Net profit for Nestle India in Q4 jumps 26.7% year over year to Rs 934 crore, with a declared dividend of Rs 8.50

For the fourth quarter that concluded on March 31, Nestle India recorded a 26.7% increase in net profit to Rs 934 crore on Thursday. The company’s Q4 FY24 profits exceeded analysts’ projections due to increased demand for its packaged food products and higher product pricing.

Its net profit for the same period last year was Rs 737 crore.

Reuters reports that an average of the analysts surveyed by LSEG had predicted a profit of Rs 871 crore.

From Rs 4,831 crore to Rs 5,268 crore, Nestle India’s operating income increased.

According to a BSE filing, “for the 15 months financial year ended March 31, 2024, on the entire issued, subscribed and paid-up share capital of the company of 964,157,160 equity shares of nominal value of Re 1 each,” the company also recommended a final dividend of Rs 8.50 per equity share of Re 1.

Producers of consumer goods have seen a consistent market for certain foods, like chocolates and biscuits, but they have also had to increase the cost of other products, like noodles and coffee, in order to maintain their profit margins.

Due to price increases and lower product sales, parent company Nestle SA failed first-quarter organic sales growth projections earlier in the day.

The Food Safety and Standards Authority of India (FSSAI) is investigating the FMCG giant on claims that their infant food contains excessive amounts of sugar.