Results for: Packaged Food

Nestle India, the Indian arm of Swiss food giant Nestle, reported a higher-than-expected quarterly profit on Thursday, driven by higher product prices and strong demand for packaged food items. The company’s net profit for the three months ended March 31 surged to 9.34 billion rupees ($112.03 million), compared to 7.37 billion rupees a year earlier. Analysts had projected a profit of 8.71 billion rupees. Revenue from operations also increased to 52.68 billion rupees from 48.31 billion rupees a year ago.

FMCG giant Nestle has reported a significant increase in its standalone profit for the fourth quarter (Q4), with a 27% jump to ₹ 934 crore from ₹ 737 crore recorded in the same period last year. This surge is attributed to increased pricing and robust demand for Nestle’s packaged food products. The company’s revenue also witnessed a 9% growth to ₹ 5,268 crore.

Nestle, the world’s largest packaged food company, has reported disappointing organic sales growth of 1.4% in the first quarter of 2023, falling short of analysts’ estimates of 2.9%. This is attributed to price hikes and reduced product sales. Nestle maintains its guidance of organic sales growth of about 4% by 2024, along with a moderate increase in underlying trading profit margin. CEO Mark Schneider anticipates a rebound in sales volumes in the second quarter.