Nestle India Q3CY23 result: Profit up 37%; firm announces 1:10 stock split

The net profit of Nestle India Limited for the third quarter of the current calendar year (Q3CY23) saw a rise of 37.28 per cent to Rs 908.08 crore, compared to Rs 661.46 crore for the corresponding quarter of the previous year, the company said in a BSE filing. Sequentially, the net profit was up 30.03 per cent. In Q2CY23, the net profit of the company was Rs 698.34 crore.

Nestle India declared a second interim dividend of Rs 140 per equity share of Rs 10 each for the year 2023. The company also announced a stock split of each fully paid-up equity share of face value of Rs 10 into 10 equity shares of face value of Re 1 each.

The revenue from operations for Q3CY23 came in at Rs 5,036.8 crore, compared to Rs 4,601.8 crore year-on-year (y-o-y). This is a rise of 9.45 per cent. On a quarter-on-quarter (q-o-q) basis, the revenue for operations was up 8.12 per cent. It stood at Rs 4,658.5 crore in Q2CY23.

The total income for Q3CY23 came in at Rs 5,070.1 crore, compared to Rs 4,632.5 crore y-o-y, registering a rise of 9.44 per cent. On a q-o-q basis, the total income was up 8.27 per cent. It was Rs 4,682.5 crore in Q2CY24.

Suresh Narayanan, chairman and managing director, Nestle India, said, “…Domestic sales grew double digit, on account of mix, volume and price. Key brands continued to perform well, led by Kitkat, Nescafe Classic, Nescafe Sunrise, supported by Munch and Milkmaid. We are investing towards building our brand equity and have made strong and significant investments across all product groups. We crossed Rs 5,000 crore turnover, which has been our first in any quarter in the history of the Company and a landmark for us.”

In a press release, the company stated that its e-commerce channel contributed to 6.1 per cent of the quarterly sales with continued growth across product groups. The company’s retail channel continued delivering strong double-digit growth.