Nestle India, one of the country's largest FMCG companies, made a profit of Rs 737 crore by feeding people Maggi and KitKat. Releasing the quarterly results on Tuesday, the net profit of the company was better than expected. According to statistics, the company's net profit has seen an increase of 25 percent in the March quarter. While a year ago there was a profit of Rs 591 crore in the same quarter. By the way, this profit was estimated at Rs 674 crore. Net sales for the KitKat and Maggi maker grew by 21 per cent to Rs 4,808 crore in the first quarter of FY23, as against Rs 3,963 crore in the year-ago period. The company follows the January-December fiscal year.
Biggest growth in 10 years
Suresh Narayanan, Chairman and MD, Nestlé India said, “I am happy to share that we have continued our strong sales growth this quarter. This is the biggest growth for the company in a single quarter in the last 10 years. Its total expenses in the January-March quarter rose 21 per cent to Rs 3,874 crore from Rs 3,212 crore during the same period last year. The company has declared a dividend of 27 per share. The company said in an exchange filing that all our product groups have registered double digit growth.
25 percent increase in exports
Apart from this, the company is seeing signs of softening in commodities like edible oil, wheat and packaging material. However, costing of milk, fuel and green coffee is expected to remain stable due to continued increase in demand and volatility. Its exports grew by 25 per cent to Rs 195.67 crore as against Rs 156.64 crore in the same quarter a year ago. After the results, shares of Nestle India were trading 0.12 per cent higher at Rs 20,721. Meanwhile, shares of Fast Moving Consumer Goods (FMCG) companies also gained momentum.
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