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    Nestle India Q3 Results: Profit surges 37% YoY to Rs 908 crore; firm declares Rs 140 per share interim dividend

    Synopsis

    Nestle India reported a 37% increase in net profit for the quarter ending September 30, 2023, reaching Rs 908.1 crore. Revenue from operations also rose by 9.4% YoY to Rs 5,036.82 crore. The company achieved a milestone of crossing Rs 5,000 crore in turnover for the quarter and recorded a double-digit domestic sales growth of 10.3%. Nestle India announced a second interim dividend of Rs 140 per share and approved a stock split.

    Nestle India Q3 profit surges 37% YoY to Rs 908 crore
    FMCG major Nestle India on Thursday said its consolidated net profit surged 37% year-on-year (YoY) to Rs 908.1 crore for the quarter ended September 30, 2023. The profit stood at Rs 661.4 crore in the same period last year.

    The revenue from operations stood at Rs 5,036.82 crore in the said quarter, up 9.4% YoY and 8.12% quarter-on-quarter (QoQ).

    The bottomline figure was higher than the ET NOW poll estimate of Rs 799 crore but the topline missed analyst expectations of Rs 5,161 crore.

    The company, which announced its Q3 earnings, said it achieved a milestone of crossing Rs 5,000 crore turnover in the quarter while delivering a double-digit domestic sales growth. The domestic sales growth stood at 10.3% and the profit from operations came in at 22.6% of sales, the company said in its filing to the exchanges.

    Commenting on the results, Suresh Narayanan, Chairman and Managing Director at Nestlé India said, “We are investing towards building our brand equity and have made strong and significant investments across all product groups. We crossed Rs 5,000 crore turnover, which has been our first in any quarter in the history of the company and a landmark for us".

    Dividend

    The company also announced a second interim dividend of Rs 140 per share that will be paid on or before November 16. The total payout will amount to Rs 1,349.82 crore. The company has fixed November 1 as the record date for determining the eligibility of shareholders to receive the said dividend.

    Stock Split

    The board approved the alteration in the share capital by splitting the existing equity shares having face value of Rs 10 per share into 10 equity shares having face value of Re 1 per share.

    Commodity Outlook

    Uneven rain and rain deficit is expected to impact production of maize, sugar, oilseeds and spices that may have an adverse impact on pricing. Coffee continues to be volatile because of global supply deficit. The weather during the harvest of Indian Robusta crop may impact production.

    Upcoming winter weather may impact wheat production. Healthy milk flush is expected in winter which is expected to keep prices stable.

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    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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