Nestle India Q2FY24 Net Profit Jumps 36% To Rs 908 Cr
Nestle India on Thursday reported a 36 per cent increase in consolidated net profit to Rs 908 crore for the September quarter of the financial year 2024 (FY24) as compared to Rs 668.3 crore a year ago.
The total revenue of the company stood at Rs 5,036 crore, climbing 9.6 per cent from Rs 4,591 crore the previous year, the FMCG major said in a regulatory filing.
As expected, the company’s domestic sales increased by 10.3 per cent, on account of mix, volume, and price. “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,” said Suresh Narayanan, Chairman and Managing Director, Nestle India.
Nestle has stated that irregular rainfall and a shortfall in rain are likely to affect the production of maize, sugar, oilseeds, and spices, potentially leading to unfavourable effects on pricing. Additionally, 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,” the FMCG major said.
Along with its quarterly earnings, Nestle India board also declared a second interim dividend of Rs 140 per equity share of Rs 10 each for the year 2023. This dividend will be paid on or from 16 November 2023, and the record date for the same has been fixed at 1 November 2023.
