Millennium Post

Nestle India shows the way, ups sales 3.4% in Jan-March quarter

Fast moving consumer goods (FMCG) major Nestle India on Wednesday posted a 7.14 per cent decline in net profit to Rs 259.16 crore in the first quarter ended 31 March. The company had posted a profit of Rs 279.09 crore in the January-March quarter a year earlier. Net sales
rose to Rs 2,313.46 crore from Rs 2,248.08 crore in the same period of the previous year, Nestle India said in a Bombay Stock Exchange (BSE)  filing.

‘The first-quarter results are broadly as expected and in line with our strategy, which was alluded to in my comments while announcing the full year 2013 results,’ Nestle India Managing Director Etienne Benet said. He said Nestle would continue to take decisions to move towards
being a leader of nutrition, health and wellness in India. Nestle said its board declared an interim dividend of Rs 12.50 per equity share for 2014.

Shares of fast moving consumer goods major Nestle India fell by almost 2 per cent after the company posted a 7.14 per cent decline in net profit for the quarter ended 31 March, 2014. Nestle’s stock ended the day 1.94 per cent lower at Rs 4,757 on the Bombay Stock Exchange. It fell by 2.46 per cent to Rs 4,732 intra-day.

On the National Stock Exchange (NSE), the stock lost 1.94 per cent to end at Rs 4,779. ‘Disappointing results, yet again topline miss,’ said Pritesh Chheda, Research Analyst with Emkay Global Financial Services. For the quarter ended 31 December, 2013, it posted a profit  a marginal increase in net profit at Rs. 281.66 crore.
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