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Hit by the Maggi Noodles crisis, Nestle India posted a net profit of ₹563 crore for the full year in 2015, down 52.4 per cent, against ₹1,185 crore in the previous year. Net sales decreased 17.2 per cent to ₹8,123 crore.
“Net sales worth ₹303.4 crore have been reversed during the full year ended December 31, 2015, in relation to Maggi Noodles stock being withdrawn from trade partners and market,” the company said in a statement. The company posted an ‘exceptional’ item of ₹501 crore, which relates to loss on account of stocks withdrawn, including incidental costs till now, and estimates of other related costs incurred. Nestle’s board also recommended a final dividend of ₹18.50 per equity share of ₹10 each. The total dividend per share in 2015 aggregates to ₹48.50 per equity.
Suresh Narayanan, Chairman & Managing Director, Nestle India, said the company had seen improvement in the sequential performance, both in terms of sales and margins. For the quarter ended December 2015, net sales stood at ₹1,946.44 crore, down 22.6 per cent compared with the corresponding quarter previous fiscal. Net profit stood at ₹183.19 crore, down 43.8 per cent for the period.
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