Nestle India on Thursday reported a 26.7 per cent jump in its net profit to Rs 934 crore for the fourth quarter ended March 31. The Q4 FY24 earnings surpass analysts’ expectations as the company benefited from higher product prices and demand for its packaged food items.
Its net profit had stood at Rs 737 crore in the corresponding quarter last year.
Analysts polled by LSEG, on average, had expected a profit of Rs 871 crore, according to Reuters.
Nestle India’s revenue from operations climbed to Rs 5,268 crore, from Rs 4,831 crore a year earlier.
The company also recommended a final dividend of Rs 8.50 per equity shares of Re 1 each “for the 15 months financial year ended March 31, 2024, on the entire issued, subscribed and paid-up share capital of the company of 964,157,160 equity shares of nominal value of Re 1 each”, according to a BSE filing.
Consumer goods makers have seen steady demand for certain food items such as chocolates and biscuits, while they have also raised prices on some products including coffee and noodles to protect their bottomline (profit).
Earlier in the day, parent Nestle SA missed first-quarter organic sales growth estimates as it raised prices and sold fewer products.
The FMCG giant faces the Food Safety and Standards Authority of India (FSSAI) probe following allegations of high sugar content in baby food.
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