Nestle Q1 profit up 23% to Rs 320.28 crore

FMCG major Nestle India today reported a 23.58 per cent increase in net profit at Rs 320.28 crore for the first quarter ended March 31, 2015.
The company had posted a net profit of Rs 259.16 crore during the January-March quarter last fiscal.
Net sales of the company during the quarter under review rose to Rs 2,506.79 crore, up 8.35 per cent as against Rs 2,313.46 crore in the same period of previous year, Nestle said in a BSE filing.
The company follows January-December financial year.
According to Nestle, during the quarter "Net sales grew by 7.6 per cent mainly on account of higher realisation. Export sales grew by 19.2 per cent contributed largely by export of milk and nutrition products to Bangladesh and Middle East".

Commenting on the performance, Nestle India Managing Director Etienne Benet said: "I am satisfied that we have maintained steady growth with healthy profitability during the quarter."

He further added: "We will continue to remain focused on our ambition to be the recognised leader in nutrition, health and wellness especially as the double burden of malnutrition is one of the bigger challenges facing the country."
Meanwhile, in a separate filing Nestle informed that its board has declared interim dividend of Rs 14 per equity share for the year 2015 of the nominal value of Rs 10 each.
It also informed that its non-Executive Director Michael W O Garrett has relinquished office due to his retirement.

Shares of Nestle today closed at Rs 7,012.80 per share on BSE, up 2.68 per cent from previous close.