Nestle India Q1: Profit Soars 7% to ₹747 Crore

25 Jul 2024 , 03:25 PM

Nestle India, the company that makes Maggi, revealed on Thursday that its June quarter earnings increased 7% YoY to ₹746.6 Crore from ₹698.3 Crore in Q1 of FY24. Meanwhile, revenue increased 3.3% YoY to ₹4,814 Crore from ₹4,658.5 Crore in the same time last year.

It gives me great pleasure to announce that we have experienced growth in all of our product categories in spite of external obstacles including slower increase in consumption, worries about ongoing food inflation, and unstable commodity prices.

Five of the top twelve brands of the MNC packaged goods company saw double-digit growth throughout the quarter. With robust double-digit growth, its beverage division shone out in India’s extremely hot summer.

Cooking tools and prepared foods also continued to expand, with innovations accounting for almost 30% of the growth during the quarter.

“Our customers have responded well to MAGGI Korean Noodles, and Masala-Ae-Magic has experienced double-digit growth. KITKAT produced growth in double digits. We are proud to be among the most widely dispersed companies in the confectionery industry, with a network of highly connected digital brands and a ton of upcoming innovations. The Milk Products and Nutrition portfolio continued to increase, according to Nestle.

E-commerce continued its upward trend, making up double digit growth and 7.5% of domestic sales.

The retail segment experienced double-digit growth, driven by overall premiumization, value-added noodles, and drinks. Strong growth momentum in the out-of-home (OOH) segment is being driven by premiumization, penetration, innovations, and portfolio transformation.

Nestle India increased their market share in exports by launching new SKUs in the Middle East, North Africa, Canada, and the United States.

Nestle stated in an exchange filing that, with all-time high prices and a continued price increase, coffee and cocoa commodities are facing historic headwinds.

“A structural cost increase for cereals and grains is being supported by the minimum support price, or MSP.” It stated that the prices of milk, culinary oils, and packaging are all comparatively stable.

For feedback and suggestions, write to us at [e-mail]