Nestle India Q4 results: The FMCG giant reported a net profit of Rs 934 crore for the three months ended March 31, 2024 (Q4 FY24), a jump of 26.73 per cent from Rs 737 crore a year earlier.
Nestle India Q4 results: Revenue from operations climbed to Rs 5,268 crore in Q4 FY24
FMCG major Nestle India on Thursday reported a net profit of Rs 934 crore for the three months ended March 31, 2024 (Q4 FY24), a jump of 26.73 per cent from Rs 737 crore a year earlier.
For the Indian arm of Swiss food giant Nestle, revenue from operations climbed to Rs 5,268 crore in Q4 FY24, up 9.05 per cent from Rs 4,831 crore in the year-ago period.
Suresh Narayanan, Chairman and Managing Director, Nestle India said, “I am pleased to share that we have delivered double-digit growth, despite challenges posed by rising food inflation and volatile commodity prices. We have witnessed a strong growth momentum across our product portfolio led by a combination of pricing and mix. Our domestic sales crossed Rs 5,000 crore this quarter, a notable milestone for us.”
Also, the company’s Board of directors have recommended a final dividend for the fifteen months (FY24) of Rs 8.50 per equity share (face value of Re 1 each) amounting to Rs 819.53 crore.
“Besides the aforementioned final dividend, the total dividend for the fifteen months (FY24) includes first interim dividend of Rs 27 per equity share (face value of Rs 10 each), second interim dividend of Rs 140 per equity share (face value of Rs 10 each) and third interim dividend of Rs 7 per equity share (face value of Re 1 each) paid on May 8, 2023, November 16, 2023 and March 5, 2024, respectively. The face value of the equity share has changed from Rs 10 each to Re 1 each,” it further stated.
Separately, Nestle India has entered into an agreement with Dr. Reddy’s Laboratories to bring nutritional solutions.
“The joint venture company would be formed with Dr Reddy’s holding 51 per cent and Nestlé India’s holding 49 per cent. Nestlé India will have a call option to increase shareholding upto 60 per cent after six years at a fair market value. Dr Reddy’s shall continue to hold at least 40 per cent of the shareholding after the company exercises its call option,” it mentioned.
Nestle India shares were last seen trading 1.68 per cent higher at Rs 2,544.85 today.
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