Nestle India gains 5% on healthy December quarter results

The stock surged 5% to Rs 7,645 on the NSE after the company reported 59.5% YoY growth in net profit at Rs 3,118 million in December 2017 quarter.

Nestle India has surged 5% to Rs 7,645 on the National Stock Exchange (NSE) after the company reported 59.5% year-on-year (YoY) growth in net profit at Rs 3,118 million in December 2017 quarter (Q4CY17). The revenue from operations grew 10% at Rs 25.9 billion over the previous year.

Nestle India said total sales and domestic sales for the quarter increased by 10.9% and 10.8%, respectively on a base impacted by withdrawal of high denomination currency notes in circulation.

These growth rates are adversely impacted due to lower reported sales by the change in structure of indirect taxes and