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Food and beverages major Nestle India has reported a net profit of ₹263.43 crore for the first quarter of 2017-2018. This is 9.66 per cent higher than the ₹240.22-crore net profit reported by the company in the corresponding period last fiscal.
In a statement to the bourses, Nestle India said the board had declared a second interim dividend of ₹15 per equity share for 2017.
The dividend will be paid on the entire issued, subscribed and paid-up share capital of 96,415,716 equity shares of the nominal value of ₹10 each. The second interim dividend for 2017 will be paid on and from August 16.
Total revenue from operations during the quarter ended June 30 of 2017-2018 stood at ₹2,484.73 crore. This was 7.25 per cent higher than the ₹2,316.71-crore topline reported in the same quarter last fiscal.
Nestle said total sales for the quarter grew by 7.3 per cent, while domestic sales grew by 8.8 per cent compared to the corresponding quarter last fiscal. Nestle said growth is mainly due to increase in volumes supported by new product launches and the relaunch of Maggi noodles.
The company said: “Growth was negatively impacted by softer trading in June ahead of the roll-out of the Goods and Services Tax…Export sales dropped by 12 per cent due to lower sales of milk and nutrition products to Bangladesh and Middle East.”
The company added that the cost of materials consumed, particularly milk and its derivatives have increased due to higher commodity prices.
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