Comments
Food products maker, Nestle India, on Saturday reported 9.75 per cent increase in its net profit for the second quarter ended June 30, 2011 at Rs 213.83 crore compared to the corresponding quarter of the last fiscal.
The company’s net profit for the three months ended June 30, 2010 stood at Rs 194.83 crore, it said in a statement.
Nestle’s net sales for the second quarter of the current fiscal increased 20.20 per cent to Rs 1,763.05 crore, compared to Rs 1,466.71 crore in the same period of last financial year.
“We have now, for the 18th consecutive quarter delivered profitable double digit growth. This is clearly the result of consistent execution of our focused strategy by our people, who I believe are one of our main competitive advantages,” Nestle India Chairman and MD, Mr Antonio Helio Waszyk, said.
Domestic sales increased by 21 per cent on account of volumes and selling prices and exports growth was 11 per cent.
“The cost of materials for goods sold in percentage of net sales has increased largely due to higher commodity prices, mainly milk solids, green coffee and oils/fats, partially offset by an improved product/channel mix and operational efficiencies,” the statement said.
Comparative period was favourably impacted by better fixed cost absorption due to stock build up, it added.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.