Nestle Q1 Net Profit Drops 7% on Higher Input Costs
Nestle India on Tuesday said net profit for the quarter ended March 31 dropped 7.1% from a year ago to .` 259.2 crore. Operating margins were hit by high price of milk solids, the packaged food maker said in a statement. Net sales for the quarter grew 2.9% to .` 2,313 crore. The company said exports declined as the company prioritised its capacity for domestic business. “The first quarter results are broadly as expected. We will continue to take right decisions in the short and medium term to ensure that we move towards our ambition of being leaders in nutrition, health and wellness,” Nestle India managing director Etlenne Benet said in the statement. The company said tax expenses during the quarter were not fully comparable with the corresponding quarter. On Tuesday, Nestle’s shares closed 0.56% higher on the Bombay Stock Exchange at .` 4,851.35.