Nestle India Limited has disclosed its financial performance for the quarter ending on September 30, 2023 (Q2 FY24) in an official exchange filing.
The key financial highlights are as follows:
Total Sales amounted to Rs 5,009.5 Crore.
The Total Sales Growth achieved a notable 9.4 percent, with Domestic Sales Growth reaching 10.3 percent.
Profit from Operations stood at an impressive 22.6 percent of Sales.
The Net Profit reported was Rs 908.1 Crore.
Earnings Per Share (EPS) amounted to Rs 94.18.
Business Comments – Q3 2023:
E-commerce: The channel contributed to 6.1% of the quarterly sales with continued growth across product groups driven by Quick Commerce.
Organized Trade: The retail channel continued delivering strong double-digit growth.
Out of Home (OOH): Registered strong double-digit volume led growth. Product transformation led to consistent performance.
Exports: Expanded product offerings across key international markets to delight Indian diaspora, that led to growth. MAGGI and NESCAFÉ SUNRISE range met with strong demand in both ethnic and mainstream channels.
Product Groups Performance – Q3 2023 (Domestic):
Prepared Dishes and Cooking Aids: Growth momentum continued across portfolio, driven by combination of market visibility, impactful media campaigns and targeted consumer engagement initiatives aided by innovation especially for RURBAN markets.
Milk Products and Nutrition: Delivered double-digit growth. Launched Nestlé a+Masala Millet. MILKMAID and PEPTAMEN continued to receive positive consumer response.
Confectionery: All key products registered strong growths led by KITKAT and supported by MUNCH. Performance was aided by consistent media support, digital first campaigns and a mega launch plan on KITKAT’s premium portfolio.
Beverages: Strong growth recorded across NESCAFÉ portfolio with all key brands- NESCAFÉ CLASSIC, NESCAFÉ Sunrise and NESCAFÉ GOLD registering double-digit growths. NESCAFÉ continued to cement its leadership position in the category with highest ever market share and strong household penetration gains.
Petcare Business: Felix Wet Cat food continued to receive positive feedback from trade and cat parents.
The Board of Directors have declared second interim dividend for 2023 of Rs 140 per equity share (Face value Rs. 10 per equity share) amounting to INR 1,349.82 crore, which will be paid on and from 16th November 2023. This is in addition to the first interim dividend of Rs 27/- per equity share paid on 8th May 2023.
Sub-division/ split of face value of shares:
The Board of Directors of the Company have approved the alteration in the share capital of the Company by sub-division/ split of existing equity shares having face value of Rs. 10 each, fully paid up, into 10 equity shares having face value of Re. 1 each fully paid-up, subject to the approval of Members of the Company.
Suresh Narayanan, Chairman and Managing Director, Nestlé India said, “I am pleased to share that we have, yet again, delivered consistent performance almost across all major brands. Domestic sales grew double digit, on account of mix, volume and price. Key brands continued to perform well, led by KITKAT, NESCAFÉ CLASSIC, NESCAFÉ SUNRISE, supported by MUNCH and MILKMAID. We are investing towards building our brand equity and have made strong and significant investments across all product groups.