Nestle India dazzles, more than doubles Sept quarter profit
NEW DELHI: FMCG major Nestle India on Friday reported over two-fold jump in standalone net profit at Rs 269.39 crore for the third quarter ended September 30, 2016 on the back of all-round growth.
The company had reported a net profit of Rs 124.20 crore for the July-september quarter a year ago, Nestle India said in a statement. Net sales was up 35.13 per cent to Rs 2,346.18 crore during the quarter under review as against Rs 1,736.20 crore of the corresponding quarter last fiscal.
Nestle's total expenditure was up 27.93 per cent to Rs 1,976.57 crore as against Rs 1,544.98 crore. The company follows January-december financial year.
Commenting on the results, Nestl India Chairman and Managing Director Suresh Narayanan said:v "Our growth was broad based across categories aided by spate of innovations and renovation of over 25 new products launched in the recent past." On the company's flagship product Maggi, he said: "We are now clearly in the leadership position in the instant noodles category, which vindicates consumer confidence and trust in brand Maggi." The segment was also helped by newly launched Maggi Hot Heads range, which has also accelerated the company's growth in the valueadded segment, he said. SINGAPORE: Air India expects to add six new international destinations next year, its Chairman and Managing Director Ashwani Kumar Lohani said here on Friday.
"We have added four international destinations this year, one of the biggest expansion by a globally leading airline," he told travel agents and business partners at a Diwali celebration dinner. Its latest expansion will be Air India Express service between Singapore, Kolkata and Dhaka, starting from November 19. Air India's new service from Delhi to Madrid commences from December 1. It will also connect Singapore, he said. Air India expects to add six new international destinations next year, Lohani said, without giving details as to which destinations will be added.
Lohani, first time in Singapore, also attended the board meeting as chairman of AISATS, a ground handling joint venture between Air India and Singapore Airport Terminal Services. AISTATS handles Air India and customer airlines ground handling services in Delhi, Bangalore, Hyderabad, Trivandrum and Mangalore. Air India is also looking at expanding connectivities between Indian tier 2 and tier 3 cities, he said, asking the travel agents to expand the scope of air travellers out of Singapore.