Nestle India Q2 Results FY2023, PAT at Rs. 668 crores

On 19th October 2022, Nestle India announced its second quarter results for the period ending 30th September 2022. 

Q2FY23 Performance updates:

- Total Sales of Rs. 4,567 Crore with a total sales growth of 18.2%. Domestic Sales Growth at 18.3%. 
- Revenue from operations stood at Rs. 4591 crores
- Profit from Operations was reported at 20.3% of Sales
- Net Profit of Rs. 668 Crore was reported by Nestle India

Business Highlights:

- E-commerce: The channel showed strong acceleration with growth being largely fuelled by new, emerging formats such as quick commerce and lick & mortar, and contributed 7.2% to the quarterly sales. 
- Organized Trade: The channel continues to witness strong growth across customers and categories in the wake of high footfalls. 
- Out of Home (OOH): The channel grew at a robust pace driven by faster channel reopening and business-led initiatives. 
- Exports: Proliferation of Indian product portfolio in new markets and expanding new categories, especially wider offerings in MAGGI and confectionery remain key focus

Commenting on the results, Mr. Suresh Narayanan, Chairman, and Managing Director, of Nestlé India said, “I am delighted to share that we have witnessed the highest sales growth during a quarter in the last five years. This achievement has been on continued strong volume and mix evolution with broad-based double-digit growth across all categories. Growth has been very strong in the large metros and mega cities and continued to be robust across smaller town classes including rural markets. This vindicates the consumer love and trust in our brands, the unwavering commitment of my team and our partners, and the resilience of the organization to ensure not just our products but our ‘product services’ are relevant, resonant, and accessible to consumers across India.”

The Board of Directors has declared a second interim dividend of Rs. 120/- per equity share amounting to Rs. 1157.0 crores, which will be paid on and from 16 November 2022. 
 

The Nestle India's share price rose up by 1.72%