Nestle India Posts Over Two-Fold Jump In Q3 Profit

New Delhi: FMCG major Nestle India on Friday reported an over two-fold jump in standalone net profit at Rs 269.39 crore for the third quarter that ended on September 30, 2016, on the back of all-round growth.

The company had reported a net profit of Rs 124.20 crore for the July-September quarter a year ago, it said in a statement.

Net sales were up 35.13 per cent at Rs 2,346.18 crore during the quarter under review, compared with Rs 1,736.20 crore in the corresponding quarter last fiscal year.

Nestle's total expenditure was up 27.93 per cent at Rs 1,976.57 crore, as against Rs 1,544.98 crore.

The company follows a January-December financial year.

Commenting on the results, Nestle India chairman and managing director Suresh Narayanan said, "Our growth was broad based across categories aided by spate of innovations and renovation of over 25 new products launched in the recent past."

On the company's flagship product Maggi, he said: "We are now clearly in the leadership position in the instant noodles category, which vindicates consumer confidence and trust in brand Maggi."

The segment was also helped by newly launched "MAGGI HotHeads" range, which has also accelerated the company's growth in the value-added segment, he said. 

Shares in Nestle India settled 0.52 per cent higher at Rs 6,960.50 apiece on the BSE, whose benchmark Sensex index finished up 0.09 per cent.