Nestle India Ltd Q3 Results FY2024, Net profit at Rs.655.6 crores

On 7th February, Nestle India Ltd announced its quarterly results.

Key Highlights:

- Total Sales for Nestle India was reported as Rs.4583.6 crore. Total Sales Growth was at 8.3%. Domestic Sales Growth at 8.9%. 
- Revenue from operations was reported at Rs.4600.42 crores
-  Profit from Operations at 21.9% of Sales 
-  Net Profit of Rs. 655.6 crore.
  

Business Highlights:

- With focused demand generation strategies across major platforms based on portfolio relevance and consumer demands, the e-commerce business enjoyed continuing growth momentum.
- The organized trade sector had strong growth, fueled by festive walk-ins. The channel kept up its crucial role in premiumization and the introduction of new products. 
- The Out of Home (OOH) segment had robust growth, driven by the premiumization and transformation of the portfolio, the priority of channels, the creation of digital leads, and the acquisition of new clients.
- Expanded product offers in important foreign markets, which delighted the Indian diaspora exploring many markets, drove exports. 
- The beverage industry saw double-digit expansion, with NESCAFÉ gaining a sizable portion of the market. 
- The product group for milk and nutrition had a double-digit increase. 
- This quarter, Prepared Dishes and Cooking Aids both showed a commendable increase. 
- One of the key growth drivers, confectionery, also produced great growth.

Commenting on the results, Mr. Suresh Narayanan, Chairman and Managing Director, Nestlé India said, “I am pleased to share that despite external challenges, we have once again delivered a strong performance this quarter. Domestic sales grew by 8.9% on the back of pricing and mix growth, with strong growth momentum in e-commerce and out-of-home channels. The quarter was marked by an increase in brand investments across all product groups. I am also pleased to note that during the year 2023, our total sales grew by over 13.3% and we crossed INR 19,000 crore mark.