Nestle India s net profit up 22% in 2017
Mumbai Feb 14 (IANS) Nestle India on Wednesday reported a 22.35 per cent rise in its net profit during 2017.
The company in a regulatory filing to the BSE said that its net profit for 2017 rose to Rs 1 225.19 crore from Rs 1 001.36 crore reported in 2016.
According to the filing the total income of the company during year stood at Rs 10 369.10 crore up 7.73 per cent from Rs 9 625.47 crore earned in 2016.
"Total sales and domestic sales for the year increased by 7.7 per cent and 8.2 per cent respectively. These growth rates are adversely impacted due to lower reported sales by the change in structure of indirect taxes and reduction in realisations to pass on the GST benefits " the company said in a statement.
"On a comparable basis the domestic sales growth is â€˜estimated at 11.8 per cent due to increase in volumes including rebuild of Maggi noodles supplemented by better underlying realisations " it said.
On a quarterly basis the net profit rose nearly 60 per cent to Rs 311.83 crore in Q4 2017 from Rs 195.41 crore during the corresponding period of 2016.
The total income in Q4 2017 stood at Rs 2 652.55 crore up 10.45 per cent from Rs 2 401.56 crore earned in Q4 2016.
"The board of directors have recommended a final dividend of Rs 23.00 per equity share amounting to Rs 2 217.6 million (Rs 221.76 crore) for the year 2017 " the company said.