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Nestle India Q3 Results: Net Profit Up 8.3% To Rs 668 Crore; Rs 120 Dividend Declared

FMCG major Nestle India on Wednesday reported an 8.3 per cent year-on-year (YoY) rise in its net profit to Rs 668 crore for the September 2022 quarter (Q32022). The company’s revenue jumped 18.3 per cent YoY to Rs 4,591 crore during July-September 2022. Its total sales stood at Rs 4,567 crore and the sales growth was 18.2 per cent in Q32022, which was the highest sales growth during a quarter in the past five years.

The Maggi maker’s earnings per share during the July-September 2022 quarter stood at Rs 69.3, according to a BSE filing.

The company follows January-December fiscal year cycle.

It also declared a second interim dividend for 2022 of Rs 120 per cent per equity share on Wednesday. This is in addition to the first interim dividend of Rs 25 per equity share paid on May 6, 2022.

“The board of directors, at their meeting held today (Wednesday), declared second interim dividend of Rs 120 per equity share of Rs 10 each for the year 2022 on the entire issued, subscribed and paid-up share capital of the company of 9,64, 15,716 equity shares of the nominal value of Rs 10 each,”  Nestle India said in the filing.

It added that the second interim dividend for the year 2022 will be paid on and from November 16, 2022, to those members whose names appear in the register of members of the company and as beneficial owners in the depositories, as on the record date fixed for the purpose i.e., November 1, 2022, as intimated vide our letter PKR:GA 48:22 and 49:22 dated October 10, 2022.

The company in a statement said e-commerce showed strong acceleration with growth being largely fuelled by new, emerging formats such as uick commerce and lick & mortar and contributed 7.2 per cent to the quarterly sales.

It said growth was driven by MAGGI noodles, aided by media and distribution expansion. “Product group performed well, strong growth in MILKMAID as well.”

Nestle said continued strong performance in the product group aided by aggressive media campaigns, festive executions, consumer promotions and focused distribution drives. Strong growth was witnessed in NESCAFÉ CLASSIC, SUNRISE and vending mixes.

Suresh Narayanan, chairman and managing director of Nestlé India, said, “The company has witnessed the highest sales growth during a quarter in the last five years. This achievement has been on continued strong volume and mix evolution with broad-based double-digit growth across all categories.”

He added that growth has been strong in the large metros and mega cities and continued to be robust across smaller town classes including rural markets. This vindicates the consumer love and trust in the company’s brands, the unwavering commitment of team and partners and the resilience of the organisation to ensure not just the company’s products but its ‘product services’ are relevant, resonant and accessible to consumers across India.

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