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Nestle Dec quarter net down 9% to Rs 167 cr; note ban erodes Maggi share

Higher tax, contingency provisions take toll; Maggi share now 60%, from 78% pre-ban

Arnab Dutta  |  New Delhi 

  Fast moving consumer goods (FMCG) major Nestlé India’s net profit went down 8.7 per cent year on year (y-o-y) in the December quarter to Rs 167.3 crore, from Rs 183.2 crore earlier. This is its lowest quarterly net since the September quarter of 2015, when sales were severely hit after a ban on its flagship product, Maggi instant noodles. Net sales grew 16.2 per cent over a year to Rs 2,261 crore, backed by 16.9 per cent growth in domestic sales, while exports grew 7.9 per cent. Sales were hit by the demonetisation of currency notes, the company ...

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First Published: Thu, February 16 2017. 00:59 IST
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