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Nestle India reported a net profit of Rs 655.61 crore for the quarter ended December 31, 2023, an increase of 4% compared to Rs 628.06 crore in the year-ago period. The company's operating revenue stood at Rs 4,642 crore, an increase of 8.07% as compared to Rs 4,256.79 crore in the corresponding quarter of the previous financial year. The quarter was marked by increased brand investment across all product groups and all major brands, with product groups contributing to Nestlé India's consistent growth trajectory.
Commenting on the results, Suresh Narayanan, Chairman and Managing Director, Nestle India, said, “Despite external challenges, I am pleased to share that our company delivered another strong performance this quarter.'' As a result, domestic sales increased by 8.9%.” We are also pleased to know that in 2023, our total sales increased by more than 13.3% to over Rs 19,000 billion. mark. “
The beverage products group made the largest contribution to growth during the quarter, driven by strong demand for Nescafé Classic and Nescafé Sunrise. The beverage business experienced his double-digit growth and Nescafe gained significant market share. The milk and nutritional products group recorded his double-digit growth. Prepared tableware and cooking aids also maintained solid growth during the quarter. Confectionery, one of the strong growth drivers, also achieved strong growth.
Nestlé said coffee prices remain volatile and historically high due to limited availability. Prices are expected to stabilize in the winter as there will be a healthy milk flush. Commodities such as wheat and rice have remained stable for now. The lack of rain is expected to affect production of corn, sugar, oilseeds and spices, which could impact prices. The company has approved changing its fiscal year to a unified fiscal year that begins on April 1 of each year and ends on March 31 of the following year.
