InCred Equities - Nestle India Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	243,939	198,135	217,826	239,928
Operating EBITDA (Rsm)	58,198	45,963	51,451	57,452
Net Profit (Rsm)	39,285	31,188	35,208	39,244
Core EPS (Rs)	40.7	32.3	36.5	40.7
Core EPS Growth	64.3%	(20.6%)	12.9%	11.5%
FD Core P/E (x)	54.26	68.35	60.54	54.31
DPS (Rs)	31.2	27.4	30.9	34.5
Dividend Yield	1.41%	1.24%	1.40%	1.56%
EV/EBITDA (x)	36.54	46.40	41.41	37.06
P/FCFE (x)	75.40	102.57	66.57	61.47
Net Gearing	(14.2%)	2.9%	(2.2%)	(4.7%)
P/BV (x)	63.80	55.83	48.92	43.00
ROE	135.5%	103.0%	105.0%	106.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	243,939	198,135	217,826	239,928
Gross Profit	136,853	112,144	123,943	136,759
Operating EBITDA	58,198	45,963	51,451	57,452
Depreciation And Amortisation	(5,378)	(5,997)	(6,407)	(6,971)
Operating EBIT	52,820	39,966	45,044	50,481
Financial Income/(Expense)	25	1,729	2,025	1,985
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	52,845	41,695	47,070	52,466
Exceptional Items
Pre-tax Profit	52,845	41,695	47,070	52,466
Taxation	(13,560)	(10,507)	(11,862)	(13,221)
Exceptional Income - post-tax
Profit After Tax	39,285	31,188	35,208	39,244
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	39,285	31,188	35,208	39,244
Recurring Net Profit	39,285	31,188	35,208	39,244
Fully Diluted Recurring Net Profit	39,285	31,188	35,208	39,244

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	58,198	45,963	51,451	57,452
Cash Flow from Invt. & Assoc.
Change In Working Capital	3,107	(6,325)	410	1,438
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	1,480	2,095	2,455	2,520
Net Interest (Paid)/Received	(1,455)	(366)	(429)	(535)
Tax Paid	(13,560)	(10,507)	(11,862)	(13,221)
Cashflow From Operations	47,769	30,860	42,025	47,654
Capex	(23,377)	(6,798)	(6,126)	(9,077)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	3,137	(3,500)	(4,000)	(4,000)
Other Investing Cashflow
Cash Flow From Investing	(20,240)	(10,298)	(10,126)	(13,077)
Debt Raised/(repaid)	740	219	120	100
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(30,082)	(26,416)	(29,821)	(33,239)
Preferred Dividends
Other Financing Cashflow	0	0	0	0
Cash Flow From Financing	(29,342)	(26,197)	(29,700)	(33,139)
Total Cash Generated	(1,812)	(5,635)	2,199	1,438
Free Cashflow To Equity	28,269	20,781	32,020	34,677
Free Cashflow To Firm	28,984	20,928	32,329	35,112

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	8,188	2,554	4,753	6,191
Total Debtors	3,005	2,443	2,387	2,958
Inventories	20,894	15,199	13,129	17,748
Total Other Current Assets	16,886	17,216	17,324	17,445
Total Current Assets	48,972	37,412	37,593	44,342
Fixed Assets	52,020	52,820	52,539	54,645
Total Investments	4,239	7,739	11,739	15,739
Intangible Assets
Total Other Non-Current Assets
Total Non-current Assets	56,259	60,559	64,278	70,383
Short-term Debt	631	631	631	631
Current Portion of Long-Term Debt
Total Creditors	22,379
Other Current Liabilities	36,313	25,015	22,791	24,997
Total Current Liabilities	59,323	25,646	23,422	25,628
Total Long-term Debt	2,814	3,033	3,153	3,253
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	2,814	3,033	3,153	3,253
Total Provisions	32,063	31,111	31,727	36,270
Total Liabilities	94,201	59,790	58,302	65,151
Shareholders Equity	33,409	38,181	43,569	49,574
Minority Interests
Total Equity	33,409	38,181	43,569	49,574

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	44.4%	(18.8%)	9.9%	10.1%
Operating EBITDA Growth	56.8%	(21.0%)	11.9%	11.7%
Operating EBITDA Margin	23.9%	23.2%	23.6%	23.9%
Net Cash Per Share (Rs)	4.92	(1.15)	1.00	2.39
BVPS (Rs)	34.65	39.60	45.19	51.41
Gross Interest Cover	36.31	109.24	104.96	94.40
Effective Tax Rate	25.7%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio	76.6%	84.7%	84.7%	84.7%
Accounts Receivables Days	3.68	5.02	4.05	4.07
Inventory Days	68.48	76.60	55.07	54.62
Accounts Payables Days	71.10	47.50
ROIC (%)	154.8%	63.8%	72.0%	74.5%
ROCE (%)	167.6%	116.4%	116.0%	122.5%
Return On Average Assets	40.3%	29.0%	33.2%	34.4%

(91) 22 4161 1561 rohan.kalle@incredresearch.com

(91) 22 4161 1564 nishant.bagrecha@incredresearch.com

(91) 2241611558 saurabh.singh@incredresearch.com

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Market Data

Source: Bloomberg