Moneycontrol Presented by Motilal Oswal
Days hours minutes
Nerolac
Presented by :

Co-Presenting Sponsor :

Capital Trade

Powered by :

Godrej Properties

Associate Sponsors :

Aegon Life
LIC Housing Finance
Indiabulls
DHFL

Co-Presenting Sponsor

Capital Trade

Associate Sponsors

  • Indiabulls
  • Aegon Life
  • LIC Housing Finance
  • DHFL
Nov 10, 2017 08:45 PM IST | Source: PTI

Nestle India Q3 net grows 23% to Rs 343 crore

FMCG major Nestle India on Friday reported a 23.26 percent increase in its net profit at Rs 343.17 crore for the September quarter, driven by higher income and volume-led momentum.

FMCG major Nestle India on Friday reported a 23.26 percent increase in its net profit at Rs 343.17 crore for the September quarter, driven by higher income and volume-led momentum.

The company, which follows the January-December fiscal, had posted a net profit of Rs 278.41 crore during the same period in the previous fiscal, Nestle India said in a stock exchange filing.

Total sales during the quarter under review stood at Rs 2,500.67 crore. It was Rs 2,412.91 crore in July-September of 2016-17.

On a comparable basis, the domestic sales growth is estimated at 9.1 percent on the back of an increase in volumes, including the rebuilding of Maggi noodles, the company said.

Total sales for the quarter increased by 3.6 percent, it added.

Total expenses during the period stood at Rs 2,011.30 crore compared to Rs 2,029.48 crore in the year-ago period.

The company said sales, absolute expenses and expenses in the percentage of sales for the quarter ended September are not comparable with the previous periods due to GST implementation from July 1.

"With the change in the structure of indirect taxes, expenses are also being reported net of taxes," it added.

On the results, Nestle India Chairman and Managing Director Suresh Narayanan said, "I am pleased with the sustained volume-led growth momentum across all product groups. The dedication and commitment of the team and our partners have ensured a smooth transition into the GST regime."

He further said, "Our thrust on innovation and renovation continued with the launch of Maggi nutri-licious noodles, Milkybar and KitKat dessert delight".

The increase in volumes, the company said, was supplemented by better realisations from previous periods and netted by the price drops taken to pass on the GST benefits to the consumers.

Export sales increased by 2.6 percent, it added.

Nestel India stock closed 0.29 percent down at Rs 7,770.10 on the BSE on Friday.
Sections
Follow us on
Available On