Nestle India second-quarter profit tops estimates

(Reuters) - Nestle India Ltd on Friday posted better-than-expected second-quarter profit, as the maker of Maggi noodles and Kit-Kat chocolates saw higher margins on lower commodity prices.

Analysts, on average, expected a profit of 3.72 billion rupees, according to Thomson Reuters I/B/E/S.

Profit stood at 3.95 billion rupees ($57.45 million) in the second quarter ended June 30. The company reported a profit of 2.63 billion rupees a year earlier.

Nestle India said financial results for the quarter and half year of 2018 are not comparable year-on-year because of the introduction of the Goods and Services Tax on July 1, 2017.

Total revenue from operations in the quarter was 26.98 billion rupees. https://reut.rs/2vg7tS1

 

The Indian arm of Swiss food group Nestle SA declared an interim dividend of 20 rupees per share.

($1 = 68.7600 Indian rupees)

(Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Sunil Nair and Sherry Jacob-Phillips)