Nestle India dazzles, more than doubles Sept quarter profit

FMCG major Nestle India on Friday reported over two-fold jump in standalone net profit at Rs 269.39 crore for the third quarter ended September 30, 2016 on the back of all-round growth. 

The company had reported a net profit of Rs 124.20 crore for the July-September quarter a year ago, Nestle India said in a statement. Net sales was up 35.13 per cent to Rs 2,346.18 crore during the quarter under review as against Rs 1,736.20 crore of the corresponding quarter last fiscal.

Nestle's total expenditure was up 27.93 per cent to Rs 1,976.57 crore as against Rs 1,544.98 crore. The company follows January-December financial year.

Commenting on the results, Nestl India Chairman and Managing Director Suresh Narayanan said:v "Our growth was broad based across categories aided by spate of innovations and renovation of over 25 new products launched in the recent past." On the company's flagship product Maggi, he said: "We are now clearly in the leadership position in the instant noodles category, which vindicates consumer confidence and trust in brand Maggi." The segment was also helped by newly launched Maggi Hot Heads range, which has also accelerated the company's growth in the value-added segment, he said.