Nestle India Q1FY24 result: Net profit up 36% on strong domestic demand

On a quarter-on-quarter basis, the revenue for operations was down 3.56%. It was Rs 4,830.53 crore in Q4FY23

The net profit of Nestle India Limited for the first quarter of the current financial year (Q1YFY24) stood at Rs 698.34 crore, compared to Rs 510.24 crore for the corresponding quarter of the previous year, up 36.8 per cent, the company said in a BSE filing.

Sequentially, the net profit was down 5.1 per cent. In Q4FY23, the net profit of the company was Rs 736.64 crore.

The revenue from operations for Q1FY24 came in at Rs 4,658.53 crore, compared to Rs 4,045.69 crore year-on-year (YoY). This is a rise of 15.1 per cent.

On a quarter-on-quarter (QoQ) basis, the revenue for operations was down 3.56 per cent. It was Rs 4,830.53 crore in Q4FY23.

 

Suresh Narayanan, chairman and managing director, Nestle India, said that this is the fifth quarter in a row of double-digit growth across all product groups in the company. 

"Domestic sales growth is broad based and grew by 14.6 per cent, on the back of prudent pricing and supported by mix and volume with targeted brand support. Key brands continued to perform well, led by Kitkat, Nescafe, and maggi, among others," he said.

The company's ecommerce channel contributed 6.5 per cent of the quarterly sales and continued the growth momentum driven by quick commerce. The company's exports registered robust double-digit growth across all categories, through proliferation of products such as Nescafe Sunrise and Polo.

The company's milk products registered double-digit growth, despite inflationary pressures. The growth was aided by the launch of resource fibre choice and everyday zero-added sugar. 

At 11:20 am, the share price of Nestle India Limited was Rs 22,326.80.