Nestle India Reports 4.4% Rise in Q4 Profit, Achieves Record Sales of Over ₹19,000 Crore in 2023

7 Feb 2024 , 03:27 AM

Nestle India reported a 4.4% rise in Q4CY23 net profit to ₹655.6 Crore. Revenue from operations for the same quarter increased by 8.05% YoY to ₹4,600 Crore. Total income from operations for the 12 months ended December 31, 2023, was ₹1.689 Lakh Crore, up 13% from the previous year.

Nestle India’s shares rose by 2% to trade at ₹2,511.55 apiece after the earnings announcement. Earnings Before Interest Tax Depreciation and Amortization (EBITDA) for the quarter was ₹1,077 Crore, up 10.2% from the same quarter last fiscal year.

Domestic sales in the quarter grew by 8.9%, driven by pricing, mix growth, and strong performance in e-commerce and out-of-home channels.

The quarter saw increased brand investments across all product groups. Total sales for the year 2023 grew by over 13.3%, crossing the ₹19,000 Crore mark.

The company registered a one-time loss of ₹107.3 Crore due to a change in the cost of servicing the defined pension benefit. The board announced a third interim dividend for CY23 of ₹7 per equity share, amounting to ₹674.91 Crore, to be paid on March 5, 2024.

Nestle India approved the slump sale of its Nestle Business Services (NBS) Division to Purina PetCare India for ₹79.8 Crore.

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