 "Nestle India will recover despite muted profits: Nomura")
Shares in Nestle India fell 2 percent, a day after the company said net profit in the January-March quarter rose 7.8 percent from a year ago, disappointing investors.
[caption id=“attachment_289278” align=“alignleft” width=“380” caption=“The company failed to meet Street expectations after seven quarters of strong volume growth”]  [/caption]
Nomura, however, says Nestle’s profits missed estimates, but added that input costs have started to ease and will help lift margins over then next couple of quarters.
The brokerage added tha tNestle remains one of its key long-term picks in the sector, but maintains its “Neutral” rating, with target price at Rs 4,345 vs Nestle’s Rs 4,936 closing price on Wednesday.
The company reported a 13 percent rise in net sales at Rs 2,047.5 crore against Rs 1,809.99 crore year-on-year. Analysts had expected sales to rise 19 percent.
Reuters
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