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Nestle returns with big bang, scores Rs 231 cr April-June profit

 PTI |  2016-07-30 23:24:45.0  |  New Delhi

Nestle returns with big bang, scores Rs 231 cr April-June profit

The company, which follows January-December financial year, had posted a net loss of Rs 64.40 crore during the April-June quarter last fiscal. Net sales of the company during the quarter under review were up 16.66 per cent to Rs 2,256.09 crore as against Rs 1,933.84 crore of the year-ago period, Nestle said in a BSE filing.

“Net sales for the quarter increased by 16.7 per cent on base impacted by Maggi noodles issue. While domestic sales increased by 17.5 per cent, exports increased by 7 per cent,” the company said.

Nestle India Chairman and Managing Director Suresh Narayanan said: “It is heartening to see MAGGI Noodles rebound to market leadership of about 57 per cent after its reintroduction last November. 
The MAGGI brand has indeed shown resilience and consumer trust in its comeback.” 

For the first half of the year, Nestle’s net profit was up 91.43 per cent to Rs 489.84 crore as against Rs 255.88 crore of the corresponding period of 2015. Nestle’s net sales for the six-month period were up 2.50 per cent to Rs 4,551.82 crore as against Rs 4,440.63 crore in the same period a year ago.

The company said: “Results for the quarter/half year ended 30th June, 2016 are not entirely comparable with the results of the corresponding period due to Maggi noodles issue in 2015.” In a separate filing, Nestle informed that its board in a meeting held today declared second interim dividend of Rs 12 per equity share having a face value of Rs 10 amounting to Rs 115.7 crore.

“This is in addition to the first interim dividend of Rs 12 per equity share paid on 31st May, 2016,” said Nestle. Shares of Nestle today settled at Rs 7,165.60, down 0.79 per cent, on BSE. 

PVR Q1 net dips 1.6% to Rs 43 cr
Multiplex operator PVR Ltd on Friday reported a decline of 1.60 per cent in consolidated net profit to Rs 42.81 crore for the first quarter ended June 30. It had posted a net profit of Rs 43.51 crore in April-June period a year-ago, PVR said in a BSE filing. PVR's consolidated net sales were up 17.19 per cent to Rs 559.96 crore during the quarter under review as against Rs 477.81 crore in the year-ago period. Its revenue from movie exhibition was up 40.91 per cent to Rs 532.45 crore in the first quarter of 2016-17 as against Rs 377.85 crore in the corresponding period of the previous fiscal.
PVR's earning from movie production and distribution was up 15.37 per cent to Rs 26.27 crore during the quarter as against Rs 22.77 crore a year-ago.

For 'Others' segment, which includes bowling, gaming and restaurants, earning was up 12.60 per cent to Rs 20.37 crore as against Rs 18.09 crore in the first quarter last fiscal. Meanwhile, in a separate filing PVR informed that it would raise Rs 300 crore from the markets by issuing non-convertible debentures (NCDs). Its board, in a meeting held today, has approved to issue NCDs of Rs 50 crore and has also asked "for the approval of members in the ensuing annual general meeting issue of non-convertible debentures for a sum not exceeding Rs 250 crore".

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