InCred Equities - Nestle India Ltd

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	243,939	202,016	217,826	239,928
Operating EBITDA (Rsm)	58,198	47,737	52,343	58,608
Net Profit (Rsm)	39,285	30,237	35,657	39,915
Core EPS (Rs)	40.7	31.4	37.0	41.4
Core EPS Growth	64.3%	(23.0%)	17.9%	11.9%
FD Core P/E (x)	59.33	77.08	65.36	58.39
DPS (Rs)	31.2	26.6	31.3	35.1
Dividend Yield	1.29%	1.05%	1.30%	1.45%
EV/EBITDA (x)	39.97	49.05	44.70	39.88
P/FCFE (x)	82.44	152.88	72.83	63.98
Net Gearing	(14.2%)	26.0%	19.4%	12.3%
P/BV (x)	69.76	56.61	49.98	44.20
ROE	135.5%	103.0%	105.0%	106.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	243,939	202,016	217,826	239,928
Gross Profit	136,853	114,518	123,943	136,759
Operating EBITDA	58,198	47,737	52,343	58,608
Depreciation And Amortisation	(5,378)	(5,399)	(6,320)	(6,812)
Operating EBIT	52,820	42,338	46,023	51,796
Financial Income/(Expense)	25	(771)	1,647	1,566
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	52,845	41,567	47,670	53,363
Exceptional Items
Pre-tax Profit	52,845	41,567	47,670	53,363
Taxation	(13,560)	(11,330)	(12,013)	(13,447)
Exceptional Income - post-tax
Profit After Tax	39,285	30,237	35,657	39,915
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	39,285	30,237	35,657	39,915
Recurring Net Profit	39,285	30,237	35,657	39,915
Fully Diluted Recurring Net Profit	39,285	30,237	35,657	39,915

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	58,198	47,737	52,343	58,608
Cash Flow from Invt. & Assoc.
Change In Working Capital	3,107	(3,664)	(38)	2,553
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	1,480	589	2,037	2,060
Net Interest (Paid)/Received	(1,455)	(1,360)	(389)	(494)
Tax Paid	(13,560)	(11,330)	(12,013)	(13,447)
Cashflow From Operations	47,769	31,972	41,939	49,280
Capex	(23,377)	(22,533)	(6,056)	(8,949)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	3,137	(2,417)	(4,000)	(4,000)
Other Investing Cashflow
Cash Flow From Investing	(20,240)	(24,950)	(10,056)	(12,949)
Debt Raised/(repaid)	740	8,223	120	100
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(30,082)	(24,586)	(30,201)	(33,807)
Preferred Dividends
Other Financing Cashflow	0	0	0	0
Cash Flow From Financing	(29,342)	(16,363)	(30,081)	(33,707)
Total Cash Generated	(1,812)	(9,341)	1,802	2,623
Free Cashflow To Equity	28,269	15,245	32,003	36,430
Free Cashflow To Firm	28,984	8,382	32,273	36,825

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	8,188	957	2,759	5,382
Total Debtors	3,005	3,632	2,387	2,958
Inventories	20,894	28,501	13,129	17,748
Total Other Current Assets	16,886	16,632	17,087	17,208
Total Current Assets	48,972	49,721	35,363	43,296
Fixed Assets	52,020	69,153	68,889	71,027
Total Investments	4,239	7,056	11,056	15,056
Intangible Assets
Total Other Non-Current Assets
Total Non-current Assets	56,259	76,209	79,945	86,083
Short-term Debt	631	8,028	8,028	8,028
Current Portion of Long-Term Debt
Total Creditors	22,379	23,735
Other Current Liabilities	36,313	39,094	24,936	28,316
Total Current Liabilities	59,323	70,858	32,964	36,344
Total Long-term Debt	2,814	3,640	3,760	3,860
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	2,814	3,640	3,760	3,860
Total Provisions	32,063	33,997	31,956	36,439
Total Liabilities	94,201	108,494	68,680	76,644
Shareholders Equity	33,409	41,172	46,628	52,736
Minority Interests
Total Equity	33,409	41,172	46,628	52,736

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	44.4%	(17.2%)	7.8%	10.1%
Operating EBITDA Growth	56.8%	(18.0%)	9.6%	12.0%
Operating EBITDA Margin	23.9%	23.6%	24.0%	24.4%
Net Cash Per Share (Rs)	4.92	(11.11)	(9.37)	(6.75)
BVPS (Rs)	34.65	42.70	48.36	54.69
Gross Interest Cover	36.31	31.13	118.19	104.81
Effective Tax Rate	25.7%	27.3%	25.2%	25.2%
Net Dividend Payout Ratio	76.6%	81.3%	84.7%	84.7%
Accounts Receivables Days	3.68	6.00	5.04	4.07
Inventory Days	68.48	103.03	80.93	54.62
Accounts Payables Days	71.10	96.18	46.14
ROIC (%)	154.8%	76.9%	60.1%	64.2%
ROCE (%)	167.6%	103.4%	92.3%	98.9%
Return On Average Assets	40.3%	26.8%	28.2%	31.3%

(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