Nestle India Q3 Results FY2023, Net profit at Rs. 628.06 crores
On 16th February, Nestle India announced its results for the quarter.
- Nestle reported revenue from operations of Rs. 4356.79 Crore for the quarter.
- Profit before tax was posted at Rs. 859.07 crores.
- Nestle India reported a Net Profit of Rs. 628.06 Crores for the quarter.
- Strong growth momentum continued with a healthy balance of product mix, pricing, and volume growth in Maggi Noodles and Maggi Masala-ae-Magic aided by solid consumer engagements, market presence with media campaigns, and attractive consumer activations.
- Milkmaid and Ready-to-Drink registered strong growth. Milk products continued to face challenges due to unprecedented milk price increases.
- Confectionery business gained market share and delivered robust growth driven by KitKat and Munch.
- Nescafe Classic, Nescafe Sunrise, and Nescafe GOLD delivered broad-based double-digit growth. The beverages segment recorded the highest-ever single-year growth in household penetration, cementing its leadership position in the category with the highest-ever market share. Nescafe ready-to-drink and out-of-home also delivered strong double-digit growth
- Pet Food, recently acquired by Nestlé India, continued to provide complete and balanced nutrition for cats and dogs.
Commenting on the results, Mr. Suresh Narayanan, Chairman, and Managing Director, Nestlé India said, 2022 was an extraordinary year, where adversities were aplenty, where the efforts of the Nestlé team and all our partners and stakeholders were stretched and where every new day brought a fresh challenge. Adversity also brings teams together to a common cause which is why they displayed calm, resolve, and consistency in the face of the storm by combating volatilities, using imagination, courage, thoughtful strategies which kept the growth engine growing. My heartfelt appreciation to each of my colleagues and partners for weathering the storm and coming out well. I am delighted to share that we delivered our highest doubleͲdigit growth in a decade led by sustained volume and mix-led growth, leading to strong value growth. In 2022 total sales grew by 14.5% and domestic sales increased by 14.8%, with broad-based performance across all categories. Our robust performance on e-commerce continued, fuelled by Quick Commerce and Click & Mortar. OutͲOfͲHome (OOH) business made a strong comeback in 2022, recovering its preͲcovid base and delivering robust growth by revamping and resetting geography, channel, and sales priority. We launched our first ever ‘direct to consumer’ (D2C) platform – www.mynestle.in where products manufactured by the Company in India are available in Delhi – NCR.”
The Board of Directors has recommended a final dividend for 2022 of Rs. 75.00 per equity share with a Face value of Rs. 10/- per equity share amounting to Rs. 7231.2 million.
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