Nestle Q3 results: Board approves stock split in 1:10 ratio, declared dividend

Nestle Q3 results: The board of directors of Nestle India declared a  second interim dividend payout. On the total issued, subscribed, and paid-up share capital of the firm, which consists of 9,64,15,716 equity shares with a nominal value of ₹10, the Maggi manufacturer announced an interim dividend of ₹140 per equity share for the year 2023.

The second interim dividend will be paid on November 16. 

“Second Interim Dividend for the year 2023 will be paid on and from 16th November 2023 to those members whose names appear in the Register of Members of the Company and as beneficial owners in the Depositories, as on the Record Date fixed for the purpose i.e., 1st November 2023, as already intimated to the Stock Exchanges vide our letter dated 3rd October 2023,” said the company in an exchange filing.

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In addition, the board approved the subdivision of shares, or the split of existing equity shares with a face value of ₹10 each that are fully paid up, into ten (10) equity shares with a face value of Re 1 each that are fully paid up, subject  to the consent of company members.

“Sub-division/ split of each equity share of face value of Rs. 10/- (Rupees ten only) each, fully paid-up into 10 (ten) equity shares of face value of Re. 1 /- (Rupee one only) each, fully paid-up by alteration of Capital Clause of the Memorandum of Association of the Company, subject to the approval of the members of the Company to be sought by means of Postal Ballot. The Record Date for sub-division/ split of existing equity shares will be intimated in due course,” the company said in an exchange filing. 

Nestle India reported a net profit of ₹908 crore in the quarter ended September 2023, registering a growth of 37.27% from ₹661.46 crore in the same quarter last year.

The net profit for the quarter includes one-time gain of ₹106.4 crore.

Nestle India’s revenue in Q3CY23 increased 9.5% to ₹5,036.8 crore from ₹4,601.8 crore in the year-ago period.

At the operating level, earnings before interest, tax, depreciation and amortization (EBITDA) in the July-September quarter rose 21.3% to ₹1,225 crore from ₹1,009.6 crore, YoY. EBITDA margin decreased by 220 basis points (bps) to 24.3% from 22.1%, YoY.

Also Read: Nestle India Q3 Results: Net profit rises 37% YoY; board approves ₹140 dividend; 1:10 stock split

At 11:25 IST, Nestle India share price was trading at ₹23,444.05 apiece on BSE, up 0.81%.