Nestle India Posts Profit in Q3

New Delhi: Nestle India on Friday said its net profit after tax climbed 23.26 per cent to Rs 343.17 crore for the third quarter of 2017.

Net profit for the July-September quarter of the company, which uses the calendar year of declaring results, stood at Rs 343.17 crore, up 23.26 per cent from Rs 278.41 crore reported during the same period in 2016.

For the quarter ended September 30, 2017, the total revenue from operations of the company rose by 3.45 per cent to Rs 2,514.05 crore from Rs 2,430.25 crore reported during the same period last year.

"Total sales and domestic sales for the quarter increased by 3.6 per cent and 3.7 per cent respectively. These growth rates are impacted by the change in structure of indirect taxes," the company said in a statement.

"On a comparable basis the domestic sales growth is 'estimated' at 9.1 per cent due to increase in volumes including rebuild of Maggi Noodles, supplemented by better realisations coming from previous periods and netted by the price drops taken to pass on the GST benefits to the consumers," it added.

The company said its exports sales increased by 2.6 per cent.

"The dedication and commitment of the team and our partners has ensured a smooth transition into the GST regime," said Suresh Narayanan, Chairman and Managing Director of Nestle India.

"Our thrust on innovation and renovation continued with the launch of Maggi Nutri-licious Noodles, Milkybar and Kit Kat Dessert Delight," he added.

On Friday, the company's scrip slipped by 0.29 per cent to Rs 7770.10 per share on the BSE.

IANS