Nestle India reported a standalone net profit of ₹934 crore for the quarter ended March 2024, recording a rise of 27% from ₹737 crore in the year-ago period. Nestle India net profit beat analysts’ estimates of ₹858 crore.
The company’s revenue during the January-March quarter rose 9.1% to ₹5,268 crore from ₹4,830.5 crore, year-on-year (YoY).
At the operational level, Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) increased 21.8% to ₹1,337.7 crore from ₹1,098,7 crore, while EBITDA margin improved by 270 basis points (bps) to 25.4% from 22.7%, YoY.
The board of directors of Nestle India also recommended a final dividend of ₹8.5 per share of Re 1 each for the fifteen months financial year ended 31st March 2024.
Nestle India also approved the launch of Nespresso in India wherein the FMCG major will engage in the sale and distribution of Nespresso products (machines and capsules) through its distribution network, online channels, and boutiques under commercial arrangements with Nespresso and third parties.
The company expects to launch Nespresso in India by the end of 2024.
Additionally, Nestle India approved the execution of a definitive agreement to form a joint venture with Dr Reddy’s Laboratories for Nutritional Health Solutions.
At 12:55 pm, Nestle India share price was trading 0.45% higher at ₹2,514.25 apiece on the BSE.
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Published: 25 Apr 2024, 12:39 PM IST