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Nestle India posted a net profit of ₹307 crore for the quarter ended March 31, up 7 per cent compared with ₹287 crore in the corresponding period previous fiscal.
The company’s total sales grew by 9.1 per cent to ₹2,576 crore in the first quarter.
“Domestic sales increased by 9.7 per cent mainly due to increase in volumes across product groups, including rebuild of Maggi Noodles, supplemented by marginally better realisations mostly from carry-over pricing,” the company said in a statement.
Exports grew by 0.6 per cent and were impacted due to lower sales in Nepal and Bhutan.
The company’s board declared an interim dividend for 2017 of ₹15 per equity share amounting to ₹144.6 crore, which will be paid from June 2.
The company follows the January-December period as the financial year. Suresh Narayanan, Chairman and Managing Director, said that the company saw a volume-led growth across categories in the first quarter.
“Innovation and renovation, as also volume-based growth, are core business strategies outlined by Nestlé India almost 18 months back and I am pleased that this strategy is now playing an important role,” he said.
“ We will leverage our expertise and strengths in science-based nutrition and explore the areas of micronutrient fortification for our mass consumption products,” he added.
The company’s scrip closed at ₹ 6,819.55, down 0.48 per cent, on the BSE on Friday.
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