Nestle India Ltd share Price

Test

Test

Q1CY23 Quarterly Result Announced for Nestle India Ltd.

Packaged Foods company Nestle India announced Q1CY23 results:

• Total sales of Rs 4,808 crore
• Total sales growth at 21.3%; domestic sales growth at 21.2%
• Profit from operations at 21.0% of sales
• Net profit of Rs 737 crore
• Earnings per share of Rs 76.4
• The board of directors on 12th April 2023 declared an interim dividend for 2023 of Rs 27.0 per equity share (face value Rs 10 per equity share) amounting to Rs 2,603.2 million, which will be paid on and from May 8, 2023, along with the final dividend for 2022 of Rs 75.0 per equity share approved in the annual general meeting on April 12, 2023.

Commenting on the results, Suresh Narayanan, Chairman and Managing Director, Nestle India, said, "I am pleased to share that we have continued to deliver robust sales growth this quarter, which is broad-based with a healthy balance of pricing, volume, and mix.

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). Yet again, I would single out the outstanding diligence, commitment and seizing of every opportunity in the marketplace by our employees, partners, distributors, and stakeholders. Teamwork has triumphed once again!

All our product groups delivered double-digit growth, a notable feature in these past four quarters in a row. Confectionery led by KITKAT, and MUNCH posted strong growth, supported by consumer-led campaigns, innovation and engagement. Beverages turned in another quarter of robust growth and market share gains led by NESCAFE Classic, NESCAFE Sunrise, and NESCAFE GOLD. Prepared Dishes and Cooking Aids delivered strong growth across all products in its portfolio. One can discern portfolio upgradation happening in this category. Milk products and Nutrition continued its strong performance led by MILKMAID among others.

I am very pleased that in line with our commitment to enable people to live healthier lives, we launched ThickenUp Clear, a food and beverage thickener from our Nestle Health Science portfolio. ThickenUp Clear can be used to help patients with swallowing difficulties, especially in oropharyngeal dysphagia. I feel proud of the Company's efforts to make a difference, where it matters to improve their quality of life.

Our out-of-home business continued to accelerate rapidly this quarter. We continued with portfolio transformation, continued expansion, route to market focussed on relevant geographies, channel prioritization and opening of new kiosks in key locations. Our strong performance in e-commerce continued with significant growth in quick commerce. We accelerated our sustained growth journey in RURBAN. The growth in RURBAN was complemented by strong momentum in metro and megacities. Rural growth was also strong, secular and robust, being volume led which gives greater confidence and impetus to our efforts to enhance our footprint.

It is an honour to welcome our board of directors and host our board meeting at our newest factory in Sanand, Gujarat. The Sanand factory is a shining example of diversity, with women constituting the majority of the workforce. The factory is environment friendly, moving towards paperless, digitally advanced with state-of-the-art digital manufacturing processes. It was inspiring to meet passionate, competent, and motivated factory colleagues. Our societal initiatives such as Nestle Healthy Kids Programme, Sanitation and Oxygen plants are providing support to communities near our Sanand factory."

Result PDF