Nes­tle Q1 Net Profit Drops 7% on Higher In­put Costs

The Economic Times - - Business Of Brands - OUR BUREAU

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.

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