Nestle Dec quarter net down 9% to Rs 167 cr; note ban erodes Maggi share

Higher tax, contingency provisions take toll; Maggi share now 60%, from 78% pre-ban

 

Fast moving consumer goods (FMCG) major Nestlé India’s net profit went down 8.7 per cent year on year (y-o-y) in the December quarter to Rs 167.3 crore, from Rs 183.2 crore earlier. This is its lowest quarterly net since the September quarter of 2015, when sales were severely hit after a ban on its flagship product, Maggi instant noodles.

Net sales grew 16.2 per cent over a year to Rs 2,261 crore, backed by 16.9 per cent growth in domestic sales, while exports grew 7.9 per cent.