Nestlé India Ltd on Thursday reported a rise of 65.50 per cent in its net profit at Rs 628.06 crore for the fourth quarter ended on December 31, 2022. FMCG major which follows the January-December financial year said that its sales jumped 13.95 per cent to Rs 4,233 crore in Q4.
In a regulatory filing, the company said its total expenses in the October-December quarter were at Rs 3,427 crore, up 12.78 per cent, as against Rs 3,038 crore in the corresponding period.
The company’s domestic sales also rose 13.82 per cent to Rs 4,061 crore, as against Rs 3,568 crore in the October-December quarter of 2021. Its exports were up 17.07 per cent to Rs 171.42 crore, as against Rs 146.42 crore in the corresponding quarter a year ago. For the year ended on December 31, 2022, Nestle India's sales were at Rs 16,789 crore and net profit was Rs 2,390 crore.
"We delivered our highest double-digit growth in a decade led by sustained volume and mix-led growth, leading to a strong value growth. In 2022 total sales grew by 14.5 per cent and domestic sales increased by 14.8 per cent, with broad based performance across all categories," Nestlé India Chairman and Managing Director Suresh Narayanan said.
Along with the Q4 numbers, Nestlé India's board of directors approved a final dividend of Rs 75 per equity share of Rs 10 each for the year 2022, according to the company filing.
"Out‐of‐home (OOH) business made a strong comeback in 2022, recovering its pre‐Covid base and delivering robust growth. With our ‘direct to consumer’ (D2C) platform, products manufactured by the company are now available in Delhi – NCR," Narayanan said.
Its R&D centre has signed an MoU (memorandum of understanding) with Nutrihub, ICAR‐Institute of Millet Research with the aim of collaborating in areas such as millet processing, as per the release.
"With some respite in crude oil, input materials such as packaging have witnessed relief. Demand continues to be robust with domestic outlook of prices evolving because of supply and weather conditions," it noted.