Nestlé India Limited reported a double-digit growth of 44.5% in sales between January 2023 and March 2024 with Maggi and Kitkat being the key contributors. India is the world’s largest market for Maggi and the second-largest market for Kitkat, the company said. More than six billion Maggi were sold in India between January 2023 and March 2024, it revealed in its FY24 annual report.
According to Nestlé India’s FY2024 report, e-commerce business contributed 6.8% to sales in 15 months. “The e-commerce biz continued to accelerate with significant growth in quick commerce along with click & mortar, driven by brands such as Kitkat, Maggi noodles, and others,” Nestlé India said.
Maggi Noodles and sauces have witnessed an increased demand in key markets such as Canada, the US, Australia, New Zealand, and Singapore, according to the company. Maggi Noodles also expanded its footprint to Thailand and the Caribbean Islands recently.
“Our consistent efforts to strengthen brand trust and accelerate the pace of innovation has garnered immense consumer love and made India the largest Nestlé the market worldwide for Maggi,” Rajat Jain, Head-Foods at Nestlé India said.
Additionally, Nescafé remained a key contributor to the growth in exports for the company. As per the FMCG firm, Nescafé Sunrise continued to gain traction in Singapore and Taiwan and was exported to Canada for the first time. Additionally, Nescafé Intenso roasted beans forayed into new markets in Maldives and Sri Lanka.
Nestlé India posted a 64.5% rise in Profit after tax (PAT) to Rs 39,328 million in 15 months till March 2024 from Rs 23,905 million in 2022. During the fifteen-month financial year ended 31st March 2024, the FMCG major delivered double-digit growth with total sales of Rs 242,754.8 million.