Nestle India Q1CY24 Quarter Results
Nestle India reported 9% YoY revenue growth
- 29 Apr 2024
- Nestle India reported 14% quarter-on-quarter (QoQ) increase in its consolidated revenues for the calendar year quarter ended March 2024 (Q1CY24). On a year-on-year (YoY) basis, it witnessed a growth of 9%.
- Its expenses for the quarter were up by 11% QoQ and 5% YoY.
- While the net profit increased by 43% QoQ, it was up by 27% on a YoY basis.
- The earnings per share (EPS) of Nestle India stood at 9.7 during Q1CY24.
Nestle India Financial Statements for Q1CY24:
| (Rs, crores) | Q1CY23 | Q4CY23 | Q1CY24 | QoQ (%) | YoY (%) |
|---|---|---|---|---|---|
Total income | 4,864 | 4,631 | 5,294 | 14% | 9% |
Total expenses | 3,874 | 3,637 | 4,054 | 11% | 5% |
Profit before tax | 990 | 886 | 1,251 | 41% | 26% |
Tax | 254 | 231 | 316 | 37% | 24.3% |
Profit after tax | 737 | 656 | 935 | 43% | 27% |
Earnings per share | 7.6 | 6.8 | 9.7 |
Key Highlights:
- Net Profit: Increased by 26.8% to Rs 935 crore compared to Rs 737 crore in Q4FY23.
- Revenue: Grew by 9% to Rs 5,294 crore from Rs 4,864 crore in the corresponding quarter of the previous year. This marked the first time Nestle India's domestic sales crossed the Rs 5,000 crore mark.
- Confectionery: Delivered a strong performance, driven by KitKat. India became the second-largest market for the brand globally.
- Beverage Business: Recorded robust performance.
- Dividend: Nestle India has decided on a final dividend of Rs 8.50 per equity share
Management Commentary:
- Nestle India has approved the launch of Nespresso in the country and looks forward to participating in selling and distributing Nespresso’s products.
- Nestle India is also partnering with Dr. Reddy's Laboratories to launch a nutraceutical joint venture in India (Q2 FY 2024-25). The venture combines Nestle's global health products with Dr. Reddy's strengths in nutraceuticals and Indian market reach. This collaboration aims to be a major player in the Indian nutraceutical market.
Data Source: BSE, Company announcements
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