 "Nestle India March quarter results: PAT up 27% at Rs 934 cr, revenue up 9%")
Nestle India on Thursday reported a net profit of Rs 934.17 crore for the quarter ending on March 31 in financial year 2023-24 (FY24). This is a 26.8 per cent increase from Rs 736.64 crore reported during the same period last year.
Total income for the fast-moving consumer goods (FMCG) company went up 8.84 per cent to Rs 5,294.34 crore for January-March quarter, compared to Rs 4,864.22 crore reported during the same period last year.
Meanwhile, total expenses for the Indian arm of the Swiss food giant increased 4.65 per cent to 4,053.84 crore, compared to Rs 3,873.76 crore reported in the year-ago period.
Earnings before interest, taxes, depreciation and amortisation (Ebitda) went up 21.8 per cent to Rs 1,337 crore from Rs 1,098 crore. Ebitda margin improved by 270 basis points (bps) to 25.4 per cent from 22.7 per cent last year.
Sequentially, net profit was up 42.5 per cent from 655.61 crore reported in last quarter. Total income rose 14.3 per cent from Rs 4,630.72 crore in the last quarter, while total expenses rose 11.5 per cent from Rs 3,636.94 crore.
For the entire 15-month financial period that ended on March 31, 2024, the company reported a net profit of Rs 3,932.84 crore. This was a 64.5 per cent surge compared to Rs 2,390.52 crore reported at the end of a 12-month financial year that ended on December 31, 2022.
Total income for the 15-month financial period came in at Rs 24,541.85 crore, up 44.38 per cent compared to Rs 16,997.96 crore reported in the previous 12-month financial year. Total expenses also rose 13.29 per cent at Rs 19,257.35 crore, from 16,997.96 crore between the two financial years.
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Commenting on the results, Suresh Narayanan, chairman and managing director, Nestlé India said, "I am pleased to share that we have delivered double-digit growth, despite challenges posed by rising food inflation and volatile commodity prices. We have witnessed a strong growth momentum across our product portfolio led by a combination of pricing and mix. Our domestic sales crossed Rs 5,000 crore this quarter, a notable milestone for us. I would like to extend my heartfelt gratitude to my colleagues, distributors, retailers and partners for their unwavering dedication, determination, and diligence."
Narayanan also added, "Confectionery delivered strong performance, fuelled by KitKat, making India the second-largest market for the brand globally. Our Beverages business recorded robust performance. Nescafe has introduced its coffee to over 30 million households in India in the last seven years. Milk Products and Nutrition witnessed strong growth despite inflationary pressures. Prepared Dishes and Cooking Aids registered strong growth across portfolios led by Maggi Noodles and Maggi Masala-ae-Magic. India emerged as the largest market worldwide for Maggi. "
The board of directors have recommended a final dividend of Rs 8.50 per equity share for the 15-month financial year that ended on March 31, 2024.
Nestle India shares were trading at Rs 2,552.20 on BSE at 1:45 pm following the company's financial results.