Buy Nestle India, target price Rs 20700: IIFL

IIFL has buy call on Nestle India with a target price of Rs 20700. The current market price of Nestle India Ltd. is Rs 19754.65.

Nestle India Ltd., incorporated in the year 1959, is a Large Cap company (having a market cap of Rs 190315.95 Crore) operating in FMCG sector.

Nestle India Ltd. key Products/Revenue Segments include Milk Products, Prepared Dishes & Cooking aids, Confectionery, Beverages (Powdered), Export Incentives, Other Operating Revenue for the year ending 31-Dec-2021.



Financials
For the quarter ended 30-09-2022, the company reported a Standalone Total Income of Rs 4621.64 Crore, up 13.95 % from last quarter Total Income of Rs 4055.94 Crore and up 18.01 % from last year same quarter Total Income of Rs 3916.23 Crore. Company reported net profit after tax of Rs 668.34 Crore in latest quarter.


Investment Rationale
The stock has given a double bottom breakout.

Promoter/FII Holdings
Promoters held 62.76 per cent stake in the company as of 30-Jun-2022, while FIIs owned 11.65 per cent, DIIs 9.14 per cent.