Nestle feels the lockdown pinch: FMCG major Nestle India's Q1 results were below the expectation as revenue from operations increased by 1.7%. Domestic sales growth was at 2.6% YoY to Rs 2,907.74 crore while profit increased 11.1% YoY.
Maggi peaked up towards the end of the quarter after initial supply constraints, while in-home consumption boosted its other milk-based product portfolio.
However, sales were adversely impacted due to the Covid-19 induced lockdown, leading to production disruption across factories.
PM swings in action: Prime Minister Modi is expected to chair a meeting with heads of banks and NBFCs to take stock of the economic situation.
The topics like stalled credit flow, Progress of NPA cases under IBC, the performance of schemes announced under the Aatmanirbhar Bharat Abhiyan package and emergency Credit Line Guarantee Scheme for MSMEs, liquidity measures for non-bank lenders are likely to be discussed.
The meeting is significant considering RBI's latest Financial Stability Report. The central bank in its report has projected that GNPAs in Indian banking system are likely to rise from 8.5% to 12.5-14.7% by March 2021 depending on the severity of stress in the economy.
Results on July 29: Among the major companies, Bharti Airtel, Maruti Suzuki India, Dr Reddy's Laboratories, TVS Motor Company, InterGlobe Aviation, Bombay Burmah Trading Corp, CEAT, Chambal Fertilisers, Colgate-Palmolive, Indian Energy Exchange, Manappuram Finance are set to announce their results today.
