Rs 8.50 Dividend, 1:10 Split: FMCG Co Revises Record Date For Dividend, Buy For TP Rs 2880

Large cap FMCG giant Nestle India Ltd today revised record date for the payment of final dividend of Rs 8.50/- per equity share of Re 1/- each. The new record date is July 16, 2024. Current market price of Nestle India share on BSE is Rs 2532.95 per share with intraday fall of 0.40%. Nestle India shares offered return of 2.62% in last 2-weeks and gained 116% in last 5-years. Brokerage firm Axis Securities has recommended buy call to Nestle India Ltd share with target price of Rs 2880. More details below:

Nestle India Revises Record Date For Dividend: As per the BSE filing of Nestle India dated June 12, 2024, "Consequent to change of date of 65th AGM, revised Record Date of 16th July 2024 fixed for determining the entitlement of final dividend for the fifteen months financial year ended 31st March 2024, if any, and revised date of payment of the final dividend, in case declared by the members, shall be on and from 6th August 2024."

Nestle India Revises 65th AGM Date: The exchange filing stated, "Revised date of the 65th Annual General Meeting ("65th AGM") on Monday, 8th July 2024 to be convened through Video Conferencing/ Other Audio-Visual Means (VC/ OAVM)."
The Board of Directors, on the recommendation of Nomination and Remuneration Committee, approved the appointment of Mr Sidharth Kumar Birla, as an Additional Director and Independent Non-Executive Director of the Company with effect from 12th June 2024 for a term of five (5) consecutive years i.e. upto 11th June 2029, and recommended the said appointment to the members of the Company for their approval by way of a Special Resolution at the 65th AGM.

Nestle India Recommended Dividend: The FMCG giant recommended final dividend of Rs. 8.50/- (Eight Rupees and Fifty Paisa only) per equity shares of Re. 1/- each for the fifteen months financial year ended 31st March 2024 on the entire issued, subscribed and paid-up share capital of the Company of 964,157,160 equity shares of nominal value of Re. 1/- (Rupee one only) each."

Nestle India Stock Split History: Nestle India split the face value of its share once since January 5, 2024. Nestle India last split the face value of its shares from Rs 10 to Re 1 in 2024.The share traded ex-split as on January 5, 2024.

Nestle India Financial Results: The FMCG major declared its revenue from operations for the quarter ended March 31, 2024 at Rs 5,268 crore, up 9% as against Rs 4830 crore declared in the year ago period. The surge is due to higher pricing along with demand for its packaged food items. Nestle declared a rise in its earnings before interest, taxes, depreciation and amortisation (EBITDA) by 21.8% to Rs 1,337.7 crore as compared to Rs 1,098,7 crore. The company said the EBITDA margin improved by 270 basis points (bps) to 25.4% from 22.7%, YoY.

LIC Stake In Nestle: It is worth noting that Life Insurance Corporation of India (LIC) has 1.84% stake in Nestle India with 1,778,769 shares of the company.

Nestle India Share Performance & Return: The 52-week high price of Nestle India share on BSE is Rs 2770.75 per share (as on 02/01/2024) and 52-week low price is Rs 2145.28 per share (as on 18/08/2023). Nestle India has a market cap of Rs 2,44,216.19 crore. Nestle India shares declined over 7% year-to-date, jumped 14% in 1 year, gained 50% in last 2-years, and gave return of 44% in last 3-years. Nestle India has a PE of 76.41 and ROE of 95.67.

About: Nestle India is a subsidiary of Nestle S.A. of Switzerland. With eight factories and a large number of co-packers, Nestle India is a vibrant Company that provides consumers in India with products of global standards and is committed to long-term sustainable growth and shareholder satisfaction, according to its official website.

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