Active Stocks
Tue Mar 19 2024 09:21:05
  1. Tata Consultancy Services share price
  2. 4,032.40 -2.71%
  1. Tata Steel share price
  2. 149.10 -0.33%
  1. Power Grid Corporation Of India share price
  2. 266.25 0.47%
  1. Tata Motors share price
  2. 962.15 -1.03%
  1. HDFC Bank share price
  2. 1,440.45 -0.40%
Business News/ Companies / Company Results/  Nestle India Q3 net rises 33% to 595 cr on higher domestic sales growth
BackBack

Nestle India Q3 net rises 33% to ₹595 cr on higher domestic sales growth

The company, which follows January-December as financial year, had posted a profit of ₹446 cr in year-ago period
  • Net sales were up 9.49% to ₹3,199 cr during the quarter under review
  • (File photo: Reuters)Premium
    (File photo: Reuters)

    New Delhi: FMCG major Nestle India on Friday reported 33.46 per cent rise in net profit at 595.41 crore for the third quarter ended September 2019, on higher domestic sales growth and lower tax outgo.

    The company, which follows January-December as financial year, had posted a profit of 446.11 crore in the year-ago period.

    Net sales were up 9.49 per cent to 3,199.31 crore during the quarter under review as against 2,921.99 crore in the same period of the previous fiscal.

    "Maggi, Kitkat, Nestle Munch, Nescafe RTD, NANGROW and CEREGROW delivered strong performances. The quarter witnessed higher commodity prices particularly in milk and its derivatives, which are likely to continue in the near term future," Nestle India CMD Suresh Narayanan said.

    Nestle profit also includes one-off credit of 72.5 crore pertaining to the previous quarter as the company factored in the impact of change in corporate tax announced by the government.

    "The tax expense for the current quarter is lower due to the credit of 72.5 crore pertaining to the previous quarter. This has also impacted the current quarter’s “Net Profit" by the same amount and the “Earnings Per Share" by 7.5," said Nestle India in a statement.

    Nestle's total expenses were at 2,572.32 crore during the quarter as against 2,334.63 crore earlier, up 10.18 per cent.

    Revenue from Nestle's domestic sales in July-September was up 10.53 per cent to 3,039.09 crore as against 2,749.50 crore.

    However, exports were down 7.11 per cent to 160.22 crore as against 172.49 crore in the year-ago period.

    "Domestic sales increased 10.5 per cent largely driven by volume & mix. Export sales dropped 7.1 per cent due to lower coffee exports to Turkey," said Nestle India.

    Shares of Nestle India on Friday settled at 14,474.65 apiece on the BSE, down 1.66 per cent.

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

    Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
    More Less
    Published: 08 Nov 2019, 10:11 PM IST
    Next Story footLogo
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App

    Chat with MintGenie