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COMPANY REPORT

Nestle India’s Q2 total sales worth Rs 2,469 crore in ’17; EPS Rs 27.32
Saturday, 29 July, 2017, 08 : 00 AM [IST]
Our Bureau, New Delhi
In the second quarter of 2017, Nestle India registered total sales worth Rs 2,469 crore, and its net profit after tax was Rs 263 crore. Its earnings per share (EPS) amounted to Rs 27.32.

The company’s board of directors declared a second interim dividend for 2017 of Rs 15 per equity share (the face value being Rs 10 per share), amounting to Rs 144.6 crore.

Total sales for the quarter increased by 7.3 per cent. Domestic sales increased by 8.8 per cent, mainly due to the increase in volumes supported by new product launches and rebuild of Maggi Noodles, supplemented by better realisations.

Growth was negatively impacted by softer trading in June ahead of the rollout of GST. Export sales dropped by 12 per cent, mainly due to the lower sales of milk and nutrition products to Bangladesh and the Middle-East.

The net profit increased by Rs 23 crore from the net profit of Rs 240 crore registered in the corresponding period the previous year.

The second interim dividend will be paid on and from August 16, 2017. This is in addition to the first interim dividend of Rs 15 per equity share, which was paid on June 2, 2017.

At the board of directors’ meeting at Nestle House, Gurugram, Suresh Narayanan, the company’s chairman and managing director, said, “I am pleased with the momentum on volume-led growth Nestle India registered during the quarter, which is at the core of the company’s strategy that we have defined.”

“An energised Maggi Noodles business, encouraging responses to our new product innovation and renovation and growth across most categories defined the company’s performance,” he added.

Narayanan said, “Nestle India continued on its journey to enhance the consumer value of its brands with the Simply Good Initiative of Maggi, which, among other steps, led to the addition of iron at 15 per cent of the recommended daily allowance (RDA) in our Masala Noodles.”

“This is a small step taken by the company to address the issues of iron deficiency prevalent in India. It will be our endeavour to fortify our products appropriately in line with the national priorities,” he added.

“Our business faced softer trading conditions in June, prior to the implementation of Goods and Services Tax (GST), with trade destocking and postponing purchases,” Narayanan said.

“However, I am happy to state that thanks to the outstanding efforts of our teams, our business partners and many others involved in systematic preparation, training and implementation, our transition has been smooth till date,” he added.
 
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