Nestle India shares jump over 5% on strong results
New Delhi: Shares of Nestle India on Thursday surged over 5% on bourses after the company reported a 60% jump in its December quarter net profit and said its sales had crossed the Rs10,000-crore mark in 2017.
The FMCG major on Wednesday reported an increase of 59.57% in its net profit to Rs311.83 crore for the quarter ended December 2017, led by volume growth.
The company also noted that it has crossed the Rs10,000-crore sales mark in 2017, joining a select group of publicly-listed FMCG companies in the country which have crossed the milestone.
Following the announcement, shares of the company on Thursday opened on a strong note and surged 5.23% to an intra-day high of Rs7,640 on the BSE. On NSE, the stock hit a high of Rs7,645, up 5.23% over its previous closing price.
The net sales of the company during the quarter under review was up 10.91% at Rs2,589.64 crore, as against Rs2,334.78 crore for the corresponding period a year ago. Its net sales in 2017 soared 7.71% to Rs10,135.11 crore, against Rs9,409.60 crore in the previous year.
HUL and ITC are among a few listed FMCG companies which have reported annual sales of more than Rs10,000 crore.
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