CMP 5360.80

Target Price 5897.00

ISIN: INE239A01016

AUGUST 9th

2014

NESTLE INDIA LIMITED

Result Update (PARENT BASIS): Q2 CY14

BUYBUYBUYBUY

Index Details

Stock Data

Sector Packaged foods

BSE Code 500790

Face Value 10.00

52wk. High / Low (Rs.) 5835.00/4536.00

Volume (2wk. Avg. Q.) 4030

Market Cap (Rs. in mn.) 516888.34

Annual Estimated Results (A*: Actual / E*: Estimated)

YEARS CY13A CY14E CY15E

Net Sales 91010.50 99656.50 107629.02

EBITDA 20514.10 21501.49 22837.96

Net Profit 11171.30 11899.81 12597.38

EPS 115.86 123.42 130.65

P/E 46.27 43.44 41.03

Shareholding Pattern (%)

1 Year Comparative Graph

NESTLE INDIA LTD BSE SENSEX

SYNOPSIS

Nestlé is the world's leading Nutrition, Health and

Wellness Company, started its journey in India in

1912 by entering into the dairy business and is

one the biggest players in FMCG segment.

Net sales for the 2nd quarter of CY14 was at Rs.

24319.70 million increased by 9.41% y-o-y

against Rs. 2227.10 million over the same quarter

of previous year.

In Q2 CY14, Net profit ramps up by 6.07% to Rs.

2878.60 million from Rs. 2713.80 million over the

corresponding quarter ending of previous year.

In Q2 CY14, the company registered a 2.39% y-o-

y growth in operating profit to Rs. 5139.80

million from Rs. 5019.70 million in Q2 CY14.

For the 2nd quarter ended June 30th 2014, Net

domestic sales increased by 9.74% to Rs.

22380.60 million from Rs. 20395.00 million in

corresponding quarter of previous year.

In Q2 CY14, Export sales grew by 4.11% and

stood to Rs. 1808.50 million against Rs. 1737.10

million in Q2 CY13.

Net sales in H1 CY14 were at Rs. 47534.80

million, grew by 6.15% against Rs. 44780.60

million in the half year ended of CY13.

Net Sales and PAT of the company are expected to

grow at a CAGR of 9% and 6% over 2012 to

2015E respectively.

PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND

Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)

Nestle India Ltd 5360.80 516888.34 115.86 40.94 19.31 485.00

Glaxo Smithkline Consumer Ltd 4791.35 201502.80 125.67 38.13 11.12 450.00

Britannia Industries Ltd 1130.50 135576.10 30.84 36.66 15.88 600.00

KRBL Ltd 85.45 20114.10 12.26 6.97 1.89 120.00

Recommendation & Analysis - ‘BUY’

For the 2nd quarter of calendar year 2014, Nestle India Ltd posted a 9.69% growth in total income to Rs.

24550.90 million from Rs. 22381.10 million in corresponding period of previous year. In the same quarter, Net

profit Jumps to Rs. 2878.60 million from Rs. 2713.80 million in the corresponding quarter end of previous year.

The Operating margins have been adversely impacted by high price of milk its derivatives in india which was

higher than international markets. Net Domestic sales increased by 9.74% mainly from better relisations, while

Exports Sales grew by 4.11%.

Net sales in H1 CY14 were at Rs. 47534.80 million, grew by 6.15% against Rs. 44780.60 million in the half year

ended of CY13. For the half year ended of CY14, domestic sales increased by 6.54% to Rs. 44053.50 million from

Rs. 41347.50 million for the half year ended of CY13.

Nestle India Ltd recently launched low fat NESTLE Sweet Lassi, Nestle butter Milk with Ayurvedic Herbs and

MAGGI Oats Noodles and continues to be disciplined in driving its performance in line with the Nestlé Model of

profitable growth and resource efficiency. The company focused on premium and value-up ranges, while

protecting its current business base, as well as taking necessary decisions to gear up and makes the

organization more efficient to take the current and future trade evolution and competitive challenges. The

company has fully repaid its external borrowings of US$ 192 million and is now debt free. We expect the

company to post a CAGR of 9% and 6% in its top-line and bottom-line respectively. Hence, we recommend

‘BUY’ for ‘NESTLE INDIA LIMITED’ with a target price of Rs. 5897.00 on the stock.

QUARTERLY HIGHLIGHTS (PARENT BASIS)

Results updates- Q2 CY14,

Nestle India Ltd is one the biggest players in FMCG

segment, has a presence in milk & nutrition,

beverages, prepared dishes & cooking aids &

chocolate & confectionery segments Increase in Net

Domestic sales and volume growth in certain

products, has reported its financial results for the

quarter ended 30th JUNE, 2014.

The company has achieved a turnover of Rs. 24319.70 million for the 2nd quarter of the calendar year 2014 as

against Rs. 22227.10 million in the corresponding quarter of the previous year. The company has reported an

EBITDA of Rs. 5139.80 million in Q2 CY14. Whereas net profit for the 2nd quarter of CY14 stood at Rs. 2878.60

million an increase of 6.07% y-o-y as against Rs. 2713.80 million in the corresponding quarter of the previous

year. The company has reported an EPS of Rs. 29.85 for the 2nd quarter as against an EPS of Rs. 28.15 in the

corresponding quarter of the previous year.

Break up of Expenditure:

During the quarter, total expenditure rose by 11 per cent mainly on account of increased cost of material

consumed by 23%, purchase of stock in trade are 14%. whereas employee benefits and other expenditure grow

by 9% and 7% respectively when compared with corresponding quarter of previous year. In Q2 CY14, total

expenditure was at Rs. 20089.10 million as against Rs. 18108.70 million in Q2 CY13.

Break up of Expenditure

Rs. in Millions

Q2 CY14 Q2 CY13

Cost of Materials Consumed 11234.70 9127.90

Purchase of Stock in Trade 328.50 287.50

Employee Benefits 1918.50 1758.90

Depreciation & Amortization 841.80 886.60

Other Expenses 5726.00 5349.90

Provision for Contingencies 93.90 109.20

Rs. In million JUNE-14 JUNE-13 % Change

Net Sales 24319.70 22227.10 9.41

PAT 2878.60 2713.80 6.07

EPS 29.85 28.15 6.07

EBITDA 5139.80 5019.70 2.39

COMPANY PROFILE

Nestlé is the world's leading Nutrition, Health and Wellness Company, founded in 1866 in Vevey, Switzerland as

an infant nutrition company by Henri Nestlé. It started its journey in India in 1912 by entering into the dairy

business. The culture of innovation and renovation within the Company and access to the Nestlé Group's

proprietary technology/Brands expertise and the extensive centralized Research and Development facilities

gives it a distinct advantage in these efforts. It helps the Company to create value that can be sustained over the

long term by offering consumers a wide variety of high quality, safe food products at affordable prices.

Nestle India, one the biggest players in FMCG segment, has a presence in milk & nutrition, beverages, prepared

dishes & cooking aids & chocolate & confectionery segments. Nestlé India manufactures products of truly

international quality under internationally famous brand names such as Nescafé, Maggi, Milky bar, Kit Kat, Bar-

One, Milkmaid and Nestea and in recent years the Company has also introduced products of daily consumption

and use such as Nestlé Milk, Nestlé Slim Milk, Nestlé Dahi and Nestlé Jeera Raita.

� Manufacturing Area and Brach offices:

Nestlé India has presence across India with 8 manufacturing facilities and 4 branch offices. The company set

up its first manufacturing facility at Moga (Punjab) in 1961 followed by its manufacturing facilities at Choladi

(Tamil Nadu), in 1967; Nanjangud (Karnataka), in 1989; Samalkha (Haryana), in 1993; Ponda and Bicholim

(Goa), in 1995 and 1997, respectively; and Pantnagar (Uttarakhand), in 2006. In 2012, Nestle India set up its

8th manufacturing facility at Tahliwal (Himachal Pradesh).

4 Branch Offices located at Delhi, Mumbai, Chennai and Kolkata help facilitate the sales and marketing

activities. The Nestlé India’s Head Office is located in Gurgaon, Haryana.

Global area:

• CHF 92 billion in sales in 2012

• 32 R&D and technology centres

• Nestlé is the world's leading Nutrition, Health and Wellness Company, more than 1 billion Nestlé products

sold every day. The brand Nestle has 468 factories in 86 countries with 339,397 employees working around

the world and has 2000+ brands. Nestlé’s premium sports nutrition business operates mostly in the US,

Canada, Western Europe, Australia, New Zealand and Japan. The Company continued to increase its reach

amongst relevant ‘consumers and during the year 2013, it added another 245,000 outlets.

� Brands

Milk Products and Nutrition

• Milk Products

� Nestle Junior DAHEEZ

� Nestle MILKMAID Creations

� Nestle a+ milk

� Nestle ActiPlus Probiotic Dahi

� Nestle Creamy Vanilla

� Nestle Everyday Dairy Whitener

� Nestle Everyday Ghee

� Nestle Bhuna Jeera Raita

� Nestle Milkmaid

� Nestle NESLAC

� Nestle Real Fruit Yoghurts

� Nestle Slim Dahi

� Nestle Slim Milk

• Beverages

� Nescafe Classic

� Nescafe My First Cup

� Nescafe Cappuccino

� Nescafe Sunrise Premium

� Nescafe Sunrise

� Nestea Iced Tea

• Prepared Dishes and Cooking Aids

� Maggi 2-Minute Noodles

� Maggi Dumdaar Noodles

� Maggi Bhuna Masala

� Maggi Coconut Milk Powder

� Maggi Cuppa Mania

� Maggi HEALTHY SOUPS

� Maggi Magic CUBES

� Maggi Masala-ae-Magic

� Maggi Noodletz

� Maggi Vegetable Multigrainz Noodles

� Maggi Pizza Mazza

� Maggi Sauces

� Maggi Pazzta

� Vegetable Atta Noodles

� Maggi Pichko

� Maggi Maggi Imli Pichkoo Sauce.

• Chocolates and Confectionery

� Nestle Assorted gift packs

� Nestle Dark chocolate

� Nestle Dark chocolate Dry Fruits

� Nestle Selections Fine Chocolates

� Nestle Selections Panned Dry Fruits

� Nestle KITKAT

� Nestle BAR-ONE

� Nestle MUNCH

� Vending & Food Services

• Beverage Solutions

� Nescafe Premix

� Nescafe Sunrise Premix

� Nestea Cardamom Tea Premix

� Nestea Premium Cardamom Tea Premix

� Nestea Plain Tea Premix

� Nestea Masala Tea Premix

� EVERDAY Premix

� EVERDAY Low Sugar Premix

� Nestea Tea Bags

� Milkmaid Badam Milk Premix

� Nestle NESQUIK Premix

� Nescafe Frappe Premix

� Maggi Hot Cup Soup.

• Beverage Systems

� Nescafe Nan u Vend

� Nescafe Table Top Double Option

� Nescafe Table Top Triple/ Four Option

� Nescafe Table Top Six Option

� Nescafe Solution 8/60

� Nescafe EZ Care

� Food Service Products

• Beverages

� Nescafe Classic -100% pure instant coffee.

� Nescafe Sunrise Premium -Instant Coffee Chicory Mixture

� Nescafe Sunrise Extra -Instant Coffee Chicory Mixture

� Nescafe Classic -100% pure instant coffee.

• Culinary

� Maggi Snack Dressing

� Maggi 2 minute Masala Noodles

� Maggi Cuppa Mania

� Maggi Coconut Milk Powder

� Maggi Seasoning Mix

� Nestle Everyday Dairy Creamer.

FINANCIAL HIGHLIGHT (PARENT BASIS) (A*- Actual, E* -Estimations & Rs. In Millions)

Balance sheet as at Dec 31, 2012A-2015E

CY12A CY13A CY14E CY15E

I. EQUITY AND LIABILITIES:

A) Shareholders’ Funds:

a) Share Capital 964.20 964.20 964.20 964.20

b) Reserves and Surplus 17019.90 22723.30 29085.82 35920.99

Sub Total-Net worth 17984.10 23687.50 30050.02 36885.19

B) Non-Current Liabilities:

a) Long-term borrowings 10499.50 11894.80 7612.67 8031.37

b) Deferred Tax Liabilities [Net] 1620.80 2154.70 2671.83 2939.01

c) Long Term Provisions 10250.50 11933.90 13365.97 14101.10

Sub Total-Long term Liabilities 22370.80 25983.40 23650.47 25071.48

C) Current Liabilities:

a) Short-term borrowings 2.40 0.10 0.16 0.21

b) Trade Payables 5394.00 6330.40 7090.05 7657.25

c) Other Current Liabilities 5580.30 5002.50 6303.15 6807.40

d) Short Term Provisions 307.60 2138.80 2352.68 2470.31

Sub Total-Current Liabilities 11284.30 13471.80 15746.03 16935.18

TOTAL EQUITY AND LIABILITIES (A + B + C) 51639.20 63142.70 69446.53 78891.85

II. ASSETS:

D) Non-Current Assets:

Fixed Assets:

i. Tangible Assets 32042.70 33041.20 33764.05 34462.66

ii. Intangible Assets 3440.80 3599.00 3724.97 3814.36

a) Sub Total-Fixed Assets 35483.50 36640.20 37489.02 38277.02

b) Non Current Investments 0.00 2241.20 3541.10 4987.98

c) Long Term Loans and Advances 1254.50 1239.40 1369.54 1574.97

d) Other non- current Assets 0.00 4.70 4.98 5.23

Sub Total- Non-Current Assets 36738.00 40125.50 42404.63 44845.20

E) Current Assets:

a) Current Investments 3648.60 6269.60 4890.29 5868.35

b) Inventories 7455.80 7359.30 9209.56 10959.38

c) Trade Receivables 875.70 842.70 969.11 1085.40

d) Cash and Bank Balances 2369.60 7493.60 10621.92 14445.81

e) Short Term Loans and Advances 541.50 1013.60 1236.59 1496.28

f) Other Current Assets 10.00 38.40 114.43 191.44

Sub Total- Current Assets 14901.20 23017.20 27041.90 34046.65

TOTAL ASSETS (D + E) 51639.20 63142.70 69446.53 78891.85

Annual Profit & Loss Statement for the period of 2012 to 2015E

Value(Rs.in.mn) CY12A CY13A CY14E CY15E

Description 12m 12m 12m 12m

Net Sales 83345.30 91010.50 99656.50 107629.02

Other Income 310.30 830.90 1171.57 1312.16

Total Income 83655.60 91841.40 100828.07 108941.17

Expenditure -65173.40 -71327.30 -79326.57 -86103.21

Operating Profit 18482.20 20514.10 21501.49 22837.96

Interest -184.50 -572.50 -332.05 -371.90

Gross profit 18297.70 19941.60 21169.44 22466.06

Depreciation -2771.50 -3299.50 -3381.99 -3551.09

Exceptional Items 0.00 138.10 0.00 0.00

Profit Before Tax 15526.20 16780.20 17787.46 18914.98

Tax -4846.90 -5608.90 -5887.65 -6317.60

Net Profit 10679.30 11171.30 11899.81 12597.38

Equity capital 964.20 964.20 964.20 964.20

Reserves 17019.90 22723.30 29085.82 35920.99

Face value 10.00 10.00 10.00 10.00

EPS 110.76 115.86 123.42 130.65

Quarterly Profit & Loss Statement for the period of 31 DEC, 2013 to 30 SEP, 2014E

Value(Rs.in.mn) 31-Dec-13 31-Mar-14 30-Jun-14 30-Sep-14E

Description 3m 3m 3m 3m

Net sales 22629.70 23215.10 24319.70 25535.69

Other income 319.00 309.30 231.20 272.82

Total Income 22948.70 23524.40 24550.90 25808.50

Expenditure -18028.80 -18617.20 -19411.10 -20505.16

Operating profit 4919.90 4907.20 5139.80 5303.35

Interest -101.10 -102.60 -37.70 -42.22

Gross profit 4818.80 4804.60 5102.10 5261.12

Depreciation -756.80 -839.20 -841.80 -796.34

Exceptional Items 101.70 0.00 0.00 0.00

Profit Before Tax 4163.70 3965.40 4260.30 4464.78

Tax -1347.10 -1373.80 -1381.70 -1477.84

Net Profit 2816.60 2591.60 2878.60 2986.94

Equity capital 964.20 964.20 964.20 964.20

Face value 10.00 10.00 10.00 10.00

EPS 29.21 26.88 29.85 30.98

Ratio Analysis

Particulars CY12A CY13A CY14E CY15E

EPS (Rs.) 110.76 115.86 123.42 130.65

EBITDA Margin (%) 22.18 22.54 21.58 21.22

PBT Margin (%) 18.63 18.44% 17.85 17.57

PAT Margin (%) 12.81 12.27 11.94 11.70

P/E Ratio (x) 48.40 46.27 43.44 41.03

ROE (%) 59.38% 47.16 39.60 34.15

ROCE (%) 74.61 66.93 66.07 58.75

Debt Equity Ratio 0.58 0.50 0.25 0.22

EV/EBITDA (x) 28.21 25.11 23.67 22.10

Book Value (Rs.) 186.52 245.67 311.66 382.55

P/BV 28.74 21.82 17.20 14.01

Charts

OUTLOOK AND CONCLUSION

� At the current market price of Rs. 5360.80, the stock P/E ratio is at 43.44 x CY14E and 41.03 x CY15E

respectively.

� Earning per share (EPS) of the company for the earnings for CY14E and CY15E is seen at Rs.123.42 and

Rs.130.65 respectively.

� Net Sales and PAT of the company are expected to grow at a CAGR of 9% and 6% over 2012 to 2015E

respectively.

� On the basis of EV/EBITDA, the stock trades at 23.67 x for CY14E and 22.10 x for CY15E.

� Price to Book Value of the stock is expected to be at 17.20 x and 14.01 x respectively for CY14E and CY15E.

� We recommend ‘BUY’ in this particular scrip with a target price of Rs.5897.00 for Medium to Long term

investment.

INDUSTRY OVERVIEW

India is the world’s second largest producer of food with the potential of being the biggest, backed by its food and

agricultural sector. The food processing industry is one of the largest industries in India and is ranked fifth in

terms of production, consumption, export and expected growth. The total food production in India is likely to

double in the next 10 years with the country’s domestic food market estimated to reach US$ 258 billion by 2015.

Agriculture, which provides employment to 52 per cent of the population, is estimated to account for 14 per cent

of the country’s gross domestic product (GDP). Further, technology and advancements in agricultural sciences

and mechanisation of farm operations has helped transform Indian agriculture and increased output

considerably.

The Indian food processing industry accounts for 32 per cent of the country’s total food market. The Government

of India has nominated two agencies, Agricultural & Processed food products Export Development Authority

(APEDA) and Marine Products Export Development Authority (MPEDA), for promoting exports from India.

Owing to them and the seemingly lucrative opportunities in this sector, the food industry in India has been

attracting a lot of attention from foreign investors as the country is close to the markets of Middle East, Africa

and South East Asia.

Market Size

India’s agricultural production is expected to grow at a rate of 4.6 per cent in 2014. With the second green

revolution just around the corner, India’s production of foodgrains this year is expected to break the 2011–12

record of 259 million tonnes (MT). The overall grain stock position in India is about 62.1 MT, including 41.8 MT

wheat and 20.3 MT rice.

India is the third largest fish producer and second in inland fish production in the world. Marine products

contribute a fair share to India’s food processing industry. According to MPEDA, export earnings from marine

products touched a record US$ 5 billion during 2013–14.

India has a livestock population of 470 million, which includes 205 million cattle and 90 million buffaloes. Total

meat production in the country is about five MT annually. The country produces 450 million broilers and 33

billion eggs every year. Growth rate of egg and broiler production is 16 per cent and 20 per cent respectively.

The Indian food industry which presently stands at close to US$ 135 billion with a CAGR of 10 per cent, is

expected to touch US$ 200 billion by 2015. The food processing industry in India attracted foreign direct

investments (FDI) worth US$ 5,793.95 million during the period April 2000–March 2014, according to data

published by Department of Industrial Policy and Promotion (DIPP).

Investments

The evolving Indian food industry has seen quite a few investments in the recent past. Investments have been

observed both within the country and also by private Indian firms abroad. Some of the notable investments are

as follows:

• Hindustan Coca-Cola Beverages and Jain Irrigation plan to invest Rs 500.00 mn (US$ 8.42 million) over 10

years in the second phase of their joint venture (JV) project, Unnati, which will help farmers grow more

mango trees.

• PepsiCo has joined hands with the Clinton Foundation to source cashew fruit from farmers in Maharashtra

for its Indian juice business. This partnership is expected to stimulate social and economic development in

emerging markets through a social enterprise model.

• Café Coffee Day (CCD), in a bid to expand its market in India, plans to add 150 cafes and 120 more Xpress

outlets across the country in FY 15.

• Food Bazaar plans to tap the under-branded food and beverages space in the Indian domestic market with

the help of private labels to offer more choice to consumers.

• Everstone Capital has picked up 51 per cent stake in Domino’s Pizza’s Indonesian local franchise, PT Dom

Pizza, for US$ 20 million.

• Bisleri International has opened its first overseas production unit in Bangladesh's capital Dhaka under a

franchise agreement with local firm Chittagong Fashion. The facility has a production capacity of 6,000,000

bottles per month.

Government Initiatives

Some of the notable recent government initiatives in the sector are as follows:

• Uttarakhand Chief Minister, has planned to implement the National Food Security Scheme in the state by the

end of June 2014 and has issued stringent orders to complete all formalities at the earliest.

• Food and Civil Supplies Minister, plans to provide minimum support prices (MSP) to farmers through

effective procurement and efficient management of foodgrain stocks and thereby strengthen the public

distribution system (PDS) in the next five years.

• Bhabha Atomic Research Centre (BARC) under the Department of Atomic Energy, Government of India

through its Centre for Incubation of Technologies (BARCIT) has signed an MoU with M/s Veena Industries for

incubation of technology for ‘Biodegradable and Edible films for Food and Pharmaceuticals Packaging’. The

biodegradable edible films for food and pharmaceutical packaging from natural resources will help overcome

the disadvantages of plastic packaging materials.

• National Fisheries Development Board has taken up an initiative to supply subsidised fish transport vehicles

to fishermen and women societies in Andhra Pradesh so as to help them transport fish to places of their

choice and get the highest prices for their catch.

• The Kerala State Coastal Area Development Corporation (KSCADC) in association with National Agricultural

Innovation Project under Indian Council of Agricultural Research (ICAR), has developed a food processing

technology to convert the highly nutritious small pelagic fishes into sweets, desserts and snack-like dishes.

• The MPEDA under the Ministry of Commerce is undertaking a major co-branding drive, which will promote

the brand equity of Indian marine products in regulated markets.

Road Ahead

The Confederation of Indian Industry (CII) has estimated that the food processing sector has the potential to

attract US$ 33 billion of investment in 10 years and generate employment of around nine million persons.

Also, the opportunities in food and grocery retail in India are immense, given that it constitutes about 69 per cent

of India’s total retail market, as per panel members at the seventh Food and Grocery Forum India.

The revival of the agriculture sector could open up opportunities for developing a number of other businesses in

the food industry, such as integrated cold chains, mega food parks and processable varieties of crops, among

many others. To promote food processing industries in India, the MoFPI has finalised the Vision 2015 document,

which envisages tripling the size of the processed food sector by increasing the level of processing of perishables

from 6 per cent to 20 per cent, value addition from 20 per cent to 35 per cent and share in global food trade from

1.5 per cent to 3 per cent, by 2015.

Disclaimer:

This document prepared by our research analysts does not constitute an offer or solicitation for the purchase or sale

of any financial instrument or as an official confirmation of any transaction. The information contained herein is

from publicly available data or other sources believed to be reliable but do not represent that it is accurate or

complete and it should not be relied on as such. Firstcall India Equity Advisors Pvt. Ltd. or any of it’s affiliates shall

not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the

information contained in this report. This document is provide for assistance only and is not intended to be and must

not alone be taken as the basis for an investment decision.

Firstcall India Equity Research: Email – info@firstcallindia.com

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