Nestle Q1 net profit up 9.25% at Rs 463.28 crore

FMCG major Nestle India on Tuesday reported a 9.25 per cent rise in profit to Rs 463.28 crore for the first quarter ended March 31, 2019. The company, which follows January-December financial year, had posted a profit of Rs 424.03 crore in the same period a year ago.

Nestle also announced plans to launch organic food products in the category ‘milk products and nutrition’ in the coming months.

Total income in the quarter stood at Rs 3,076.14 crore. It was Rs 2,813.6 crore in the corresponding period last year, Nestle India said in a BSE filing.

Nestle said total sales increased by 9 per cent during the quarter under review. Domestic sales increased by 10.2 per cent supported by higher volumes.

Export sales during the quarter dropped by 8.9 per cent due to lower coffee exports to Turkey, it added.

“We have continued on the track of volume led growth with our iconic brands like Maggi, Kitkat and Nestle Munch delivering strong performances.

“The market momentum remained strong, while the input costs have witnessed hardening…In line with our vision to provide exciting options rooted in nutrition, health and wellness, we will be launching organic food products in the category ‘milk products and nutrition’ in the coming months,” Nestle India chairman and managing director Suresh Narayanan said.

Shares of Nestle settled 0.99 lower at Rs 10,214.70 apiece on the BSE.

Source:-https://retail.economictimes.indiatimes.com/news/food-entertainment/personal-care-pet-supplies-liquor/nestle-q1-net-profit-up-9-25-at-rs-463-28-crore/69327783

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