Nestle India Reports Robust Q2 Performance with 35.6% Net Profit Growth

27 Jul 2023 , 01:50 PM

Nestle India reported a net profit of Rs 698.3 crore for Q2 2023, a remarkable 35.6% increase compared to the same quarter last year when it stood at Rs 515 crore.

The company’s revenue for Q2CY24 grew by 15.4%, reaching Rs 4,658.5 crore from Rs 4,036.6 crore YoY. Domestic sales growth of the FMCG major was at 14.6%.

The net profit declined by 5.1%, and revenue fell 3.56% QoQ. EBITDA during the April-June quarter increased by 24.7% to Rs 1,058.8 crore from Rs 849.1 crore YoY, and the EBITDA margin improved by 170 basis points to 22.7% from 21% on-year.

The company witnessed double-digit growth driven by MAGGI Noodles, while the Milk Products and Nutrition business delivered strong double-digit growth despite inflationary pressures.

The Confectionery segment also registered double-digit growth, led by KITKAT and MUNCH.

Nestle India’s board of directors approved changing the Financial Year of the company to ‘April – March’ from ‘January – December,’ subject to approvals.

The current Financial Year of the company will be extended up to March 31, 2024, covering a 15-month period commencing from January 1, 2023, to March 31, 2024. Subsequent Financial Years of the Company will begin from April 1 each year and end on March 31 of the subsequent year.

For feedback and suggestions, write to us at [e-mail]