Nestle India Q1 results: Profit rises 13.5% YoY to Rs 525 crore, beats Street estimates
The profit figure was more than ET NOW poll estimate of Rs 483.6 crore.
NEW DELHI: Nestle India on Tuesday reported a 13.54 per cent year-on-year (YoY) jump in consolidated net profit at Rs 525.43 crore for the March quarter, compared with Rs 462.74 crore in the same quarter last year.
The profit figure was more than ET NOW poll estimate of Rs 483.6 crore.
Revenue from operations for the quarter jumped to Rs 3,325.27 crore from Rs 3,002.95 crore in the year-ago quarter.
“Company remained resilient in the first quarter, as the numbers indicate, and delivered volume and mix led growth. Maggi, KitKat and Nestlé Munch delivered strong performances. Contribution from e-commerce went up significantly, while out of home sector performance was subdued. Commodity prices for milk and its derivates continued to be on the rise during the quarter,” said Suresh Narayanan, Chairman and Managing Director, Nestlé India.
Total sales growth for the company was at 10.8 per cent during the quarter. Domestic sales growth was at 10.7 per cent, the company said in a release. Profit from operations were at 21.7 per cent of total sales.
Nestle India said its tax outgo for the quarter was down by nearly 60 crore due to the new tariffs. Net profit and earnings per share have been positively impacted by the lower tax rates, it said in a release.
“Recognising the difficulties MSMEs are going through, we are ensuring continuity in timely payments which is inherent to our values,” said Narayanan, adding that the company has honoured its all job and internship offers.
The profit figure was more than ET NOW poll estimate of Rs 483.6 crore.
Revenue from operations for the quarter jumped to Rs 3,325.27 crore from Rs 3,002.95 crore in the year-ago quarter.
“Company remained resilient in the first quarter, as the numbers indicate, and delivered volume and mix led growth. Maggi, KitKat and Nestlé Munch delivered strong performances. Contribution from e-commerce went up significantly, while out of home sector performance was subdued. Commodity prices for milk and its derivates continued to be on the rise during the quarter,” said Suresh Narayanan, Chairman and Managing Director, Nestlé India.
Total sales growth for the company was at 10.8 per cent during the quarter. Domestic sales growth was at 10.7 per cent, the company said in a release. Profit from operations were at 21.7 per cent of total sales.
Nestle India said its tax outgo for the quarter was down by nearly 60 crore due to the new tariffs. Net profit and earnings per share have been positively impacted by the lower tax rates, it said in a release.
“Recognising the difficulties MSMEs are going through, we are ensuring continuity in timely payments which is inherent to our values,” said Narayanan, adding that the company has honoured its all job and internship offers.