Nestle India Ltd

nestle.in BSE: 500790 NSE : NESTLEIND
About

Nestle India Limited is an India-based company engaged in food business. The Company operates in the Food segment.

Key Points

Revenue Breakup:
Nestle generates 47% of the revenue from milk and nutrition products (dairy products and weaning foods), 10% from beverages (instant coffee, iced tea and other beverage vending mixes), 30% from prepared dishes and cooking aids (the Maggi range), and 13% from chocolates and confectionery (including Kit Kat and Munch) as of September 2020.

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Website BSE NSE
  • Market Cap ₹ 186,327 Cr.
  • Current Price ₹ 19,325
  • High / Low ₹ 20,609 / 15,425
  • Stock P/E 84.3
  • Book Value ₹ 232
  • Dividend Yield 1.03 %
  • ROCE 139 %
  • ROE 106 %
  • Face Value ₹ 10.0
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 18.65% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 68.06%
  • Company has been maintaining a healthy dividend payout of 109.71%

Cons

  • Stock is trading at 83.27 times its book value
  • The company has delivered a poor sales growth of 10.31% over past five years.

Peer comparison

Sector: FMCG Industry: Food - Processing - MNC

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Quarterly Results

Figures in Rs. Crores

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
2,939 2,897 3,003 3,001 3,216 3,149 3,325 3,050 3,542 3,433 3,611 3,477
2,214 2,347 2,250 2,288 2,449 2,455 2,532 2,303 2,658 2,656 2,681 2,629
Operating Profit 725 551 753 713 766 694 793 748 884 777 930 848
OPM % 25% 19% 25% 24% 24% 22% 24% 25% 25% 23% 26% 24%
Other Income 67 75 73 73 56 45 43 38 34 31 30 29
Interest 27 25 34 32 32 31 41 41 40 42 54 52
Depreciation 93 78 91 94 91 94 91 92 91 96 94 95
Profit before tax 672 522 701 659 700 614 704 652 786 670 812 730
Tax % 34% 35% 34% 34% 15% 23% 25% 25% 25% 28% 26% 26%
Net Profit 446 342 463 438 595 473 525 487 587 483 602 539
EPS in Rs 46.27 35.45 47.99 45.41 61.74 49.02 54.50 50.47 60.89 50.13 62.46 55.86
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Profit & Loss

Figures in Rs. Crores

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 TTM
5,129 6,255 7,515 8,335 9,101 9,855 8,175 9,141 10,010 11,292 12,369 13,350 14,062
4,134 5,016 5,990 6,509 7,153 7,816 6,620 7,292 7,913 8,675 9,443 10,149 10,623
Operating Profit 995 1,239 1,525 1,825 1,948 2,039 1,555 1,850 2,097 2,618 2,926 3,202 3,438
OPM % 19% 20% 20% 22% 21% 21% 19% 20% 21% 23% 24% 24% 24%
Other Income 35 35 21 31 97 87 -391 140 177 259 247 146 124
Interest 1 1 5 27 37 14 3 91 92 112 129 164 188
Depreciation 111 128 153 277 330 338 347 354 342 336 370 370 376
Profit before tax 917 1,145 1,388 1,553 1,678 1,774 814 1,545 1,839 2,429 2,673 2,813 2,999
Tax % 29% 29% 31% 31% 33% 33% 31% 35% 33% 34% 26% 26%
Net Profit 655 819 962 1,068 1,117 1,185 563 1,001 1,225 1,607 1,968 2,082 2,211
EPS in Rs 67.93 84.91 99.73 110.76 115.87 122.87 58.42 103.86 127.07 166.67 204.16 215.98 229.34
Dividend Payout % 71% 57% 49% 44% 42% 51% 83% 61% 68% 69% 168% 93%
Compounded Sales Growth
10 Years:8%
5 Years:10%
3 Years:10%
TTM:10%
Compounded Profit Growth
10 Years:10%
5 Years:19%
3 Years:19%
TTM:6%
Stock Price CAGR
10 Years:16%
5 Years:23%
3 Years:26%
1 Year:25%
Return on Equity
10 Years:53%
5 Years:54%
3 Years:68%
Last Year:106%

Balance Sheet

Figures in Rs. Crores

Corporate actions Corp actions Equity History
Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Jun 2021
96 96 96 96 96 96 96 96 96 96 96 96 96
Reserves 485 759 1,178 1,702 2,272 2,741 2,721 3,186 3,324 3,577 1,822 1,923 2,141
Borrowings 0 0 971 1,050 1,189 20 18 33 35 35 189 147 151
1,454 1,703 2,157 2,315 2,756 2,963 3,251 3,495 3,907 4,379 5,065 5,733 5,701
Total Liabilities 2,036 2,558 4,402 5,164 6,314 5,820 6,086 6,810 7,363 8,088 7,173 7,900 8,090
896 1,013 1,576 3,204 3,369 3,177 2,898 2,730 2,616 2,401 2,341 2,179 2,185
CWIP 80 349 1,372 344 295 245 231 188 94 105 143 639 845
Investments 203 151 134 365 851 812 1,325 1,756 1,979 2,658 1,751 1,464 1,542
857 1,046 1,320 1,251 1,799 1,586 1,633 2,136 2,673 2,924 2,937 3,618 3,518
Total Assets 2,036 2,558 4,402 5,164 6,314 5,820 6,086 6,810 7,363 8,088 7,173 7,900 8,090

Cash Flows

Figures in Rs. Crores

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020
928 1,037 1,158 1,693 1,796 1,644 1,098 1,466 1,818 2,052 2,295 2,454
-255 -446 -1,528 -941 -441 -432 -70 -126 -131 -52 83 -321
-542 -544 323 -513 -580 -1,635 -498 -666 -997 -1,317 -3,602 -1,956
Net Cash Flow 130 47 -47 239 775 -423 529 674 691 683 -1,223 177

Ratios

Figures in Rs. Crores

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020
Debtor Days 5 4 6 4 3 4 4 4 3 4 4 5
Inventory Days 88 82 89 86 79 68 86 107 91 92 107 107
Days Payable 103 106 92 63 68 59 79 91 99 118 124 115
Cash Conversion Cycle -10 -20 3 28 14 13 11 20 -5 -22 -14 -3
Working Capital Days -51 -51 -14 -11 -17 -13 -21 -10 -15 -21 -19 -21
ROCE % 175% 161% 90% 62% 53% 56% 46% 54% 57% 71% 96% 139%

Shareholding Pattern

Numbers in percentages

Insider trades
Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
62.76 62.76 62.76 62.76 62.76 62.76 62.76 62.76 62.76 62.76 62.76 62.76
12.11 12.36 12.55 12.95 12.61 12.07 11.81 12.10 11.51 12.84 12.29 12.43
8.00 7.47 7.69 7.49 8.52 8.92 9.12 8.71 8.91 7.75 7.95 7.92
0.09 0.09 0.07 0.07 0.07 0.07 0.07 0.07 0.00 0.00 0.00 0.00
17.03 17.31 16.93 16.73 16.04 16.18 16.24 16.36 16.82 16.65 16.99 16.88

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