50,370
Total Expenditure 30,720 32,310 35,980 32,840 37,350 36,030 38,120
EBITDA 9,210 8,150 10,040 9,730 10,960 10,560 12,250
EBITDA Margins (%) 23.1% 20.1% 21.8% 22.9% 22.7% 22.7% 24.3%
Depreciation 1,050 1,020 980 990 1,020 1,070 1,110
Interest 360 370 370 450 370 330 310
Other income 210 190 310 300 340 240 1,400
Profit before Tax 8,010 6,950 9,000 8,590 9,910 9,400 12,230
Tax Rate (%) 26.0% 27.0% 26.0% 27.0% 26.0% 26.0% 26.0%
Net Profit 5927.4 5073.5 6660 6270.7 7333.4 6956 9050.2
Net Profit Margin (%) 14.8% 12.5% 14.5% 14.7% 15.2% 14.9% 18.0%

Annual Snapshot
Particulars (INR Mn) CY18 CY19 CY20 CY21 CY22 CY23E CY24E
Revenue 1,12,920 1,23,690 1,33,500 1,47,410 1,68,970 1,94,498 2,15,509
YoY Change % 12.81% 9.53% 7.93% 10.42% 14.63% 15.11% 10.80%
Total Expenses 86,750 94,430 1,01,490 1,11,780 1,31,910 1,48,938 1,63,361
EBITDA 26,170 29,260 32,020 35,620 37,060 45,560 52,148
EBITDA Margins % 23.2% 23.7% 24.0% 24.2% 21.9% 23.4% 24.2%
Depreciation 3,360 3,700 3,700 3,910 4,030 4,373 5,089
Interest 1,120 1,290 1,640 2,020 1,550 1,365 1,432
Other Income 2,590 2,470 1,460 -1,120 1,070 1,735 2,302
Profit before tax 24,290 26,730 28,130 28,570 32,560 41,558 47,930
Tax % 34.0% 26.0% 26.0% 26.0% 27.0% 26.1% 25.6%
Net Profit 16,070 19,680 20,820 21,180 23,910 30,711 35,660
Net Profit Margin (%) 14.2% 15.9% 15.6% 14.4% 14.2% 15.8% 16.5%

Source: Company analysis, consensus 11

Academic Research Report – Not a Recommendation

Nestle India Ltd

Commentary
Revenue Sales vs Sale Growth
2,50,000 16.0%
In recent quarterly results, the company posted revenue of 14.0%
INR 50.37Bn (increase of 9.45% QoQ). While the company 2,00,000
12.0%
delivered 15.1% YoY growth in domestic sales during the 10.0%
1,50,000
9MCY23, complemented by a remarkable 30% surge in the 8.0%
out-of-home category, whereas innovations contribute 1,00,000 6.0%
around 6% of 9MCY23 sales & E-Commerce contribute
4.0%
about 6.6% of 9MCY23 sales. Despite the challenges faced 50,000
2.0%
by the company due to rise in inflation the sales volume has
0 0.0%
grown by 6.7% CAGR over the last 4 years, whereas a rise of
CY20 CY21 CY22 CY23 CY24
1.65% in 9MCY22 to 9MCY23.
Sales Sales growth

Domestic Sales 9M CY23

Milk Products Prepared Dishes Out of Home Confectionery Powdered & Liquid
And Nutrition & Cooking Aids Beverages

Contribution 40.5% Contribution 31.6% Growth 30% Contribution 16.8% Contribution 11.1%
Growth 15.3% Growth 10.7% Growth 21.4% Growth 18.6%

EBITDA Margins 14,000 EBITDA & Margins Growth 25.0%

12,000 24.5%
In recent Quarterly results, the company posted the
24.0%
consolidated EBITDA at INR 12.2 billion with the margin of 10,000
23.5%
24.3% (QoQ growth of 250bps and sequential growth of 8,000 23.0%
160bps). EBITDA levels were higher by more than 22% 22.5%
6,000
compared to last year. Whereas the company is facing 22.0%
headwinds due to inflation, most of the commodity price are 4,000
21.5%
increased significantly. The company using various methods 2,000 21.0%
for stabilizing its margins like the company has increase the 0 20.5%
price of its products and also they are using SHARK CY22Q3 CY22Q4 CY23Q1 CY23Q2 CY23Q3
programme which saves around 20 billion rupees in the last
EBTIDA Margins
couple of years.

Inventory Inventory
1,80,000 120 Days
The company revenue is growing at a 11% CAGR, whereas 1,60,000
100 Days
inventory is growing at a 16.4% CAGR in the last 5 years. 1,40,000
Inventory days of the company are increasing over the last 1,20,000 80 Days
few years. The median inventory days of peers stands at 82 1,00,000
60 Days
days (highest 116 days & lowest being 45 days). Considering 80,000
the size and scale of companies operations, the inventory 60,000 40 Days
days seems to be normal. But the growth of inventory is 40,000
20 Days
20,000
more than sales which is sign of improper management of
0 0 Days
inventory.
Dec-18 Dec-19 Dec-20 Dec-21 Dec-22
Sales Inventory Inventoy Days 12
Source: Company analysis
Academic Research Report – Not a Recommendation

Nestle India Ltd

Commentary
Trade Receivable 50.0%
Sales vs Receivable Growth
The company's trade receivable has grown faster than its 40.0%
revenue specifically in CY20. The key reason for 30.0%
magnification of trade receivable in CY20 is because of
COVID 19 pandemic. 20.0%
There was growth of 33.1% in trade receivables during
10.0%
CY20, but it came down later. However, these receivables
was not at critical credit risk due to timely recovery of dues. 0.0%
This was further evident by reduction in growth of trade Dec-18 Dec-19 Dec-20 Dec-21 Dec-22
-10.0%
receivable from 33.1% in CY20 to 15.7% in CY22. Sales Growth Receivable Growth
On overall basis, the company's receivables is not aligned
with change in sales in long term ( 5 Year CAGR 11.0% and 2,500 Receivables vs O/s Days 6 Days
16.6% for revenue growth and receivable growth
2,000 5 Days
respectively). Further, company's receivable days were
lowest in CY21 being 3 days which increased to 4 days in 4 Days
1,500
CY22. The median receivable days of peers lies at 8 days. 3 Days

1920
Basis our research on quality of receivables, we noted than 1,000

1660
1650
2 Days
majority of due receivables were collected before 6 months
1250

and receivables with critical credit risk ( Ageing > 6 months) 500 1240 1 Days
is minuscule as compared to total revenues (0.05%) and
0 0 Days
total receivable (4.53%) in CY22.
Dec-18 Dec-19 Dec-20 Dec-21 Dec-22
Receivable Receivable Days

Fixed Assets Fixed Assets vs Fixed Assets Growth

35,000 40.0%
The company's fixed assets has grown faster than its 30,000 30.0%
revenue specifically in CY21. 25,000
The key reason for magnification of fixed assets in CY21 is 20.0%
20,000
because of INR26 billion capital expenditure plan of the 10.0%
company between CY20 to CY23. The company has utilized 15,000
INR24.80 billion to be exact till end of September and 0.0%
10,000
balance will be spend during the course of this year. There 5,000 -10.0%
was growth of 37.4% in fixed assets during CY21.
0 -20.0%
Apart from this the company has also committed capex of
Dec-18 Dec-19 Dec-20 Dec-21 Dec-22
INR 50 billion between CY23 & CY25. Out of that approx.
INR 9 billion has already committed toward Odisha factory. Fixed Assets Fixed Assets Growth

Rurban Strategy Villages Covered

2,50,000
The company is focusing on unlocking its RURBAN potential
2,00,000
the company increased its rurban distribution touch point
from 10887 in CY20 to 17066 in CY23. The company is
1,50,000
working toward affordable packs for its nutrition portfolio in
the rurban areas. 1,00,000
The company is sitting on 191345 villages in total and
villages above 2,000 population is 108,000 and target is to 50,000
cover 120,000 villages by 2024. The company has scaled up
HAAT activity (village fairs) and improved shop visibility with 0
RURBAN smart stores for specific visibility activities. Dec-20 Dec-21 Dec-22 9M2023
Total Village Covered Village > 2,000 Population

Source: Company analysis 13

Academic Research Report – Not a Recommendation

Nestle India Ltd

Dupont Analysis – Return on Equity & Return on Assets (1/2)

Return on Equity (ROE)

Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22
Net Profit 10,014 12,250 16,070 19,680 20,820 21,180 23,910

Average Shareholder Equity 30,501 33,515 35,472 27,963 19,691 19,829 22,028
Return on Equity 32.8% 36.6% 45.3% 70.4% 105.7% 106.8% 108.5%

ROE - Dupont Equation

Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22
Net Profit 10,014 12,250 16,070 19,680 20,820 21,180 23,910
Revenue 91,410 1,00,100 1,12,920 1,23,690 1,33,500 1,47,410 1,68,970
Net Profit Margin (A) 11.0% 12.2% 14.2% 15.9% 15.6% 14.4% 14.2%

Revenue 91,410 1,00,100 1,12,920 1,23,690 1,33,500 1,47,410 1,68,970

Average Total Asset 64,484 70,865 77,253 76,305 75,363 80,669 86,064
Asset Turnover Ratio (B) 1.4x 1.4x 1.5x 1.6x 1.8x 1.8x 2.0x

Average Total Asset 64,484 70,865 77,253 76,305 75,363 80,669 86,064
Average Shareholder Equity 30,501 33,515 35,472 27,963 19,691 19,829 22,028
Equity Multiplier (C) 2.1x 2.1x 2.2x 2.7x 3.8x 4.1x 3.9x

Return on Equity (A*B*C) 32.8% 36.6% 45.3% 70.4% 105.7% 106.8% 108.5%

Return on Asset(ROA)
Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22
Net Profit 10,014 12,250 16,070 19,680 20,820 21,180 23,910
Average Total Asset 64,484 70,865 77,253 76,305 75,363 80,669 86,064
Return on Asset 15.5% 17.3% 20.8% 25.8% 27.6% 26.3% 27.8%

ROA - Dupont Equation

Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22
Net Profit 10,014 12,250 16,070 19,680 20,820 21,180 23,910
Revenue 91,410 1,00,100 1,12,920 1,23,690 1,33,500 1,47,410 1,68,970
Net Profit Margin (A) 11.0% 12.2% 14.2% 15.9% 15.6% 14.4% 14.2%

Revenue 91,410 1,00,100 1,12,920 1,23,690 1,33,500 1,47,410 1,68,970

Average Total Asset 64,484 70,865 77,253 76,305 75,363 80,669 86,064
Asset Turnover Ratio (B) 1.4x 1.4x 1.5x 1.6x 1.8x 1.8x 2.0x

Return on Asset (A*B) 15.5% 17.3% 20.8% 25.8% 27.6% 26.3% 27.8%

Source: Company analysis 14

Academic Research Report – Not a Recommendation

Nestle India Ltd

Dupont Analysis – Return on Equity & Return on Assets (2/2)

Financial Summary

Revenue (INR Millions) Net Profit (INR Millions)

1,68,970 23,910
1,47,410 20,820 21,180
1,23,690 1,33,500 19,680

Dec-19 Dec-20 Dec-21 Dec-22 Dec-19 Dec-20 Dec-21 Dec-22

Average Total Assets (INR Millions) Return on Equity (%)

105.7% 106.8% 108.5%
86,064

80,669 70.4%

76,305 75,363

Dec-19 Dec-20 Dec-21 Dec-22 Dec-19 Dec-20 Dec-21 Dec-22

Return on Asset (%) Financial Leverage

27.6% 27.8%
4.1x 3.9x
3.8x

26.3% 2.7x
25.8%

Dec-19 Dec-20 Dec-21 Dec-22 Dec-19 Dec-20 Dec-21 Dec-22

❑ ROE of the company has increased from 32.8% during CY16 to 108.5% and made a high of 108.5% in CY22.
❑ ROE has been increased in past 6 years from 32.8% to 33.14%. While the company’s Asset efficiency increased from 1.4x to
2.0x, the reason for increased in ROE is the Profit Margins of the company which increased from 11.0% to 14.2% and
Financial leverage of the company which increase from 2.1x to 3.9x which is almost doubled.
❑ Although increasing profit margins are a positive indicator, the simultaneous increase in financial leverage is primarily due
to the increasing average total assets & falling average shareholding equity.
❑ Average total assets are increased due to rise in inventory levels & investment in fixed assets, whereas average shareholder
equity is falling due to stable equity capital and declining reserves.

Source: Company analysis 15

Academic Research Report – Not a Recommendation

Nestle India Ltd

Financial Trends

Revenue Trend EBITDA Trend

21.9%
180.0 14.6% 20.0% 40.0 26.0%
24.2%
24.0%
160.0 23.2% 23.7%
10.4% 30.0 24.0%
7.9% 15.0%
9.5%
140.0 12.8% 20.9%

37.1
120.0 169.0 10.0% 20.0 22.0%

35.6
9.5%

32.0
147.4

29.3
26.2
133.5

100.0
123.7

21.0
112.9

5.0% 10.0 20.0%

100.1

80.0

60.0 0.0% 0.0 18.0%

Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22

Revenue (INRb) Growth YoY (%) EBITDA (INRb) EBITDA Margin (%)
Source: Company analysis Source: Company analysis

CFO Trend ROCE & ROE Trend

30.0 22.4% 30.0% 137.4% 138.2%
150.0% 133.0%
124.9%
24.0% 11.8% -8.9%
25.0 6.9%
12.9% 20.0% 120.0%
20.0
10.0% 90.0% 68.5% 108.8%
102.6% 103.1% 97.2%
15.0
27.4

55.9%
24.5
23.0

22.4

0.0% 60.0%
20.5
18.2

10.0

-10.0% 30.0% 43.7%

5.0
35.8%
0.0 -20.0% 0.0%
Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22

CFO (INRb) Growth YoY (%) ROE ROCE

Source: Company analysis Source: Company analysis

ROA & ROE Trend Enterprise Value

120.0% 108.8% 2,000.0 54.9x 53.2x 50.8x 60.0x
102.6% 103.1%
97.2% 48.3x
100.0%
40.2x
1,500.0 35.5x 45.0x
80.0%
1,895.3

1,883.7
1,757.0

60.0% 43.7% 1,000.0 30.0x

1,414.4

35.8%
1,053.1

40.0% 25.8% 27.6% 26.3% 27.8%

20.8%
500.0
744.7

15.0x
20.0%
17.3%
0.0% 0.0 0.0x
Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22

ROA ROE EV (INRb) EV/EBITDA

Source: Company analysis Source: Company analysis

16
Academic Research Report – Not a Recommendation

Nestle India Ltd

Peer Stock Performance (1y) Indexed

200

180

160

140

120

100

80

Nestle Britannia VBL Bikaji Foods

Source: Yahoo Finance

Peer Financial Performance

S. No. Name CMP Mkt Cap PEG Ratio P/E Ratio Debt Int Coverage EBITDA (%) ROCE ROE CFO/EBITDA

1 Nestle 25,14.2 2,42,345.5 5.9 83.8 288.5 27.7 19.7% 137.8% 108.3% 0.7

2 Britannia 5,138.7 1,23,796.0 3.7 55.6 2,778.4 17.5 17.0% 48.6% 66.6% 0.9

3 Varu Beverages 1,267.4 1,64,555.7 1.7 82.3 3,726.4 11.9 18.4% 27.4% 33.5% 0.6

4 Bikaji Foods 576.1 14,416.9 4.4 83.7 180.0 30.2 10.3% 17.7% 14.4% 0.8

Source: Screener.in 17
Academic Research Report – Not a Recommendation

Nestle India Ltd

Analyst Coverage Universe

S.No. Date Research House Rating Price at reco Target

1 30-Oct-23 KRChoksey Accumulate 24056.95 26111

2 27-Oct-23 Geojit BNP Paribas Hold 24056.95 25740
3 26-Oct-23 BOB Capital Markets Ltd. Buy 23545.6 28260
4 26-Oct-23 Motilal Oswal Neutral 23545.6 23900
5 26-Oct-23 ICICI Securities Limited Accumulate 24262.7 26000
6 25-Oct-23 Prabhudas Lilladhar Accumulate 24262.7 25471
7 20-Oct-23 HDFC Securities Sell 24279.7 20000
8 20-Oct-23 ICICI Securities Limited Accumulate 24132.35 26000
9 19-Oct-23 BOB Capital Markets Ltd. Buy 24132.35 28260
10 02-Sep-23 Axis Direct Buy 21915.55 24100
11 08-Aug-23 KRChoksey Accumulate 22229.25 24300
12 28-Jul-23 HDFC Securities Sell 22480.9 19500
13 28-Jul-23 BOB Capital Markets Ltd. Buy 22480.9 26430
14 28-Jul-23 Axis Direct Buy 22480.9 24600
15 27-Jul-23 Prabhudas Lilladhar Accumulate 22325.3 23585
16 27-Jul-23 ICICI Securities Limited Accumulate 22325.3 24500
17 16-Jun-23 ICICI Securities Limited Accumulate 22968.55 24500
18 02-May-23 Geojit BNP Paribas Hold 21745.85 23380

Source: Trendlyne

Disclaimer: This is an academic project and isn’t meant for commercial usage
This information/document does not constitute an offer to sell or solicitation for the purchase or sale of any financial
instrument or as an official confirmation of any transaction. The information combined herein is obtained from publicly
available data or other sources believed to be reliable and the Author has not independently verified the accuracy and
completeness of the said data and hence it should not be relied upon as such.
The author is not SEBI registered research analyst. This document is prepared as part of academic project. Investment in the
securities markets are subject to market risks, read all the related documents carefully before investing. The securities quoted
are for illustration only and are not recommendatory. It is requested you that please consult with a SEBI registered analyst
before making any investment decision based on this report and the author of this report shall not be responsible for any gain
or losses arising from investment in the company-based report.

18