FMCG major Nestle India today reported a 23.26 per cent increase in its net profit at Rs 343.17 crore for the September quarter, driven by higher income and volume-led momentum. company, which follows the January-December fiscal, had posted a net profit of Rs 278.41 crore during the same period in the previous fiscal.
Total sales during the quarter under review stood at Rs 2,500.67 crore. It was Rs 2,412.91 crore in July-September of 2016-17.
Company Official said “On a comparable basis, the domestic sales growth is estimated at 9.1 per cent on the back of increase in volumes, including rebuilding of Maggi noodles. Absolute expenses and expenses in percentage of sales for the quarter ended September are not comparable with the previous periods due to GST implementation from July 1. With the change in structure of indirect taxes, expenses are also being reported net of taxes.”
Nestle India Chairman and Managing Director Suresh Narayanan said "I am pleased with the sustained volume-led growth momentum across all product groups. The dedication and commitment of the team and our partners have ensured a smooth transition into the GST regime. our thrust on innovation and renovation continued with the launch of Maggi nutri-licious noodles, Milkybar and KitKat dessert delight”.