Nestle India Q1 profit jumps 15 pc to Rs 602 crore

FMCG major Nestle India on Tuesday posted 14.6 per cent year-on-year growth in its net profit at Rs 602 crore for the quarter ending March.

It was Rs 525 crore in the year-ago period. The company follows a January to December financial year.

Total sales increased by 8.9 per cent to Rs 3,600 crore while domestic sales rose by 10.2 per cent driven by volumes and mix.

Export sales were lower by 12.9 per cent due to lower exports to affiliates.

The company's revenue from operations in Q1 FY21 came in at Rs 3,611 crore, up 8.6 per cent from Rs 3,325 crore Q1 FY20.

The board of directors has declared an interim dividend for 2021 of Rs 25 per share amounting to a total of Rs 241 crore, which will be paid on and from May 19.

Nestle said e-commerce continued to deliver strong performance and grew by 66 per cent to maintain its robust contribution to the domestic sales.

"As the pandemic rages on, the quarter gone by has been another test of resilience of my team and our partners," said Chairman and Managing Director Suresh Narayanan.

"I feel incredibly privileged to lead a team who faced with serious challenges, persevered regardless, to deliver double-digit growth over a strong comparable in 2020."

The Swiss multinational food and drink processing conglomerate corporation has been in India for 107 years.

( With inputs from ANI )