Nestle India Q4, PNC Infratech Q3 Reviews: HDFC Securities
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HDFC Securities Institutional Equities
Nestle India Ltd. - Nestle India's Q4 CY21 revenue was in-line, while Ebitda margin was better than expected. Domestic revenue growth was at 9%, with healthy volume and mix growth. The company saw broad-based growth and traction was better in small towns and rural, contrary to its peers’ performances. Growth was led by deeper penetration (achieved two-third of targeted villages). Exports were down by 7% YoY on lower coffee exports and change in product mix.
PNC Infratech Infratech Ltd. - PNC Infratech reported a muted quarter (owing to delay in execution of Jal Jeevan Mission projects) with revenue/Ebitda/adjusted profit after tax of Rs 15.2/2/1.1 billion missing our estimates by 8/10/20%. Whilst FYTD22 order inflow was tepid at Rs 27 billion, PNC Infratech maintained its Rs 80 billion order inflow target for FY22. Aligarh Ghaziabad asset proceeds are likely to flow in by the Q1 FY23; they will be partly used for funding Rs 7.2 billion of balance equity requirement in 11 hybrid-annuity-model assets.
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