Nestle India net profit up 37%

New Delhi FMCG major Nestle India Ltd on Thursday reported an increase of 37.28 per cent in net profit at Rs 908.08 crore for the third quarter ended September 30, helped by a consistent performance almost across all major brands. The company, which follows the January-December financial year, had posted a net profit of Rs 661.46 crore in the same period a year ago, Nestle India said in a regulatory filing. Nestle India’s net sales rose 9.43 per cent to Rs 5,009.52 crore during the period under review, as against Rs 4,577.44 crore in the corresponding period last fiscal, the company said. This is the first time when the sales of Nestle India, maker of Maggi noodles, Nescafe, Kitkat, crossed Rs 5,000 crore during a quarter. “We crossed Rs 5,000 crore turnover, which has been our first in any quarter in the history of the company and a landmark for us,” said Nestle India Chairman and Managing Director Suresh Narayanan. Consumer trends and increasing proclivity towards the adoption of brands in small towns and large villages have propelled the growth of the company, he said. “Our RURBAN strategy remained focussed on deepening our reach in under-penetrated small towns and large villages. The power of technology has been instrumental in getting actionable insights through our analytics platform MIDAS,” said Narayanan. Nestle India’s total expenses in the July-September quarter were at Rs 3,954.49 crore, up 5.92 per cent, as against Rs 3.733.12 crore in the corresponding period a year ago. Its domestic sales were up 10.33 per cent to Rs 4,823.72 crore, as against Rs 4,371.99 crore in the September quarter of 2022.