Business

Nestle India's September-Quarter Net Profit Rises 15% On Quarter

Nestle India's September-Quarter Net Profit Rises 15% On Quarter

Nestle India has recorded marginal rise in its September quarter net profit over year ago period

Nestle India has recorded a 15 per cent growth in its net profit for the third quarter of the 2021 financial year, as it stood at Rs 617 crore against Rs 538 crore recorded in the previous quarter.

It was however 5 per cent higher than Rs 587 crore net profit recorded in the corresponding period of last year.

The FMCG major follows a January to December financial year.

The company's revenues were also up by 12 per cent at Rs 3,882.6 crore for the September 2021 quarter, as against Rs 3,476.7 crore in June 2021 quarter. On a year on year basis, the revenue grew by 10 percent from Rs 3,541 crore of the corresponding period of last year.

Revenue growth was propelled by domestic sales as they went up by 10 per cent, which were further pushed by volumes. Exports however saw a miniscule growth of 1.3 per cent.

“This quarter has once again seen the Company deliver ‘double‐digit broad‐based value growth' in domestic sales across categories. Organized trade witnessed a resurgence in the third quarter with strong revenue growth in mid‐twenties after a muted second quarter which was impacted by the pandemic second wave”, chairman and managing director of Nestle India Suresh Narayanan said.