Nestle India’s Q2 net profit increased by 36.8% to Rs. 698.34 crore and net sales by 15% to Rs. 4,619.50 crore

FMCG giant Nestle India Ltd. recorded a rise in net profit of 36.86% to Rs. 698.34 crore for the second quarter that ended on June 30, 2023.

According to Nestle India, the business, which uses a January-December fiscal year, reported a net profit of Rs 510.24 crore during the same time last year.

According to the business, Nestle India’s net sales increased 15.02 percent to Rs 4,619.50 crore during the reviewed period from Rs 4,015.98 crore during the same period previous year.

The total amount spent during the April through June quarter increased by 11.07% to Rs 3,743.15 crore from Rs 3,369.81 crore during the same time last year.

Domestic sales for Nestle India increased 14.6% to Rs 4,420.77 crore from Rs 3,857.56 crore in the June quarter of 2022.

According to Nestlé India Chairman and Managing Director Suresh Narayanan, “Domestic sales growth is broad-based and grew by 14.6% on the back of prudent pricing and supported by mix and volume with targeted brand support.”

It stated that its core brands, including KITKAT, NESCAFÉ, and MAGGI, continued to perform strongly.

As compared to the same quarter a year before, when exports were 158.42 crore, they increased by 25.44 percent to 198.73 crore.

Nestle India’s overall revenue for the June quarter increased by 15.18% to Rs 4,682.48 crore.

Regarding the future, Narayanan said that prices for commodities like food oils, wheat, and packaging materials have been lower.

Fuel prices have reversed their upward trend, falling in the second quarter after peaking around the end of the first quarter. There has been price stability for fresh milk. Prices for robusta (coffee) are high and are predicted to be unstable, he added.

On Thursday, shares of Nestle India Ltd were down 2.11 percent from the previous close and were trading at Rs 22,322.60 a share on the BSE.