Nestle Q3 net profit jumps by 117%; net sales rise to Rs 2,300 crore

FMCG major, Nestle on Friday announced its financial results for the quarter ended on September 30. The company reported a Standalone net profit of Rs 269.3 crore, a robust growth of 117%, as compared to Rs 124.2 crore during the same period last year. 

In a regulatory filing, the company said, its total income increased from Rs 1769.5 crore for Q3FY16 to Rs 2400.8 crore in Q3FY17. 

Commenting on the performance of the company, Suresh Narayanan, Chairman and Managing Director of Nestle India, 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. We are now clearly in the leadership position in the instant noodles category, which indicates consumer confidence and trust in brand Maggi. In addition, the newly launched Maggi Hot Heads range has also accelerated our growth in the value-added segment. I am satisfied with the momentum being built."

The net sales for the quarter increased 35% to Rs 2,346 crore, on a base impacted by Maggi Noodles issue. While Domestic sales increased by 37.9% and exports increased by 5.1%. 

The shares of the company closed at Rs 6,960.50 per piece, up 0.52%, or Rs 35.75 on BSE.