INSUBCONTINENT EXCLUSIVE:
New Delhi: FMCG major Nestle India on Friday reported 33.46 per cent rise in net profit at Rs 595.41 crore for the third quarter ended
September 2019, on higher domestic sales growth and lower tax outgo.
The company, which follows January-December as financial year, had
posted a profit of Rs 446.11 crore in the year-ago period.
Net sales were up 9.49 per cent to Rs 3,199.31 crore during the quarter under
review as against Rs 2,921.99 crore in the same period of the previous fiscal.
"Maggi, Kitkat, Nestle Munch, Nescafe RTD, NANGROW and
CEREGROW delivered strong performances
The quarter witnessed higher commodity prices particularly in milk and its derivatives, which are likely to continue in the near term
future," Nestle India CMD Suresh Narayanan said.
Nestle profit also includes one-off credit of Rs 72.5 crore pertaining to the previous
quarter as the company factored in the impact of change in corporate tax announced by the government.
"The tax expense for the current
quarter is lower due to the credit of Rs 72.5 crore pertaining to the previous quarter
a statement.
Nestle's total expenses were at Rs 2,572.32 crore during the quarter as against Rs 2,334.63 crore earlier, up 10.18 per
cent.
Revenue from Nestle's domestic sales in July-September was up 10.53 per cent to Rs 3,039.09 crore as against Rs 2,749.50
crore.
However, exports were down 7.11 per cent to Rs 160.22 crore as against Rs 172.49 crore in the year-ago period.
"Domestic sales
increased 10.5 per cent largely driven by volume - mix
Export sales dropped 7.1 per cent due to lower coffee exports to Turkey," said Nestle India.
Shares of Nestle India on Friday settled at Rs
14,474.65 apiece on the BSE, down 1.66 per cent.
