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Result Review
Nestle – 4QCY2010
Nestle India reported its 4QCY2010 results. For the quarter, net sales grew by 23% yoy to
`1,671cr (`1,352cr), beating our estimates of 18% yoy growth to `1,549cr. The company
impressed on the operating margin (OPM) front, reporting OPM of 19.7% against our
expectations of 17.7%. The higher margins can be attributed to a 63bp yoy decrease in
raw-material cost, a 312bp yoy decline in staff cost and a 132bp yoy fall in other
expenditure. Net profit grew by 80.1% to `203.4cr (`112.9cr).
For the full year, net sales (comprising domestic sales and export sales) of the company
increased by 21.9% yoy to `6,254.8cr. Domestic sales grew by 22.9% yoy to `5,901cr due
to increased volume and realisation. Export sales increased by 7.6% to `354cr. OPM came
in at 19.9% and net profit increased by 25% yoy to `818.6cr (`655cr), due to higher sales.
The stock is currently under review.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Result Review
Nestle – 4QCY2010
Nestle India reported its 4QCY2010 results. For the quarter, net sales grew by 23% yoy to
`1,671cr (`1,352cr), beating our estimates of 18% yoy growth to `1,549cr. The company
impressed on the operating margin (OPM) front, reporting OPM of 19.7% against our
expectations of 17.7%. The higher margins can be attributed to a 63bp yoy decrease in
raw-material cost, a 312bp yoy decline in staff cost and a 132bp yoy fall in other
expenditure. Net profit grew by 80.1% to `203.4cr (`112.9cr).
For the full year, net sales (comprising domestic sales and export sales) of the company
increased by 21.9% yoy to `6,254.8cr. Domestic sales grew by 22.9% yoy to `5,901cr due
to increased volume and realisation. Export sales increased by 7.6% to `354cr. OPM came
in at 19.9% and net profit increased by 25% yoy to `818.6cr (`655cr), due to higher sales.
The stock is currently under review.
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