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FMCG major Nestle India has reported a net profit of ₹424.03 crore up 38.22 per cent in the first quarter ended March 31, 2018. The company had posted net profit of ₹306.76 crore in the corresponding period last year.
The company follows the January-December period as the financial year. Revenue from operations grew 6.37 per cent to ₹2757.24 crore during the quarter under review.
“The board of directors has declared an interim dividend for 2018 of ₹20.0 per equity share (face value ₹10 per equity share) amounting to ₹1,928.3 million, which will be paid on and from June 2018,” the company said in a statement.
The company said that total sales and domestic sales for the year increased by 6.3 per cent supported by increase in volumes. “The growth rates are adversely impacted due to lower reported sales by the change in structure of indirect taxes and reduction in realisations to pass on the GST benefits. On a comparable basis, domestic sales growth is estimated at 13.4 per cent,” it added.
Suresh Narayanan, Chairman and Managing Director, said: “During the quarter, we have sustained our growth momentum, which is backed by broad volume-based growth across categories. This is in line with our strategy of broad-based growth through increased penetration.”
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