On Tuesday, Multinational Company Nestle ‘s Indian arm reported a 13.54 per cent year-on-year (YoY) increase in consolidated net profit at Rs 525.43 crore for the March quarter as against Rs 462.74 crore during the same period last year.The ET NOW poll estimated a profit of Rs 483.6 crore,which proved to be less than the actual Revenue from operations for the quarter jumped from Rs 3,002.95 crore in the year-ago quarter to to Rs 3,325.27 crore in the current period. The company said in a release that the Total sales grew at a rate of 10.8 per cent during the quarter in which the Domestic sales growth was at 10.7 per cent and Profit from operations were at 21.7 per cent of total sales. The company’s Net profit and earnings per share have been positively impacted by the reduced tax rates.
Suresh Narayanan, the Chairman and Managing Director, Nestle India made a statement : “Company remained resilient in the first quarter, as the numbers indicate, and delivered volume and mix led growth. Maggi, KitKat and Nestle Munch delivered strong performances. Contribution from e-commerce went up significantly, while out of home sector performance was subdued. Commodity prices for milk and its derivates continued to be on the rise during the quarter.”
The company also ensured regular and timely payments to the employees and
Amidst the difficulties MSMEs are going through. It also said that the company has honoured its all job and internship offers.