Packaged foods major Nestle India delivered over six billion servings of instant noodle brand Maggi and 4.2 billion fingers of chocolate wafer brand KitKat to consumers in FY24, the company disclosed in its latest annual report. In the process, India emerged as the largest and second-largest market worldwide for the two brands, the company said, which has covered the fifteen-month period ended March 31 in its latest annual report.
“Penetration, premiumisation and innovation, combined with disciplined resource allocation, have been key in driving business, making your company one of the fastest-growing markets for Nestle globally,” the company said.
In FY24, Nestle India reported a topline of Rs 24,275 crore, which is not comparable with the previous period of CY22, a 12-month accounting calendar. In his address to shareholders in the latest annual report, Nestle India’s chairman and MD Suresh Narayanan said that the company had delivered double-digit sales growth amid a dynamic market landscape.
“Tempered by a multitude of persistent challenges, such as the socio-economic ramifications of post-pandemic recovery and fluctuations in commodity prices, geopolitical tensions continued to simmer in various regions. Amidst a challenging external landscape, Nestle India remained committed to its growth path,” Narayanan said.
The company, he said, was poised to invest approximately Rs 7,500 crore over the next few years to develop new capabilities and expand existing ones with a sharp focus on sustained growth and innovation. The company will be setting up its tenth plant in India in the state of Orissa.
Nestle is also expanding its offerings under the Maggi brand by introducing Oats Noodles, Korean Noodles, and several masala variants, priced at Rs 10, the company said. The company has also prioritised innovation, launching more than 140 products over the past eight years, it said.
“The prepared dishes and cooking aids business recorded strong growth momentum. This was aided by a balance of product mix, pricing and volume growth in Maggi noodles and Maggi Masala-ae-Magic, supported by strong consumer engagement and market presence with media campaigns and attractive consumer activations,” the firm said.
Prepared Dishes and Cooking Aids, which includes Maggi, contributed 30.4% to FY24 sales; confectionery, which includes KitKat, Munch, and Milky Bar, contributed 16.5% to FY24 sales; and powdered and liquid beverages, which includes Nescafe, contributed 12.4% to sales.