Nestle India Q3 net profit declines marginally to ₹587 cr1 min read . Updated: 23 Oct 2020, 10:01 PM IST
The company announced interim dividend of ₹135 per share
FMCG major Nestle India Ltd on Friday reported marginal dip of 1.3% in its net profit for the third quarter ended September 2020 at ₹587 crore.
The company, which follows January-December financial year, had posted a net profit of ₹595.27 crore in the July-September quarter a year ago, Nestle India said in a stock exchange filing.
Its net sales rose 10% at ₹3,525.41 crore during the period under review as against ₹3,199.31 crore in the corresponding quarter of the last fiscal, the company said.
Nestle India's domestic sales in July-September moved up 10.23% to ₹3,350.10 crore as against ₹3,039.09 crore in the year-ago period.
Its total expenses were up 8% at ₹2,789.67 crore as against ₹2,572.52 crore. Exports rose 9% to ₹175.31 crore as against ₹160.22 crore a year ago.
The company announced interim dividend of ₹135 per share. The company said it plans to invest a further ₹2,600 crore in India over the next three to four years.
“The quarter witnessed growth driven by an improved supply situation, as our factories returned to normal output. Boosted by an increase in in-home consumption, our key brands like Maggi Noodles, Maggi Sauces, Kitkat, Nestlé Munch, NESCAFÉ Classic and NESCAFÉ SUNRISE witnessed double digit growth. Demand in ‘out of home’ channels improved during the quarter but continues to be impacted due to the overall environment. We continued our strong performance in the e-commerce channels, which grew by 97% and now contributes about 4% of domestic sales," said Suresh Narayanan, chairman and managing director, Nestlé India
Shares of Nestle India on Friday settled at ₹15,863.00 on the BSE, down 0.3% from the previous close.