Nestle India,the domestic arm of the Swiss FMCG giant, reported a net profit of Rs473.02 crore, up 38.41% in the quarter ended December 31, 2019 due to lower tax expenses and strong domestic sales.

The company had posted a net profit of Rs341.76 crore in the corresponding quarter previous fiscal.

Profit was higher than Rs464.4 crore estimated by a Bloomberg poll of 12 analysts.

The company, which follows the January-December period as the fiscal year, reported a 8.70% rise in revenue from operations at Rs3,149.29 crore in the quarter this year.

Total sales grew by 7.45%, while domestic sales grew by 10.05%. However, export sales dropped by 9.75% due to lower exports of coffee to Turkey, it added.

Suresh Narayanan, Chairman and Managing Director, Nestlé India said, "I am pleased to share that we have delivered broad based volume and mix led growth. This is a trend we have demonstrated consistently in recent years.

“We continued to bring consumer relevant innovations and new launches like KITKAT DESSERT DELIGHT Rich Chocolate Fudge, MAGGI Fusian Range and MILO Cocoa-Malt Beverage Mix which have witnessed encouraging response. The trend of higher commodity prices witnessed in recent quarters is likely to continue in the near future," he added.

Total dividend including final dividend Rs342.00 per equity share (includes special interim dividend of Rs180.00 per equity share out of the accumulated profits of previous years).

Nestle India earnings per share (EPS) for the reporting quarter stood at Rs49.06 per equity share of face value Rs10.

Nestle India share price closed at Rs16,412.20, up 0.70% after rising 1.01% to Rs16,461.50 in the intraday trade on NSE on Thursday.

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