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Why Nestle India shares are down despite strong March quarter results
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Maggi maker, Nestle India Ltd’s March quarter results show no sign of covid-19 related business stress. In fact, the company’s domestic sales, accounting for about 95% of operating revenues, have increased 10.7% year-on-year, at a faster pace than the previous two quarters.
For perspective: rival Hindustan Unilever Ltd saw 9% decline in domestic growth in the quarter. Interestingly, Nestle India’s investors were not impressed.
In early deals post results, the stock was trading more than 4% lower on Wednesday, a day when the broader Nifty 50 index rose about 2%.
What gives? “Some profit booking may have taken place," said an analyst requesting anonymity. As such, valuations of the Nestle stock were already quite expensive.
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