New Delhi (Anish Yande): Nestle India has announced its quarterly results for the March quarter of 2021. The packaged foods company has recorded a rise in its net profit for the March quarter to Rs 602 crore. Nestle India had recorded a net profit of Rs 525.43 crore in the March quarter of the previous fiscal, at an increase of 14.65 percent.
Nestle India net profit:
The maker of Nescafe coffee and Maggi noodles recorded an increase in domestic sales at Rs 3,442 crore for the March quarter.
In the March quarter, the total expenses were at Rs 2,828.61 crore, at an increase of 6.1 percent from the corresponding quarter of the previous fiscal.
Total expenses for the quarter stood at ₹2,828.61 crore up 6.1% from the same quarter last year. The revenues of Nestle India in the quarter have increased to Rs 3,600 crore, at 8.9 percent on a year-on-year basis.
The company has stated that sales from e-commerce methods grew 66 percent as compared to the corresponding quarter of the previous fiscal. The sales from the e-commerce methods led to 3.6 percent of the overall sales.
Nestle India to declare interim dividend:
Nestle India's earnings before interest, tax, depreciation, and amortization (EBITDA) in Q1CY21 rose to Rs 929.8 crore, at an increase of 17.1 percent in the quarter. The EBITDA margin expanded by 190 bps at an increase of 25.8 percent.
EBITDA margin expanded by 168bps on a year-on-year basis. Nestle India's gross margins expanded by 223bps y-o-y, during the Q1CY21.
Major brands of Nestle such as KitKat, Nescafe Classic, Maggi Instant Noodles, Maggi Masala, Milkmaid, continued to deliver strong performance in Q1CY21.
According to filings by Nestle India, exports fell in Q1CY21 as compared to the previous fiscal by 12.9 percent. The lower export sales were attributed to affiliates of the company. Export sales were lower by 12.9% due to lower exports to affiliates, the company said.
The board of Nestle India has declared an interim dividend of Rs 25 per share. The interim dividend for 2021 would be paid from May 19, 2021, following approval by the shareholders.
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