Nestle reports 24.7 percent growth in its net profit 737 crore in the quarter ended March. The company reported net sales 4,808 crores. Its total sales growth was 21.3%, while domestic sales growth was 21.2%.
The company registered a 21 percent increase in its revenue from operations 4,830.5 crores.
The board of directors of the company had declared an interim dividend of 2023 on April 12. 27 per equity share of face value 10, per equity share. amount of dividend 2,603.2 million to be paid on 8 May 2023 with a final dividend in 2022 75.0 per equity share.
Nescafe records its all-time high market share in Q1CY2023
The FMCG major reported strong growth across all products in its food portfolio, including dishes and cooking aids. The company’s growth momentum was fueled by strong market presence, media campaigns and focused consumer activism.
Milk and nutritional products were one of the key growth drivers for the company, which posted strong double-digit growth despite commodity pressure. The company’s products such as Milkmaid, KitKat and Munch performed well. Apart from chocolates and milk products, Nescafe also registered strong growth in the quarter under review by achieving its all-time high market share.
“I am pleased to share that we have continued to deliver strong sales growth in the quarter, which was broad based on a healthy balance of pricing, volume and mix. Suresh Narayanan, Chairman and Managing Director, Nestle India said , This is the highest growth for the company in a single quarter in the last 10 years (barring the exceptional quarter in 2016 which was off a low base in 2015).
Commodities like edible oil, wheat and packaging material are showing early signs of softening, the company said. in its press release.
(This is a developing story)
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