Nestle India reports a 9.6% jump in fourth quarter profit

Packaged foods and beverages company Nestle India on Thursday reported a 9.6% jump in net profit for the December quarter at ₹342 crore, the company said in a filing to the stock exchange.

In the year ago period Nestle India, the maker of popular Maggi Noodles and Kit Kat chocolate, posted a profit of ₹311.8 crore.

For the quarter ended Dec 31, Nestle India posted a 12% jump in total income at ₹2972.5 crore up from ₹2,652 crore in the same quarter of the previous year.

Domestic sales during the quarter increased by 12% supported by volumes and are broad based, Nestle said in its earnings release. However, export sales during the quarter remained flat due to lower exports to countries such as Bangladesh and United Arab Emirates, the company added.

Nestle also announced its full year earnings on Feb 14. Total income for the full year stood at ₹ ₹11,551 crore, with annual net profit up 31% at ₹1607 crore.

“There has been double-digit growth in almost all the categories, supported by a step up in demand generating activities including on new products,” Suresh Narayanan, chairman and managing director, Nestlé India said of the company’s full year earnings and the quarter.

During the year the company crossed ₹11,000 crore in turnover. “We became the first listed pure play food and beverage company in India to cross ₹10,000 crore in revenue for the full year 2017 and have now crossed ₹11,000 crore in revenue for the year 2018,” Narayanan added.