Nestle India Q1 net profit up 15% to Rs 602 cr; total sales rise 8.9%

Its revenue from operations came in at Rs 3,610.8 crore, up 8.6 per cent from Rs 3,325 crore in the same period last year

Food and beverages major Nestle India on Tuesday reported a 14.6 per cent year-on-year growth in its net profit at Rs 602 crore for the quarter ending March, 2021. It was Rs 525 crore in the year-ago period.

The company follows a January to December financial year. Total sales increased by 8.9 per cent during the quarter, while domestic sales rose by 10.2 per cent, mainly driven by volumes. 

Its revenue from operations during the quarter came in at Rs 3,610.8 crore, up 8.6 per cent from Rs 3,325 crore in the same period last year.

“As the pandemic rages on, the quarter gone by has been another test of resilience of my team and our partners. I feel incredibly privileged to lead a team who faced with serious challenges, persevered regardless, to deliver double digit growth over a strong comparable in 2020. It is tribute to the commitment of the team to serve consumers as best as we could during the pandemic," said Suresh Narayanan, Chairman and Managing Director of Nestle India.

The Board of Directors have declared an interim dividend for 2021 of Rs 25 per share amounting to a total of Rs 241 crore, which will be paid on and from May 19, 2021.

Export sales were lower by 12.9 per cent due to lower exports to affiliates. 

Nestle said e‐commerce continued to deliver strong performance and grew by 66 per cent to maintain its robust contribution to the domestic sales.

On Tuesday, the company's scrip rose 0.15 per cent on NSE to close at Rs 17,115 apiece.