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Nestle India posted a net profit of ₹288 crore for the quarter ended June 30, up 6.12 per cent compared with ₹271.38 crore in the corresponding quarter of the previous year. The company said operating margins were adversely impacted due to the record-high cost of milk and its derivatives in India, which was higher than international markets.
Net sales grew by 9.3 per cent to ₹2,419 crore. The company said net domestic sales grew mainly from better realisations.
In a statement, Etienne Benet, Managing Director, Nestle India said, “The results are broadly as expected and in line with our vision and strategy for Nutrition, Health and Wellness that we shared in our earlier communications…We will continue to leverage Nestlé’s scientific and technological expertise, and provide insights into food consumption behaviour and science-based nutrition to help our consumers live healthier.” “With the final instalment of $35 million paid in July, the company has repaid the entire external commercial borrowing of $192 million and is now debt free,” he added. The company recently launched Nestle Sweet Lassi, Nestle Buttermilk and Maggie Oats Noodles.
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