Nestle India Ltd, a leading fast-moving consumer goods company, announced a significant rise of 65.50% in their net profit for the fourth quarter, which concluded on December 31, 2022. The company’s net profit surged to Rs 628.06 crore during the period.
As per the regulatory filing by Nestle India, which follows a January-December financial year, the company’s net profit in the corresponding period of the previous year was Rs 379.48 crore. This year, however, the company has reported a substantial increase of 65.50% in net profit, reaching Rs 628.06 crore for the same quarter.
Nestle India has reported a 13.95% increase in net sales during the reviewed period, reaching Rs 4,233.27 crore, compared to Rs 3,714.86 crore in the same period of the previous fiscal year, according to the company’s statement.
During the October-December quarter, Nestle India incurred total expenses of Rs 3,427.27 crore, indicating a 12.78% increase compared to Rs 3,038.84 crore during the same period last year. Meanwhile, the company’s domestic sales rose by 13.82% to Rs 4,061.85 crore, up from Rs 3,568.44 crore in the corresponding quarter of 2021.
In the corresponding quarter of the previous year, Nestle India’s exports increased by 17.07% to reach Rs 171.42 crore, up from Rs 146.42 crore. For the year ending on December 31, 2022, the company’s sales amounted to Rs 16,789.53 crore, and it achieved a net profit of Rs 2,390.52 crore during the same period.
According to Suresh Narayanan, the Chairman and Managing Director of Nestle India, the company achieved its most significant double-digit growth in the past ten years, driven by a consistent increase in both sales volume and price mix. As a result, the company experienced a robust increase in overall value.
In 2022, Nestle India experienced significant growth in both total and domestic sales, with a 14.5% and 14.8% increase respectively, across all product categories. Their e-commerce sales were also strong, driven by Quick Commerce and Click & Mortar. As a result, the company’s stock was trading at Rs 19,674.05 per share on the BSE in the afternoon, representing a 2.23% increase from its previous closing price.
