HomeStock MarketNestle India net profit rises 4.4%; revenue gains 8% in Dec quarter

Nestle India net profit rises 4.4%; revenue gains 8% in Dec quarter

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Nestle proposes extending CMD Suresh Narayanan's tenure till 2025
  1. Nestle India reported a 4.4 percent rise in net profit for the quarter ended December 31, 2023, reaching Rs 655.6 crore compared to Rs 628 crore a year ago.
  2. Revenue from operations for the December quarter increased by 8.05 percent year-on-year to Rs 4,600 crore from Rs 4,257 crore a year ago.
  3. Total income from operations for the 12 months ended December 31, 2023, rose by 13 percent to Rs 1.689 lakh crore from Rs 1.69 lakh crore in the previous year.
  4. Nestle India’s EBITDA for the quarter was Rs 1,077 crore, up by 10.2 percent from the same quarter in the previous fiscal year. Gross margins rose to 23.4 percent from 22.9 percent in Q4FY23.
  5. Domestic sales grew by 8.9 percent for the quarter, driven by pricing and mix growth, with strong momentum in e-commerce and out-of-home channels.
  6. Brand investments increased across all product groups during the year 2023, leading to total sales growth of over 13.3 percent, crossing the Rs 19,000 crore mark.
  7. The company registered a one-time loss of Rs 107.3 crore due to a change in the cost of servicing the defined pension benefit.
  8. The board announced a third interim dividend for the Financial Year 2023-24 of Rs 7 per equity share, totaling Rs 674.91 crore, payable on March 5, 2024.
  9. Nestle India approved the slump sale of its Nestlé Business Services (NBS) Division to Purina PetCare India, a 100% subsidiary of Nestlé S.A., for an aggregate consideration of Rs 79.8 crore.
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