Nestle India shares gain over 1% as analysts expect strong financial performance in Q1 2024

Shares of consumer products company Nestle India gained over 1 per cent on Wednesday as analysts expect it to stage a strong financial performance in the first quarter of 2024. Nestle India follows a January-December financial year. The counter opened at Rs 2519.90 and went on to hit the day's high of 2526.85 - a gain of over 1 per cent from the previous close of Rs 2499.55 on the BSE.

Shares of Nestle India, which has a market cap of Rs 2,43,324 crore, have a 52-week high of Rs 2,770.75 and a 52-week low of Rs 2031.54.

Last seen, the counter held firmly in green and was trading at Rs 2524. The counter has been gaining for the last 3 days and has risen 3.31 per cent in this period. The scrip has given a positive return of 22.38 per cent in one year and around 133 per cent in three years. 

Nestle India first-quarter results - Expectations

According to Zee Business research, Nestle India is likely to register a consolidated net profit of Rs 894 crore for the January-March period, which translates into an increase of 21.3 per cent compared with the corresponding period a year ago. 

The analysts peg the company’s revenue at Rs 4,965 crore for the quarter ended March 31, 2024, as against Rs 4,831 crore for the year-ago period. 

Zee Business analysts expect Nestle India’s margin—a key measure of profitability—to be at 26 per cent for the March quarter as against 23 per cent a year ago. They see the consumer products maker registering 5.0 per cent growth in March volumes and  3-4 per cent in value.