Fast moving consumer goods major Nestle India Ltd on Thursday said it had closed the second quarter of FY24 with a higher revenue and after tax profit.
Declaring a second interim dividend of INR 140 per share of INR 10 each, Nestle also said it would split each equity share into fully paid 10 shares each with a face value of INR 1 by amending the Capital clause in the Memorandum of Association.
In the quarter that concluded on September 30, 2023, Nestle India generated a total revenue of INR 5,009.5 crore from sales of its products both domestically and internationally, with a net profit of INR 908 crore compared to INR 661.4 crore in the same period of Q2FY23.
Irregular rainfall and a shortfall in precipitation are anticipated to affect the output of maize, sugar, oilseeds, and spices, which could potentially lead to adverse pricing trends. The coffee market remains volatile due to a global supply deficit, and it was noted that weather conditions during the Indian Robusta crop harvest could influence production.
The forthcoming winter conditions could have an effect on wheat production. Nonetheless, the company anticipates a healthy milk surplus during the winter, which is likely to help maintain price stability.
As per Chairman and Managing Director Suresh Narayanan, domestic sales experienced double-digit growth due to a combination of factors including product mix, sales volume, and pricing.
“We are investing towards building our brand equity and have made strong and significant investments across all product groups. We crossed INR 5,000 crore turnover, which has been our first in any quarter in the history of the Company and a landmark for us,” Narayanan said.
The company’s equity shares, each with a face value of INR 10, concluded at INR 24,122 on the BSE.
