Home Food Nestle India Q1 profit up 36 pc at Rs 424.03 crore

Nestle India Q1 profit up 36 pc at Rs 424.03 crore

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FMCG major has reported a 35.98 percent jump in profit at Rs 424.03 crore for the first quarter ended March 31, 2018.

Nestle India Q1 profit up 36 pc at Rs 424.03 crore
The company, which follows January-December financial year, had posted a profit of Rs 311.83 crore in the same period a year ago

According to a PTI report: The company, which follows January-December financial year, had posted a profit of Rs 311.83 crore in the same period a year ago, Nestle India said in a BSE filing.

Revenue from operations was at Rs 2,757.24 crore during the quarter under review. It stood at Rs 2,601.46 crore in the corresponding period last year, it added.

After the GST implementation from July last year, the new indirect tax has not been recognised as part of sales and hence is not comparable with the corresponding year-ago quarter.

“Profit from operations in percentage of sales and net profit in percentage of sales are positively impacted as the percentages have been calculated on lower reported sales,” the company said.

Commenting on the company’s performance, Nestle India Chairman and Managing Director Suresh Narayanan said during the quarter the company had sustained its growth momentum, which is backed by broad volume-based growth across categories.

“This is in line with our strategy of broad-based growth through increased penetration,” he was quoted by PTI as saying.

Nestle India said its board of directors has declared an interim dividend for 2018 of Rs 20 per equity share of face value Rs 10 amounting to Rs 192.83 crore, which will be paid on and from June 1, 2018.

On the outlook, Narayanan told PTI, “We are committed to a healthier future, and in line with our vision to introduce products rooted in nutrition, health and wellness, we will be adding breakfast cereals to our existing portfolio this year.”

This business complements the company’s current portfolio by combining its expertise in food and this category globally, he added.