Nestle India’s Q42021 net profits down 20%, revenue up 9%

New Delhi, Feb 17 (SocialNews.XYZ) Food-and-beverage company Nestle India on Thursday reported its net profit during Q42021 at Rs 386.66 crore, down 20 per cent from Rs 483.31 crore reported in the same period in the corresponding year, the earnings data showed.

During the entire calendar year, net profits, however, increased three per cent to Rs 2,144.8 crore, as compared to Rs 2,082.4 crore reported in 2020.

Revenue from operations during the quarter stood at Rs 3,739.3 crore, a growth of 8.9 per cent as against Rs 3,432.5 crore reported in the year-ago quarter.

For the entire year, the revenue increased 10.2 per cent to Rs 14,709 crore, as compared to Rs 13,350 crore.

The Board of Directors of the company recommended a final dividend for the year 2021 of Rs 65 per equity share, the company said on Thursday.

"Nestle India witnessed broad based, double digit, volume and mix led growth, despite a highly volatile economic environment. Total sales and domestic sales for 2021 increased by 10.1 per cent and 10.7 per cent respectively," said Suresh Narayanan, Chairman and Managing Director, Nestle India.

"Strong growth momentum continued in MAGGI Noodles aided by increased availability. Kitkat and Munch registered stellar growth throughout the year. Nescafe Classic continued to deliver double digit growth. Growth in e-commerce was fueled by new emerging formats such as 'Quick Commerce' and 'Click & Mortar'."

Besides, the Centre's recent announcement of the PLI scheme in food processing will provide greater impetus to Nestle India's manufacturing initiatives, Narayanan said.

Source: IANS