Food and beverages major Nestle India on Tuesday reported a 14.6 per cent year-on-year growth in its net profit at Rs 602 crore for the quarter ending March, 2021. It was Rs 525 crore in the year-ago period. The company follows a January to December financial year. Total sales increased by 8.9 per cent during the quarter, while domestic sales rose by 10.2 per cent, mainly driven by volumes. Its revenue from operations during the quarter came in at Rs 3,610.8 crore, up 8.6 per cent from Rs 3,325 crore in the same period last year. “As the pandemic rages on, the quarter gone by has been another test of resilience of my team and our partners. I feel incredibly privileged to lead a team who faced with serious challenges, persevered regardless, to deliver double digit growth over a strong comparable in 2020. It is tribute to the commitment of the team to serve consumers as best as we could during the pandemic, said Suresh Narayanan, Chairman and Managing Director of Nestle India
Packaged food major Nestle India reported a 14.6 per cent jump in its net profit for the January-March quarter, backed by double-digit growth in domestic sales and muted rise in raw material costs compared to the corresponding quarter last year. The firm’s net profit for the quarter stood at Rs 602 crore, up from Rs 525 crore in 2020. Its net sales surged 8.9 per cent year-on-year to Rs 3,600 crore from Rs 3,306 crore. Domestic sales that contribute to over 94 per cent towards its revenue, grew 10.2 per cent to Rs 3,442 crore but exports declined 13 per cent, dragging its top-line growth to single digit. The company said it registered a broad-based growth during the quarter, largely driven by volume and mix. Key products like Maggi Noodles, Kitkat, Nescafé Classic, Maggi Sauces, Milkmaid, Maggi Masala-Ae-Magic, among others, delivered robust performance and achieved double-digit growth as in-home consumption surged, said Suresh Narayanan, chairman and managing director at Nes