Nestle India- First Cut Q3CY13
Rajesh Desai
Dear Sir/Madam,
Q3 CY13 Result
Nestle India Net Sales increased by 11% YOY to INR2360 crore YOY and its EBITDA increased by 11% YOY to INR493 crore. EBITDA Margin of the company remained flat at 20.9%. PAT Ex EO increased by 5% YOY to INR281 crore. PAT incl EO increased by 7% to INR285 crore YOY.
At the CMP of INR5580, the stock is trading at a P/E of 46.1x its adjusted CY13E EPS of INR121 and a P/E of 40x its CY14E EPS of INR139.5.
DESCRIPTION |
Sep-13 |
Jun-13 |
Sep-12 |
QOQ |
YOY |
9M CY13 |
9M CY12 |
% change |
|
Net Sales |
2360 |
2223 |
2124 |
6% |
11% |
6810 |
6150 |
11% |
|
Total Expenditure |
1867 |
1736 |
1680 |
|
|
5301 |
4821 |
|
|
PBIDT (Excl OI) |
493 |
487 |
444 |
1% |
11% |
1508 |
1328 |
14% |
|
EBITDA (%) |
20.9% |
21.9% |
20.9% |
|
|
22.1% |
21.6% |
|
|
Other Income |
23 |
15 |
9 |
|
|
51 |
18 |
|
|
Operating Profit |
516 |
502 |
453 |
|
|
1559 |
1347 |
|
|
Interest |
10 |
9 |
-8 |
|
|
26 |
17 |
|
|
PBDT |
506 |
493 |
461 |
|
|
1533 |
1330 |
|
|
Depreciation |
83 |
89 |
74 |
|
|
254 |
194 |
|
|
PBT |
423 |
405 |
387 |
|
|
1279 |
1136 |
|
|
Tax |
142 |
133 |
120 |
|
|
426 |
355 |
|
|
Profit After Tax |
281 |
271 |
267 |
4% |
5% |
853 |
781 |
9% |
|
PAT(%) |
11.9% |
12.2% |
12.6% |
|
|
12.5% |
12.7% |
|
|
Contingency Prov |
4 |
0 |
|
|
|
-17 |
8 |
|
|
PAT incl EO |
285 |
271 |
267 |
5% |
7% |
835 |
789 |
6% |
|
|
|
|
|
|
|
|
|
|
|
Equity Capital |
96.42 |
96.42 |
96.42 |
|
|
96.42 |
96.42 |
|
|
Face Value (In Rs) |
10 |
10 |
10.00 |
|
|
10 |
10 |
|
|
No. of shares |
9.642 |
9.642 |
9.642 |
|
|
9.642 |
9.642 |
|
|
|
|
|
|
|
|
|
|
|
|
EPS |
29.2 |
28.1 |
27.7 |
4% |
5% |
88.4 |
81.0 |
9% |
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
CA. Rajesh Desai