Jobaaj Stories
Nestle India announced on Thursday that its net profit in the March quarter fell 1.25 percent year on year (YoY) to Rs 594.71 crore, down from Rs 602.25 crore the previous quarter.
Even so, revenue from operations increased 10.24% year on year to Rs 3,980.70 crore, up from Rs 3,610.82 crore the previous quarter.
Domestic sales growth, according to the FMCG company, was broad-based and largely driven by volume and mix. According to the company, export sales were down 1% due to a shift in product mix.
Tesla Q1 results are not what analysts expected, Read here
Nestle said in a BSE filing that it made a profit of Rs 602.25 crore in the same period a year ago, based on a January-December financial year.
In the January-March quarter, total expenses increased 12.98 percent to Rs 3,195.90 crore, up from Rs 2,828.61 crore a year ago.
Nestle India's net sales, on the other hand, increased 9.74 percent to Rs 3,950.90 crore in the quarter, compared to Rs 3,600.20 crore the previous fiscal, according to the company.
Due to lower average liquidities, their income decreased, which was partially offset by higher yields. "In this quarter, we delivered double-digit domestic sales driven by volume and mix," Suresh Narayanan, Chairman and Managing Director, Nestlé India, said.
"This once again demonstrates the strength of our brands, consumer resonance, and the resilience of the Nestlé India team and our partners," Narayanan said, adding that key raw and packaging material costs are at 10-year highs.
He stated that costs continued to rise this quarter, affecting profit from operations. "In the short to medium term, continued inflation is likely to be a major factor. We are confident that our scale, efficiencies, mix, and pricing strategies, which we will deploy judiciously, will help us weather this storm "he stated
Thanks for Reading!
This news piece is brought to you in association with jobaaj.com
