Buy Nestle India, target price Rs 2880: Axis Securities

Axis Securities has buy call on Nestle India with a target price of Rs 2880. The current market price of Nestle India Ltd. is Rs 2466.75.

Nestle India Ltd., incorporated in the year 1959, is a Large Cap company (having a market cap of Rs 241988.98 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-2022.



Financials
For the quarter ended 31-03-2024, the company reported a Standalone Total Income of Rs 5294.34 Crore, up 14.33 % from last quarter Total Income of Rs 4630.72 Crore and up 8.84 % from last year same quarter Total Income of Rs 4864.22 Crore. Company reported net profit after tax of Rs 934.17 Crore in latest quarter.


Promoter/FII Holdings
Promoters held 62.76 per cent stake in the company as of 31-Mar-2024, while FIIs owned 12.1 per cent, DIIs 8.98 per cent.