Nestle India has released its quarterly report on April 25, reporting a standalone net profit of Rs 934 crore in March quarter, up 27 percent from Rs 737 crore a year ago.
A poll of seven brokerages resulted in a net profit of Rs 856 crore, up 22 percent from the previous year and 17.8 percent from the December quarter.
Nestle is facing a probe by the FSSAI amidst allegations of high sugar content in baby food.
Read More: Nestlé to launch global brand Nespresso in India by 2024-end
The company also revealed that its revenue increased 9 percent to Rs 5,268 crore.
Nestle has also announced the launch of its Nespresso offering in India by the end of 2024.
Nestle India has also announced that it will be entering into a joint venture with Dr. Reddy’s to consolidate its global range of nutritional health solutions, vitamins, minerals and health supplements of Nestlé Health Science. The JV is expected to turn operational in the second quarter of the financial year 2024-25.
Suresh Narayanan, Chairman and Managing Director, Nestlé India said, “I am pleased to share that we have delivered double-digit growth, despite challenges posed by rising food inflation and volatile commodity prices. We have witnessed a strong growth momentum across our product portfolio led by a combination of pricing and mix. Our domestic sales crossed INR 5,000 crore this quarter, a notable milestone for us. I would like to extend my heartfelt gratitude to my colleagues, distributors, retailers and partners for their unwavering dedication, determination, and diligence.
In the financial year ended 31st March 2024, Confectionery delivered strong performance, fuelled by KITKAT, making India the second-largest market for the brand globally. Nestle’s Beverages business recorded robust performance. NESCAFÉ has introduced its coffee to over 30 million households in India in the last 7 years. Milk Products and Nutrition witnessed strong growth despite inflationary pressures. Prepared Dishes and Cooking Aids registered strong growth across portfolio led by MAGGI Noodles and MAGGI Masala-ae-Magic. India emerged as the largest market worldwide for MAGGI.