Nestle India's Q3 net rises to Rs 483 crore

FMCG major Nestle India today reported a net profit of Rs 483 crore in the October to December quarter due to strong domestic sales growth that was broad-based and largely driven by volume and mix.

Nearly two-thirds of its key products were boosted by in-home consumption and posted double-digit growth, the company said. In Q3 FY20, it had a net profit of Rs 473 crore.

The sale of products totalled Rs 3,417 crore in Q3 FY21 as compared to Rs 3,131 crore in the year-ago period.

E-commerce grew by 111% and now contributes 3.7% of domestic sales, the company said adding demand in out-of-home channels continues to improve but still impacted by Covid19 pandemic.

Innovation and renovation pipeline continues to be a thrust area, it added.

"The year gone by has truly demonstrated the unwavering commitment to stay the course on our purpose and values," said Suresh Narayanan, Chairman and Managing Director.

"Our employees, partners, suppliers, stakeholders indeed our entire ecosystem went beyond the call of duty and made extraordinary efforts in an exceptionally challenging year," he said in a statement.

The board of directors has recommended a final dividend of Rs 65 per equity share amounting to Rs 627 crore for the year 2020.

The total dividend for 2020 aggregates to Rs 200 per equity share which includes one interim dividend of Rs 135 per equity share paid on November 20 last year.