Nestle India Q1 Results FY2023, PAT at Rs. 1110 crores
On 28th July 2022, Nestle India announced its quarterly results for the first quarter of FY2023.
Q1FY23 Key Highlights:
- During the quarter, Revenue from Operations of Rs. 8017.27 crores increased 13.11% YoY
- PBT stood at Rs. 1506.59 crores with a drop of 2.31%
- Profit After Tax of Rs. 1110 crores declined by 2.69%.
- The Milk Products and Nutrition category witnessed a double-digit growth across brands with MILKMAID leading the way.
- The Confectionery category led by KITKAT and Nestlé MUNCH performed with strong double-digit growth aided by media campaigns, attractive consumer promotions, trade inputs and focused distribution drives.
- The Beverages category turned in another double-digit growth across channels based on the pivotal equity of NESCAFÉ and a consistent strategy of customized communication in the summer, as well as driving penetration and distribution.
- The Foods category continued its strong double-digit streak of growth, with improved market share in MAGGI Noodles.
- The Board of Directors have approved the acquisition of the Pet Food Business from PURINA Petcare India Private Limited. The integration of Pet Food Business with Nestlé India Limited is proposed with effect from 1 st October 2022. The cost of this transaction is Rs. 123.5 Crore subject to change in net asset position between 31st March 2022 and 30th September 2022 along with net cash/debt as on 30th September 2022
Commenting on the results, Mr. Suresh Narayanan, Chairman and Managing Director, Nestlé India said, “I am pleased to share that we have continued to deliver robust sales growth this quarter and breached the Rs. 40 billion (4000 crore) mark. This is attributable to the resilience of my team and the tenacity of our partners. Our endeavour this quarter was to secure our ‘engines of growth’ in this inflationary context and to enable sharp overall business recovery when the pressures abate. The growth is broad-based and while being primarily driven by pricing, has a healthy underlying volume and mix evolution. I am also happy to share that the ‘out of home’ space got back to accelerated growth in channels like hotels, education centres and workplaces. As far as channels are concerned, ‘organized trade’ saw broad based growth across consumers and categories.
We continued to see strong momentum in mega cities and metros, as well as strong acceleration across smaller town classes which reinforces the execution of our RURBAN strategy. We are also heartened by a smart uptick in sales in rural markets this quarter which augurs well for a credible momentum in future. It has been the stated strategy of Nestlé India that we would aggressively seek new platforms and categories for future growth opportunities.”
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