Nestle India, which follows the January-December financial year, reported a 30 per cent increase in net profit at Rs. 446 crores for the July-September quarter, as compared to Rs 343 crores in the corresponding quarter previous year.
The company in its regulatory filings said that the revenue from operations stood at Rs. 2,939 crores, growing by 17 per cent from Rs. 2,514 crores. According to the Nestle’s statement, domestic sales rose 17.46 per cent to Rs 2,749.50 crores as against Rs 2,340.75 crores during the corresponding quarter of the previous fiscal.
The company said in a statement, “Total sales and domestic sales for the quarter increased by 16.8 per cent and 17.5 per cent respectively supported by broad-based volume growth on a base quarter in which GST was implemented.”
Exports also increased 7.86 per cent to Rs 172.49 crores for the quarter under review as against Rs 159.92 crores earlier.
Nestle Chairman and Managing Director Suresh Narayanan said: “The quarter has witnessed another strong performance from the organization, as we continue to deliver broad-based, volume-driven growth.”
He also added that the company has stepped up marketing activities in a bid to strengthen its brands. Narayanan stated, “We are witnessing headwinds in commodity and crude oil prices coupled with currency depreciation.”