In CY21, gross margin dipped y-o-y, but lower ad spends helped Ebitda margin improve. Costs outlook is firm in CY22, but Nestle’s strong pricing power should help.
The total return for Nestlé India investors has risen faster than earnings growth over the last five years

Akey takeaway from Nestlé India Ltd’s CY21 annual report released recently is that advertising & sales promotion (A&P) costs as a percentage of sales has dropped further. The company follows a January to December financial year. Nestlé provides the A&P details in its annual report only. The ad spends-to-sales ratio has seen a consistent decline in recent years.

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