Comments
Hit by the recall of its bestseller Maggi Noodles, Nestle India posted a net loss of ₹64.4 crore for the quarter ended June 30.
The company had posted a net profit of ₹287.86 crore for the same quarter of the last financial year.
Net sales fell 20.1 per cent at ₹1,933.8 crore for the period largely due to the impact of the Maggi Noodles issue, the company said.
The company reported an exceptional item of ₹451.6 crore relating to “…estimates of loss on account of stocks withdrawn…,” it said. Nestle India follows a January-December financial calendar
Commenting on the company’s performance, Suresh Narayanan, Managing Director (designate), said: “The quarter has been extremely challenging for the company. Nestle would like to reassure consumers that our products are safe.
Consumer trust is and will always remain the cornerstone of Nestle. Nestle India is making all efforts and will continue to engage with authorities to bring Maggi Noodles back on the shelves.”
Last week, the company announced that Narayanan would be taking over as MD from August 1.
The previous MD, Etienne Benet, has relocated to the Nestle Group Head Office in Switzerland.
Shares of Nestle India closed at ₹6,147.30 on the BSE, down 0.62 cent, on Wednesday.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.