Buy Nestle India, target price Rs 21,300: Edelweiss

Edelweiss has buy call on Nestle India Ltd. with a target price of Rs 21,300. The current market price of Nestle India Ltd. is Rs 19985. Time period given by analyst is Intra Day when Nestle India Ltd. price can reach defined target. .

Nestle India Ltd., incorporated in the year 1959, is a Large Cap company (having a market cap of Rs 192618.35 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-2020.



Financials
For the quarter ended 30-09-2021, the company reported a Standalone Total Income of Rs 3916.23 Crore, up 11.70 % from last quarter Total Income of Rs 3506.17 Crore and up 9.51 % from last year same quarter Total Income of Rs 3576.17 Crore. Company reported net profit after tax of Rs 617.37 Crore in latest quarter.

Investment Rationale
Recent follow-through confirming the breakout and the formation of a base at levels of 18,700-18,500

Promoter/FII Holdings
Promoters held 62.76 per cent stake in the company as of 30-Sep-2021, while FIIs owned 12.31 per cent, DIIs 8.0 per cent.