Nestle India Ltd on Tuesday logged an increase of 24.69 per cent in its net profit at Rs 736.64 crore for the first quarter (Q1) ended March 31, 2023. The FMCG major, which follows the January-December financial year, had clocked a net profit of Rs 590.77 crore in the same period a year ago, Nestle India said in a regulatory filing.
Nestle India's net sales rose 20.43 per cent to Rs 4,808.40 crore during the period under review, as against Rs 3,962.84 crore in the corresponding period last fiscal, the company said. The company's total expenses in the January-March quarter were at Rs 3,873.76 crore, up 20.61 per cent, as against Rs 3,211.78 crore in the corresponding period a year ago.
Nestle India's domestic sales were up 21.18 per cent to Rs 4,612.73 crore, as against Rs 3,806.20 crore in the January-March period of 2022. Its exports were up 24.91 per cent to Rs 195.67 crore, as against Rs 156.64 crore in the corresponding quarter a year ago.
"This is the highest growth for the company in a quarter in the last 10 years (excluding the exceptional quarter in 2016 which was off a low base in 2015). All our product groups delivered double-digit growth, a notable feature in these past four quarters in a row," Suresh Narayanan, chairman and managing director, Nestle India, said.
NESCAFE recorded its highest ever market share in the quarter, as per the press release. The company's exports also grew 25 per cent YoY to Rs 195.6 crore in the quarter gone by. As per analyst calculations, volume growth for the company was 5 per cent YoY while the Street was expecting only 3 per cent due to impact on Maggi Chotu packs.
The company's board has declared an interim dividend for 2023 of Rs 27 per equity share amounting to Rs 260 crore. The dividend will be paid on and from May 8, 2023 along with the final dividend for 2022 of Rs 75 per share.
Shares of Nestle India Ltd were trading at Rs 20,770.70 apiece on BSE in the afternoon on Tuesday, up 0.51 per cent from the previous close.