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Nestle India slips after Q1 results

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fell 2.34% to Rs 6,660 at 12:11 on after net profit rose 6.8% to Rs 306.76 crore on 8.7% rise in net sales to Rs 2475.68 crore in Q1 March 2017 over Q1 March 2016.

The result was announced after market hours on Friday, 12 May 2017.

Meanwhile, the S&P Sensex was up 128.85 points, or 0.43% to 30,317.

On the BSE, 8,406 shares were traded in the counter so far, compared with average daily volumes of 6,394 shares in the past one quarter. The stock had hit a high of Rs 6,780 and a low of Rs 6,581 so far during the day.

The stock hit a 52-week high of Rs 7,390 on 29 July 2016. The stock hit a 52-week low of Rs 5,701.05 on 9 November 2016.

The stock had outperformed the market over the past one month till 12 May 2017, rising 5.84% compared with 2.47% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 10.68% as against Sensex's 6.54% rise.

The large-cap FMCG company has equity capital of Rs 96.42 crore. Face value per share is Rs 10.

said its total sales increased by 9.1% in Q1 March 2017. Domestic sales increased by 9.7% in Q1 March 2017, mainly due to increase in volumes across product groups, including rebuild of Maggi noodles, supplemented by marginally better realisations mostly from carry over pricing. The growth of 0.6% in exports was largely impacted by lower sales to Nepal and Bhutan.

Suresh Narayanan, chairman and managing director of NestlIndia said the company is glad with the increased volume based growth, across categories, during the first quarter of 2017. Innovation and renovation, as also volume based growth, are core business strategies outlined by almost 18 months back and that this strategy is now playing an important role.

Nestle India is a subsidiary of Nestle S.A. of Switzerland. The company manufactures internationally famous brand names such as Nescaf Maggi, Milkybar, Kit Kat, Bar-One, Milkmaid And Nestea, etc.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 15 2017. 12:13 IST