FMCG major Nestle India on Wednesday said that it had crossed the ₹10,000-crore revenue mark in 2017.

For the quarter ended December 31, 2017, the company posted a net profit of ₹311.83 crore, up 60 per cent compared to ₹195.41 crore in the corresponding quarter of the previous fiscal. Total sales during the quarter grew 10.9 per cent to ₹2,589.64 crore.

The company follows the January-December period as the fiscal year. Nestle India also said that the financial results for the quarter and the year ended December 31, 2017 are not comparable because of the introduction of Goods and Services Tax (GST) with effect from July 1, 2017.

For full year 2017, the company’s net profit grew 22.3 per cent to ₹1,225.19 crore, from ₹1001.36 crore in 2016. The company posted total sales of ₹10,135.11 crore, up 7.7 per cent compared to the year ago period. The company’s board has recommended as final dividend ₹23 per equity share amounting to ₹221.7 crore for the year 2017. The total dividend for 2017 aggregates to ₹86 per equity share.

The company said the growth of total sales and domestic sales for the full year period were adversely impacted due to lower reported sales on account of the change in structure of indirect taxes and reduction in realisations to pass on the GST benefits.

“On a comparable basis, the domestic sales growth is estimated at 11.8 per cent due to increase in volumes, including rebuild of Maggi Noodles, supplemented by better underlying realisations. Export sales increased 0.9 per cent,” it added.

In a statement, Suresh Narayanan, Chairman and Managing Director, Nestle India, said, “It is extremely pleasing that we ended year 2017 on a strong note by reaching a historic milestone of over ₹10,000 crore in revenue, in a year where we had to adapt to significant changes in the external environment.”

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