Nestle's June qtr net up 10% to Rs 263 cr; firm claims GST hit top line

Net sales grew 7.3%, negatively impacted by GST roll out; profit up 9.7%

Food and beverages major Nestle India’s net profit grew 9.7 per cent on a year-on-year (YoY) basis to Rs 263.4 crore, from Rs 240.2 crore. Profit growth, however, got impacted during the quarter due to a higher cost of materials.

Sales growth got impacted due to the roll out of the goods and services tax (GST) during June, the company told the Bombay Stock Exchange (BSE) in its regulatory filing on Wednesday. 

While announcing its quarterly financial results, Suresh Narayanan, chairman and managing director of the firm said: “Revenue growth was negatively impacted by softer trading in June ahead of the rollout