Mumbai, May 12 (IANS) Nestle India on Thursday said its net profit for the first quarter of 2016 dropped by 19 percent, at Rs.259 crorecompared to Rs.320 crore posted during the corresponding quarter in 2015.
Net sales for the quarter stood a Rs.2,296 crore, a drop of 8.4 percent compared to the same period in 2015, the company said in a statement, adding the results for the quarter have been impacted by the Maggi noodles issue in 2015.
"Our results show further improvement in sequential performance, both in sales and margins. This is extremely satisfying as we move ahead and rebuild our business, particularly Maggi noodles, after a tough year. Maggi noodles has already regained leadership with over 50 percent of market share within five months of re-launch," said Nestle India chairman and managing director Suresh Narayanan.
"We are gearing up for volume growth with renewed focus and commitment on consumer relevant innovation and renovation," he added.
