Nestlé India Q1 web revenue jumps 25% to ₹737 crore, beats estimates

• Web gross sales for the maker of Kitkat and Maggi rose 21% to ₹4,808 crore within the first quarter of its fiscal 12 months 2023.
• The corporate follows the January-December monetary 12 months.
• Its whole bills within the January-March quarter elevated 21% from a 12 months earlier to ₹3,874 crore.
• The corporate has introduced a dividend of ₹27 per share.

FMCG main Nestlé India on Tuesday reported a better-than-expected 25% rise in web revenue to ₹737 crore for the March quarter in contrast with ₹591 crore in the identical interval a 12 months in the past.

As per Kotak Institutional Equities estimates, the FMCG main was anticipated to report web revenue of ₹692 crore.

Web gross sales for the maker of Kitkat and Maggi rose 21% to ₹4,808 crore within the first quarter of its fiscal 12 months 2023 as in opposition to ₹3,963 crore within the year-ago interval. The corporate follows the January-December monetary 12 months.

“I’m happy to share that we now have continued to ship strong gross sales progress this quarter, which is broad-based with a wholesome stability of pricing, quantity and blend. That is the very best progress for the corporate in 1 / 4 within the final 10 years (excluding the distinctive quarter in 2016 which was off a low base in 2015),” mentioned Suresh Narayanan, chairman and MD at Nestle India.

Its whole bills within the January-March quarter elevated 21% to ₹3,874 crore from ₹3,212 crore throughout the identical interval final 12 months.

The corporate has introduced a dividend of ₹27 per share.

“All our product teams delivered double-digit progress, a notable function in these previous 4 quarters,” mentioned the corporate in an trade submitting.

Additional the corporate sees early indicators of softening of commodities equivalent to edible oils, wheat and packaging supplies. Nonetheless, it expects the price of contemporary milk, fuels, and inexperienced espresso to stay agency due to continued enhance in demand and volatility.

Its exports have been up 25% to ₹195.67 crore as in opposition to ₹156.64 crore within the corresponding quarter a 12 months in the past.

Following the outcomes, shares of Nestle India have been buying and selling 0.12% greater at ₹20,721 apiece. In the meantime, shares of different fast-moving client items (FMCG) gamers have been additionally on the rise.

Supply: NSE

(With inputs from PTI)

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