Corporate Results
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Food & Dairy Products
Nestle India standalone net profit rises 13.5%
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Domestic sales grow 23%; exports up 11.6%.
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Our Bureau
New Delhi, Oct. 31 Nestle India has announced a growth of 13.5 per cent in unaudited standalone net profits at Rs 132 crore for the third quarter ending September 30, 2008 compared with Rs 116 crore earned in the corresponding quarter last year.
Net sales of the Swiss food major were at Rs 1,110 crore, up 22 per cent from the Rs 907 crore reported during the third quarter last year. Growth last year during the same quarter was at about 40 per cent for net profits, and 25 per cent in net sales.
“Higher volumes and staggered increases in selling prices partially offset steep increase in prices of commodities as well as fuel or energies. The steep increase in commodity prices especially impacted the cost of milk solids, green coffee, vegetable fats, wheat flour and sugar,” said the maker of Maggi and Nescafe in a release.
Domestic sales
According to Nestle, net domestic sales were up by 23 per cent to Rs 1,031.1 crore during the quarter. Exports grew by 11.6 per cent during the quarter to Rs 76.5 crore.
Dividend
The company also approved a second interim dividend for 2008 and special dividend, aggregating to Rs 22 per share of face value of Rs 10 each. The company declined to make any guidance statements.
Shares of the company closed at Rs 1,421.7 on the Bombay Stock Exchange, up two per cent from the previous close.
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