Nestle hits new high as Q1 profit beats estimates; inches towards Rs 10,000

The stock hit a new high of Rs 9,610, up 7% on the BSE, outperformed the market by surging 37% in past three months, against 4% rise in the Sensex.

Nestle India hit a new high of Rs 9,610, up 7% on the BSE in intra-day trade, inches towards Rs 10,000 mark after the company reported  a better than expected 38% year on year (YoY) growth in net profit at Rs 4.24 billion in March 2018 quarter (Q1CY18).

Analysts on an average had expected profit of Rs 4.06 billion for the quarter from the fast moving consumer goods (FMCG) company.

Domestic sales grew 13.4% at Rs 25.60 billion on a comparable basis, adjusted for Goods and Services Tax (GST). Exports were up 6% at Rs 1.78 billion.