NEW DELHI: Nestle IndiaThe company’s net profit rose 37% year-on-year to Rs 908 crore in the July-September quarter. Total revenue grew 9.4% year-on-year and crossed the Rs 5,000 crore mark in the third quarter, the first ever for the company in a quarter.
“Consumer trends and increasing propensity for brand adoption in small towns and big villages have driven the growth of the company… we have crossed Rs 5,000 crore in sales, which was our first in any quarter in the company’s history and a milestone for us,” said Suresh Narayanan, Chairman and Managing Director at Nestle India. Total revenue during the quarter stood at Rs 5,009.5 crore.
The company’s board also announced a 1:10 stock split. This means that one share of face value of Rs 10 will be split into 10 shares of face value of Re 1 each. This, according to the FMCG major, has been done to increase the liquidity of the company’s shares and to encourage participation of to encourage private investors by making company shares more affordable.
The board also announced a second interim dividend for 2023 of Rs 140 per equity share, amounting to Rs 1,349.8 crore, to be paid on and from November 16. Nestle India’s share price ended at Rs 24122 apiece on the BSE on Thursday, up 3.66%.
Within the company’s product portfolio, brands such as Nescafe, Milkmaid and KitKat delivered robust growth. “Nescafe continued to strengthen its leadership position in the category with its highest ever market share and strong gains in household penetration,” the company said.
Speaking on the commodity outlook, the company said coffee remains volatile due to the global supply shortage, while upcoming winter weather could impact wheat production. “Uneven rainfall and rainfall shortages are expected to impact production of maize, sugar, oilseeds and spices, which could adversely affect prices,” the company said.
“Consumer trends and increasing propensity for brand adoption in small towns and big villages have driven the growth of the company… we have crossed Rs 5,000 crore in sales, which was our first in any quarter in the company’s history and a milestone for us,” said Suresh Narayanan, Chairman and Managing Director at Nestle India. Total revenue during the quarter stood at Rs 5,009.5 crore.
The company’s board also announced a 1:10 stock split. This means that one share of face value of Rs 10 will be split into 10 shares of face value of Re 1 each. This, according to the FMCG major, has been done to increase the liquidity of the company’s shares and to encourage participation of to encourage private investors by making company shares more affordable.
The board also announced a second interim dividend for 2023 of Rs 140 per equity share, amounting to Rs 1,349.8 crore, to be paid on and from November 16. Nestle India’s share price ended at Rs 24122 apiece on the BSE on Thursday, up 3.66%.
Within the company’s product portfolio, brands such as Nescafe, Milkmaid and KitKat delivered robust growth. “Nescafe continued to strengthen its leadership position in the category with its highest ever market share and strong gains in household penetration,” the company said.
Speaking on the commodity outlook, the company said coffee remains volatile due to the global supply shortage, while upcoming winter weather could impact wheat production. “Uneven rainfall and rainfall shortages are expected to impact production of maize, sugar, oilseeds and spices, which could adversely affect prices,” the company said.
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