Nestle India’s Suresh Narayanan has been appointed as the company’s chairman to replace Antonio Helio Waszykm who retired on October 1 this year.
Nestle India Ltd, in a BSE filing stated that the Board of Directors of the Company at its meeting held on October 29, 2015 appointed Suresh Narayanan to fill up the vacant post, and that he would continue to fulfill his responsibility as the company’s Managing Director.
Suresh Narayanan, former Chairman and CEO of Nestle Philippines, was appointed as Nestle India’s MD at a crucial time when the company had to deal effectively with Maggi noodles fiasco after it was banned in the country.
On Thursday, Nestle India announced that its net profit for the third quarter ended September 30, 2015 declined 60 per cent year-on-year to Rs 124.20 cr impacted by Maggi noodles controversy. The company posted net profit of Rs 311.29 crore in the corresponding quarter a year ago.
Net total Income from operations of Nestle India fell 32.2 per cent YoY to Rs 1,742.36 crore for the quarter ended September 30, 2015 from Rs 2,570.42 crore in the corresponding quarter a year ago.
Net sales for the quarter fell largely due to the impact of Maggi Noodles issue. Net domestic sales decreased by 33.8 per cent.
“Export sales decreased by 6.4 per cent which is impacted by Maggi noodles issue and lower sales to Nepal due to blockage of border in the last week of September 2015, ” the company’s said in a BSE filing.