Nestle India Q1 Results CY2023, Net profit at Rs. 736.64 crores, up by 24.69%

On 25th April, Nestle India announced its results for the first quarter of CY2023.

Nestle India Net Sales:

- Total Sales and Domestic Sales for the quarter increased by 21.3% and 21.2% at Rs.4808.4 crores and Rs. 4612.73 crores respectively. 
- Domestic Sales growth is broad-based with a healthy balance of pricing, volume and mix. Export Sales increased by 24.9%. 
- Revenue from operations stood at Rs. 4830.53 crores

Nestle India Net Profit:

- Profit before tax was reported at Rs. 990.46 crores
- Net Profit of Rs. 736.64 Crores was reported by Nestle India, up by 24.69% YoY
- Profit from Operations was reported at 21.0% of Sales. 
- Earnings Per Share of Rs. 76.4.

Nestle India Business Highlights:

- The e-commerce channel delivered strong performance with significant growth in quick commerce.
- The organized trade channel witnessed broad-based growth across product groups in the retail business fuelled by rapid outlet expansion. 
- The out-of-home channel posted strong performance. Growth has been secular across brands, geographies, and channels.
- The export business delivered strong double-digit growth of product portfolio in global markets through both mainstream and ethnic channels.
- Prepared Dishes and Cooking Aids segment delivered strong growth across all products in its food portfolio. Growth momentum was aided by market presence, media campaigns, and focussed consumer activations.
- The milk Products and Nutrition segment registered strong double-digit growth, despite commodity pressures. Gerber Cereals and Ceregrow Grain Selection performed well. Strong growth in Milkmaid. Launched ThickenUp Clear.
- The Confectionery segment has shown robust growth led by KitKat and Munch. Performance was supported by focused trade plans and strong consumer engagement.
- Beverages segment continued to witness robust growth. Nescafe recorded its highest-ever market share. Nescafe RTD and out-of-home also delivered strong growth. 
- Pet Food segment continued to build on its momentum and launched new products within its cat portfolio. 
- 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 8th May 2023 along with the final dividend for 2022 of Rs. 75.0 per equity share approved in the Annual General Meeting on 12th April 2023. 

Commenting on the results, Mr. Suresh Narayanan, Chairman and Managing Director, of Nestlé 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!”