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Nestle Q2 net rises 10 per cent to Rs 271 crore

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FMCG major Nestle India on Friday reported a 10.33 per cent increase in net profit to Rs 271.38 crore for the second quarter ended June 30 due to robust sales growth across various business verticals.

The company had posted a net profit of Rs 245.97 crore during the same period last year.

Net sales climbed 11.4 per cent to Rs 2,213.21 crore for the second quarter, as against Rs 1,986.58 crore a year earlier, Nestle India said in a statement.

The company said domestic sales increased 9.2 per cent on account of net realisations and volume growth in certain product categories, while overseas sales grew 46.9 per cent due to exports to affiliates.

Commenting on the results, A Helio Waszyk, chairman and managing director of Nestle India, said key businesses, including noodles, coffees and nutrition, are doing well. The launch of Alpino, a premium chocolate brand, is another step in the premiumisation the company's portfolio, he said.

"Given the challenging environment, there is more work to be done in some businesses and I am confident that the team is well aligned and capable of delivering growth consistent with the economic environment," Mr Waszyk added.

The company's board approved an interim dividend of Rs 18 per equity share of Rs 10 each for the year 2013.

"The interim dividend for 2013 will be paid on and from August 12, 2013," Nestle said.

During the quarter, there was no additional drawdown of the loan from Nestle SA under the ECB approval from the Reserve Bank of India (RBI).

"The total amount outstanding on this account continues to be $192 million since June 2012," the company said.

Shares in Nestle, on Friday, ended at Rs 5,447.35 on the BSE, down 2.05 per cent from the previous close.

Story first published on: July 26, 2013 20:17 (IST)

Tags: Nestle India, Nestle SA, Quarterly earnings

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