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Nestle India's Jul-Sep net profit falls 1.4%, revenue rises

Friday - October 23, 2020 9:30 pm , Category : BUSINESS
Mumbai, Oct 23 (IANS) Nestle India on Friday reported 1.37 per cent decline in its net profit, on a year-on-year basis, for the July-September quarter, at Rs 587.09 crore.

During the corresponding period of the last financial year, it had reported a net profit of Rs 595.27 crore.
Nestle India's revenue from operations during the period under review rose 10.13 per cent to Rs 3,541.7 crore.
The company plans to invest Rs 2,600 crore over the next three-four years to augment the existing manufacturing capacities, as well as towards the new under-construction factory in Gujarat's Sanand.
Nestle India Chairman and Managing Director, Suresh Narayanan, said that the quarter witnessed growth driven by an improved supply situation, as the factories returned to normal output.
"Boosted by an increase in in-home consumption, our key brands like MAGGI Noodles, MAGGI Sauces, KITKAT, Nestle MUNCH, NESCAFE CLASSIC & NESCAFE SUNRISE witnessed double digit growth," he said.
"Demand in 'Out of Home' channels improved during the quarter but continues to be impacted due to the overall environment. We continued our strong performance in the e-commerce channels, which grew by 97 per cent and now contributes about 4 per cent of domestic sales," he added.

--IANS rrb/sn/vd