SPONSORED CONTENT

Nestle India's Q3 profit up marginally to Rs 483 crore

February 16, 2021 23:30 IST | ANI Press Release
Tennis player James Blake
The company has been in India for about 107 years

Mumbai (Maharashtra) [India], Feb 16 (ANI): FMCG major Nestle India today reported a net profit of Rs 483 crore in the October to December quarter due to strong domestic sales growth that was broad-based and largely driven by volume and mix.

Nearly two-thirds of its key products were boosted by in-home consumption and posted double-digit growth, the company said. In Q3 FY20, it had a net profit of Rs 473 crore.

The sale of products totalled Rs 3,417 crore in Q3 FY21 as compared to Rs 3,131 crore in the year-ago period.

E-commerce grew by 111 per cent and now contributes 3.7 per cent of domestic sales, the company said adding demand in out-of-home channels continues to improve but still impacted by Covid-19 pandemic.

Innovation and renovation pipeline continues to be a thrust area, it added.

"The year gone by has truly demonstrated the unwavering commitment to stay the course on our purpose and values," said Suresh Narayanan, Chairman and Managing Director.

"Our employees, partners, suppliers, stakeholders indeed our entire ecosystem went beyond the call of duty and made extraordinary efforts in an exceptionally challenging year," he said in a statement.

The board of directors has recommended a final dividend of Rs 65 per equity share amounting to Rs 627 crore for the year 2020. The total dividend for 2020 aggregates to Rs 200 per equity share which includes one interim dividend of Rs 135 per equity share paid on November 20 last year.

The Swiss multinational food and drink processing conglomerate corporation has been in India for 107 years.

(ANI)

DISCLAIMER


(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

 

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Nestle India's Q3 profit up marginally to Rs 483 crore

Mumbai (Maharashtra) [India], Feb 16 (ANI): FMCG major Nestle India today reported a net profit of Rs 483 crore in the October to December quarter due to strong domestic sales growth that was broad-based and largely driven by volume and mix.

Nearly two-thirds of its key products were boosted by in-home consumption and posted double-digit growth, the company said. In Q3 FY20, it had a net profit of Rs 473 crore.

The sale of products totalled Rs 3,417 crore in Q3 FY21 as compared to Rs 3,131 crore in the year-ago period.

E-commerce grew by 111 per cent and now contributes 3.7 per cent of domestic sales, the company said adding demand in out-of-home channels continues to improve but still impacted by Covid-19 pandemic.

Innovation and renovation pipeline continues to be a thrust area, it added.

"The year gone by has truly demonstrated the unwavering commitment to stay the course on our purpose and values," said Suresh Narayanan, Chairman and Managing Director.

"Our employees, partners, suppliers, stakeholders indeed our entire ecosystem went beyond the call of duty and made extraordinary efforts in an exceptionally challenging year," he said in a statement.

The board of directors has recommended a final dividend of Rs 65 per equity share amounting to Rs 627 crore for the year 2020. The total dividend for 2020 aggregates to Rs 200 per equity share which includes one interim dividend of Rs 135 per equity share paid on November 20 last year.

The Swiss multinational food and drink processing conglomerate corporation has been in India for 107 years.

(ANI)

DISCLAIMER


(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22