Nestle profits up 27%; the company will partner with Dr. Reddy’s
A day after Hindustan Unilever, another key player in the FMCG industry, revealed disappointing quarterly results, Nestle India declared good results. The firm recorded sales of at least Rs 5,000 crore in a quarter for the first time.
The firm reported Rs 5,294 crore for the quarter ended March 31, 2024, an 8.8% increase over the same period the previous year. During the quarter, operating profit increased by 27% to Rs 934 crore from Rs 737 crore. The company’s board of directors has proposed paying a final dividend of 8.50 per equity share, or 819.5 crore, for the fifteen-month financial year that ends on March 31, 2024.
The business said that, given their all-time high prices and continuous price increase, coffee and cocoa commodities are facing extraordinary difficulties moving ahead. Additionally, it said that MSP is supporting a structural cost rise for grains and cereals. Additionally, it predicts that milk costs would increase due to the anticipated hard summer.
In the meantime, it launched a joint venture with Dr Reddy’s Laboratories Limited to produce, develop, and market supplements, nutraceuticals, medical nutrition, and specialty nutrition products in India and other regions.
