Overweight on Nestle India, target price Rs 2,960: Axis Securities

Axis Securities has overweight call on Nestle India with a target price of Rs 2,960. The current market price of Nestle India is Rs 2,648.45. Nestle India incorporated in the year 1959, is a Large Cap company (having a market cap of Rs 255689.66 Crore) operating in FMCG sector.

Nestle India key Products/Revenue Segments include Milk Products, Prepared Dishes & Cooking aids, Confectionery, Beverages (Powdered), Export Incentives, Other Operating Revenue for the year ending 31-Mar-2024.

Financials

For the quarter ended 30-06-2024, the company has reported a Standalone Total Income of Rs 4853.07 Crore, down -8.33 % from last quarter Total Income of Rs 5,294.34 Crore and up 3.64 % from last year same quarter Total Income of Rs 4,682.48 Crore. Company has reported net profit after tax of Rs 746.60 Crore in latest quarter.


Promoter/FII Holdings

Promoters held 62.76% stake in the company as of 30-Jun-2024, while FIIs owned 11.94%, DIIs 9.12%.