Nestle India posted a net profit of ₹525.43 crore for the quarter ended March 31, up 13.54 per cent, against ₹462.74 crore in the corresponding quarter in the previous fiscal. Revenue from operations grew 10.73 per cent to ₹3325.27 crore for the quarter under review

The company follows January-December as the fiscal year.

“Tax expense for the current quarter has been computed at the rates introduced by the Taxation Laws (Amendment) Ordinance, 2019 dated September 20, 2019. Net profit after tax and earnings per share have been positively impacted by the lower tax rates,” the company said in a statement.

While total sales grew 10.8 per cent, domestic sales increased 10.7 per cent driven by volume and mix. Export sales increased by 12.9 per cent, the company added.

Suresh Narayanan, Chairman and Managing Director, Nestle India, said the Covid crisis is having an extraordinary and far-reaching impact on lives and the company will continue to adapt quickly to changing consumer needs and to challenges across the supply chain.

“Our company remained resilient in the first quarter, as the numbers indicate, and delivered volume and mix-led growth. Maggi, Kitkat and Nestlé Munch delivered strong performances. Contributions from e-commerce went up significantly, while out-of- home sector performance was subdued. Commodity prices for milk and its derivatives continued to be on the rise during the quarter,” Narayanan added.

The company said it is working closely with dairy farmers in these challenging times. “Recognising the difficulties the MSMEs are going through, we are ensuring continuity in timely payments which is inherent to our values. Similarly, we continue to work closely with our coffee farmers, spice growers and have extended our support to numerous farmers in Karnataka by sourcing substantial quantity of tomatoes from them through our suppliers to ensure there is no distress,” he said.

“Every commitment to summer internships has been honoured, all young management trainees will join on time, every new employee contract respected and every employee has received their full salaries, bonuses and other benefits,” Narayanan said.

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