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Nestle India’s shares dipped by 2.75 per cent at 2 p.m. at BSE on Wednesday even as the company reported a net profit of ₹698.34 crore for the quarter ended June 2023, up 36.86 per cent over ₹510.24 crore in the corresponding quarter of the previous financial year. Revenue from operations stood at ₹4,658.53 crore, up 15.14 per cent.
Total sales stood at ₹4,619.5 crore up 15 per cent.
Anushi Vakharia, Research Analyst, StoxBox said, “Nestle India Ltd. continued on its strong growth trajectory, marginally surpassing market expectations. We can attribute this to the company’s continued focus on expanding its rural reach through its RURBAN strategy and its prudent pricing actions. Like other major FMCG players, underlying volume growth was below expectations, with the company reporting 4-5 per cent volume growth as against market estimates of around 7-8 per cent growth.“
“We continue to remain optimistic about the future growth story of the business and look forward to the company’s rural expansion in distribution to enhance its volume-driven growth,” Vakharia added.
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