Food and beverages giant Nestle India on July 27 said that the prices of robusta, a widely cultivated coffee bean known for its strong and bold flavour, are elevated and expected to remain volatile for the rest of the financial year.
Several commodities, including edible oils, wheat and packaging materials, have been experiencing a decline in prices, the company said as it announced numbers for the June quarter of the financial year 2023-24.
The price of fresh milk, which has a bearing on margins in the company's chocolate and confectionary divisions as well as its dairy segment, has been establishing, the Indian unit of the Swiss food giant said.
The second quarter has seen a softening in fuel prices after reaching higher levels towards the end of the first quarter, the company said.
Also Read | Nestle net profit jumps 37% to Rs 698.34 crore, revenue up 15%
Nestle India reported a consolidated net profit of Rs 698.34 crore for the June quarter of FY24, a growth of 36.8 percent from Rs 510.24 crore in the same quarter of the previous financial year.
The company reported a 5.1 percent fall in profit from Rs 736.64 crore in the previous quarter.
The total revenue came in at Rs 4,658.53 crore, rising 15.14 percent from Rs 4045.69 crore in the year-ago quarter, the FMCG major said in a regulatory filing. The revenue had fallen 3.56 percent from Rs 4830.53 crore in the previous quarter.
At 12.02 pm, the stock was trading at Rs 22,286.05 on the National Stock Exchange (NSE), down 2.25 percent from the previous close.
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