Related
Related Companies
NSE
BSE
Nestle India on Friday reported 1.37 per cent year-on-year fall in net profit at Rs 587.09 crore for the third quarter ended September 30. Analyst in an ET NOW poll had forecasted the figure at Rs 570 crore.
The Maggie-maker had posted a profit of Rs 595.70 crore in the corresponding quarter last year.
The company also declared an interim dividend of Rs 135 per equity share.
Revenue of the company increased 10 per cent YoY to Rs 3,541.70 crore.
In a regulatory filing, Nestle India said that it has plans to invest Rs 2,600 crore more in over the next three to four years to augment its existing manufacturing capacities, as well as towards a new under construction factory in Sanand, Gujarat.
Commenting on the results, Suresh Narayanan, Chairman and Managing Director, Nestle India said, “The quarter witnessed growth driven by an improved supply situation, as our factories returned to normal output. Boosted by an increase in in‐home consumption, our key brands like Maggi noodles, Maggi sauces, Kit Kat, Munch, Nescafe Classic and Nescafe Sunrise witnessed double-digit growth.”
He further added that demand in ‘out of home’ channels improved during the quarter but continues to be impacted due to the overall environment.
“We continued our strong performance in the e‐commerce channels, which grew by 97 per cent and now contributes about 4 per cent of domestic sales,” said Narayanan.
Earlier during the day, shares of the company closed 0.30 per cent lower at Rs 15,863. On the other hand, the benchmark BSE Sensex settled 0.31 per cent higher at 40,685.
The Maggie-maker had posted a profit of Rs 595.70 crore in the corresponding quarter last year.
The company also declared an interim dividend of Rs 135 per equity share.
Revenue of the company increased 10 per cent YoY to Rs 3,541.70 crore.
In a regulatory filing, Nestle India said that it has plans to invest Rs 2,600 crore more in over the next three to four years to augment its existing manufacturing capacities, as well as towards a new under construction factory in Sanand, Gujarat.
Commenting on the results, Suresh Narayanan, Chairman and Managing Director, Nestle India said, “The quarter witnessed growth driven by an improved supply situation, as our factories returned to normal output. Boosted by an increase in in‐home consumption, our key brands like Maggi noodles, Maggi sauces, Kit Kat, Munch, Nescafe Classic and Nescafe Sunrise witnessed double-digit growth.”
He further added that demand in ‘out of home’ channels improved during the quarter but continues to be impacted due to the overall environment.
“We continued our strong performance in the e‐commerce channels, which grew by 97 per cent and now contributes about 4 per cent of domestic sales,” said Narayanan.
Earlier during the day, shares of the company closed 0.30 per cent lower at Rs 15,863. On the other hand, the benchmark BSE Sensex settled 0.31 per cent higher at 40,685.
Read More News on
Download The Economic Times News App to get Daily Market Updates & Live Business News.