Nestle India posts 25% jump in Q1 profit
Financial Express Mumbai|April 26, 2023
INDIA WAS A bright spot for global consumer goods major Nestle in the March quarter, reporting a 24.7%yearon-year growth in consolidated net profit to ₹737 crore, while consolidated revenue rose 21% for the period versus last year to ₹4,831 crore. The results beat Street estimates by a wide margin, with a poll of analysts by Bloomberg pegging net profit and revenue for the March quarter at ₹671 crore and ₹4,366 crore each. Nestle follows a January-December accounting year.
VIVEAT SUSAN PINTO
Nestle India posts 25% jump in Q1 profit

India's strong performance came as the Swiss major's global sales volume dipped for the January-March period, with the KitKat maker's candy business being the only sweet spot.

Confectionary sales volumes - which Nestle calls real internal growth increased by about 6% even as most other units' sales declined for the period. Globally, Nestle hiked prices sharply by 7.6% to drive organic confectionary sales by 13.5%, its results showed.

India clearly bucked this trend, with the company seeing broad-based growth across its business segments, including confectionary (which includes KitKat and Munch), beverages (driven by Nescafe), prepared dishes and cooking aids (led by Maggi) and milk products and nutrition.

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