Nestle India posts 6% increase in net to Rs 288 cr, turns debt-free

Written by Press Trust of India | Updated: Aug 8 2014, 06:34am hrs
FMCG major Nestle India on Thursday posted a 6.07% increase in net profit to R287.86 crore for the second quarter ended June 30, 2014.

The company had posted a net profit of R271.38 crore during the April-June quarter of 2013-2014.

The company, which follows the January-December financial year, reported net sales of R2,418.91 crore in the quarter under review, up 9.29% against R2,213.21 crore in the same period of previous year.

Commenting on the results, Nestle MD Etienne Benet said: "The results are broadly as expected and in line with our vision and strategy."

Benet added that the company was now debt-free after paying the last instalment of $35 million (total borrowing of $192 million) of external commercial borrowing in July.

For the half year ended June 30 2014, Nestle India's net profit stood at R547.02 crore against R550.47 crore in the same period last year.

Net sales during the half-year period stood at R4,732.37 crore compared to R4,461.29 crore in the same period of the previous fiscal, the company said.

Shares of Nestle India closed at Rs 5406.60 apiece on the BSE, up 2.22% from the previous close.