Nestle India reported a net profit of ₹908 crore in the quarter ended September 2023, registering a growth of 37.27% from ₹661.46 crore in the same quarter last year.
The net profit for the quarter includes one-time gain of ₹106.4 crore.
Nestle India’s revenue in Q3CY23 increased 9.5% to ₹5,036.8 crore from ₹4,601.8 crore in the year-ago period.
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“Domestic sales grew double digit, on account of mix, volume and price. We crossed INR 5,000 crore turnover, which has been our first in any quarter in the history of the Company and a landmark for us,” said Suresh Narayanan, Chairman and Managing Director, Nestlé India.
At the operating level, earnings before interest, tax, depreciation and amortization (EBITDA) in the July-September quarter rose 21.3% to ₹1,225 crore from ₹1,009.6 crore, YoY. EBITDA margin decreased by 220 basis points (bps) to 24.3% from 22.1%, YoY.
“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 the global supply deficit. The weather during the harvest of the 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,” Nestle India said in a release.
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Nestle Dividend
The Board of Directors of Nestle India declared a second interim dividend for 2023 of ₹140 per equity share of face value ₹10 each amounting to ₹1,349.82 crore.
The second interim dividend for the year 2023 will be paid on and from 16th November 2023 to those members whose names appear in the Register of Members of the Company and as beneficial owners in the Depositories, as on the Record Date fixed for the purpose i.e., 1st November 2023, Nestle India said.
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Nestle Stock Split
The board also approved the sub-division of shares or split of existing equity shares having face value of ₹10 each, fully paid up, into 10 (ten) equity shares having face value of Re 1 each fully paid-up, subject to the approval of Members of the Company.
The Record Date for sub-division or split of existing equity shares will be intimated in due course.
At 11:15 am, Nestle India shares were trading 0.47% higher at ₹23,380.00 apiece on the BSE.
