Maggi 2015 ban continues to hurt Nestle India, Q1 PAT falls 19%

By: | Published: May 12, 2016 5:03 PM

Total Expenditure of the company slid by 7.23 per cent yoy to Rs 1,856.04 crore for the quarter ended March 2016 against Rs 2000.75 crore in Jan-March 2015.

Nestle India sharesAccording to Nestle India, topline and bottomline of the company impacted in Jan-March due to the impact of Maggi Noodles issue in 2015. (AP)

Nestle India announced its results for the first quarter ended March 2016 on Thursday after market hours. The company reported 19.13 per cent fall in net profit figures at Rs 259 crore for the quarter under review. It had posted a net profit of Rs 320.28 crore in the corresponding quarter last year.

Net sales of the company slipped 8.53 per cent year-on-year (yoy) to Rs 2,295.73 crore. According to Nestle India, topline and bottomline of the company impacted in Jan-March due to the impact of Maggi Noodles issue in 2015.

Total Expenditure of the company slid by 7.23 per cent yoy to Rs 1,856.04 crore for the quarter ended March 2016 against Rs 2000.75 crore in Jan-March 2015.

The board of Nestle India declared an interim dividend for 2016 of Rs 12 per equity share on face value of Rs 10 per equity share. Dividend will be paid by the company on and from May 31, 2016.

The company had to pull the noodles off the shelves for nearly six months, and restarted sales only in November, after tests carried out at Indian government-accredited laboratories showed the noodles were safe for consumption.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition