Nestle India has reported a jump of almost 27% in its profit for the quarter ending March FY24 standing at Rs 934.17 crore, against Rs 736.64 crore it reported in Q4 FY23. The company’s revenue came in at Rs 5,267.59 crore for the aforementioned period, an increase of 9% in comparison to Rs 4,830.53 crore it reported in the January – March period of FY23. 

The company follows a financial year of fifteen months.

Sequentially, the company’s net profit grew 42.4% for January-March in FY24, compared to the Rs 655.61 crore it reported in the previous quarter. Its revenue from operations was up 14.5% on quarter for the January – March period of FY24, against Rs 4,600.42 crore it reported in the previous quarter.

The company has cut down its corporate social responsibility (CSR) expense by 71% to Rs 4.06 crore for the quarter ending March of FY24 against Rs 14.26 crore it spent in the same period a year ago.  

Suresh Narayanan, Chairman and Managing Director of Nestlé India said that the company “delivered double-digit growth, despite challenges posed by rising food inflation and volatile commodity prices. We have witnessed a strong growth momentum across our product portfolio led by a combination of pricing and mix. Our domestic sales crossed Rs 5,000 crore this quarter, a notable milestone for us. I would like to extend my heartfelt gratitude to my colleagues, distributors, retailers and partners for their unwavering dedication, determination, and diligence.” 

“In the financial year ended 31st March 2024, confectionery delivered a strong performance, fuelled by Kitkat, making India the second-largest market for the brand globally. Our Beverages business recorded robust performance,” he added.

Nestle India has approved a definitive agreement to form a joint venture with Dr Reddy’s Laboratories, which is expected to be operational from the second quarter of FY25. 

Also, the company has approved launching Nespresso in India. Nestle India will be engaged in the sales and distribution of Nespresso’s products like machines and capsules. It expects to launch Nespresso in India by the end of 2024. 

The board of Nestle India has recommended a final dividend of Rs 8.50 per equity share. “Recommended Final Dividend of Rs. 8.50/- (Eight Rupees and Fifty Paisa only) per equity shares of Re. 1/- each for the fifteen months financial year ended 31st March 2024 on the entire issued, subscribed and paid-up share capital of the Company of 964,157,160 equity shares of nominal value of Re. 1/- (Rupee one only) each,” said Nestle India in an exchange filing. 

The board of Nestle India has recommended a final dividend of Rs 8.50 per equity share. 

“Recommended Final Dividend of Rs. 8.50/- (Eight Rupees and Fifty Paisa only) per equity shares of Re. 1/- each for the fifteen months financial year ended 31st March 2024 on the entire issued, subscribed and paid-up share capital of the Company of 964,157,160 equity shares of nominal value of Re. 1/- (Rupee one only) each,” said Nestle India in an exchange filing.