The FMCG major's revenue from operations for the quarter under review came in at Rs 3,476.7 crore as against Rs 3,050.48 crore posted in the corresponding quarter last fiscal, implying an upside of 14 per cent. On quarter-on-quarter basis, the figure was down 3.7 per cent from Rs 3,610.8 crore in the preceding quarter.
The company missesd Street's estimates as brokerages had projected a 14-19 per cent jump in profit and 13-21 per cent increase in revenues on YoY basis.
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"Total Sales and Domestic Sales for the quarter increased by 13.8 per cent and 13.7 per cent respectively, on a base impacted by Covid- 19 induced lockdown with production disruptions across factories. Domestic Sales growth was driven by volume & mix. Export Sales increased by 17.7 per cent due to timing of exports to affiliates," the company said.
Nestle follows January-December financial year.
Cost of materials consumed as a percentage to sales was marginally favourable due to realisations and mix offset by higher commodity prices. Further, the other Income decreased due to lower yields and lower average liquidities. Other expenditure, however, increased largely due to rising fuel prices and compares to a base quarter impacted by restricted operations due to Covid lockdown, the company said in its results statement.
The Board also approved disinvestment of Nestle's entire minority stake of 19.98 per cent in Sahyadri Agro and Dairy, a company engaged in milk collection business in western India, due to change in the business scenario.
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