Nestle logs PAT of Rs 908 crore, to split shares

Chennai, Oct 19 (SocialNews.XYZ) Fast moving consumer goods major Nestle India Ltd on Thursday said it had closed the second quarter of FY24 with a higher revenue and after tax profit.

Declaring a second interim dividend of Rs 140 per share of Rs 10 each, Nestle also said it would split each equity share into fully paid 10 shares each with a face value of Re 1 by amending the Capital clause in the Memorandum of Association.

For the quarter ended September 30, 2023, Nestle India had earned a total revenue of Rs 5,009.5 crore (Q2FY23 Rs 4,577.4 crore) from product sales within India and overseas and a net profit of Rs 908 crore (Rs.661.4 crore).

Uneven rain and rain deficit is expected to impact production of maize, sugar, oilseeds and spices that may have an adverse impact on pricing. Coffee continues to be volatile because of global supply deficit, it said adding that the weather during the harvest of Indian Robusta crop may impact production.

Upcoming winter weather may impact wheat production. However, Healthy milk flush is expected in winter which is expected to keep prices stable, the company said.

According to Chairman and Managing Director Suresh Narayanan, domestic sales grew double digit, on account of mix, volume and price.

"We are investing towards building our brand equity and have made strong and significant investments across all product groups. We crossed INR 5,000 crore turnover, which has been our first in any quarter in the history of the Company and a landmark for us," Narayanan said.

The company’s equity shares with a face value of Rs 10 closed at Rs 24,122 on the BSE.

Source: IANS