Nestle India Q1 net grows 13.5% to `525.43 crore

NEW DELHI: FMCG major Nestle India Ltd on Tuesday reported a 13.54 per cent rise in its net profit at Rs 525.43 crore for the first quarter ended March 2020.

The company, which follows January-december as its financial year, had posted a net profit of Rs 462.74 crore in the same period a year ago.

Its net sales went up 10.84 per cent to Rs 3,305.78 crore during the quarter under review, from Rs 2,982.39 crore in the corresponding three months of the last fiscal.

Our company remained resilient in the first quarter, as the numbers indicate, and delivered volume and mix led growth. MAGGI, KITKAT and Nestl MUNCH delivered strong performances," said Nestl India Chairman and Managing Director Suresh Narayanan.

Contribution from e-commerce went up significantly and commodity prices for milk and its derivates continued to be on the rise during the quarter, he added.

Nestle India's domestic sales were up 10.72 per cent at Rs 3,124.23 crore as against Rs 2,821.55 crore in Januarymarch 2019.

Its exports rose 12.87 per cent to Rs 181.55 crore from Rs 160.84 crore in the corresponding quarter a year earlier.

Total expenses during the quarter grew 12.15 per cent to Rs 2,664.27 crore as against Rs 2,375.53 crore a year ago.

As Nestle India, we have successfully overcome many challenges and are confident that, together with all those who are fighting against this pandemic and its consequences - we shall overcome this time again," said Narayanan.