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Nestle India profit rises 25% for Q1CY23

Nestle India, the FMCG major reported a 25 per cent year-on-year (YoY) rise in profit to Rs 737 crore YoY for the first quarter ended on 31 March 2023 compared to Rs 590.7 crore previous year in the same quarter, according to its regulatory filing.

Nestle, which follows a January to December financial year, reported a revenue from operations of Rs 4,830.5 crore in the January-March quarter of CY23, indicating a 21 per cent YoY  increase from Rs 3992.6 crore in the same quarter of the previous fiscal year. 

The company's net sales stood at Rs 4,808 crore, with total sales growth and domestic sales growth at 21.3 per cent  and 21.2 per cent, respectively.

It recorded a profit from operations of Rs 1,008 crore, which is 21.0 per cent of its sales. The company's earnings per share stood at Rs 76.4.  The company's exports also rose by 24.91 per cent to Rs 195.67 crore. 

Suresh Narayanan, Chairman and MD of Nestle India, said that "This is the highest growth for the Company in a quarter in the last 10 years (excluding the exceptional quarter in 2016 which was off a low base in 2015)." 

He added that all the company's product groups delivered double-digit growth, with confectionery leading the way supported by consumer-led campaigns, innovation, and engagement. The beverages sector also turned in another quarter of robust growth and market share gains led by Nescafe. 

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