Nestle India surges as Maggi noodles maker posts highest sales during a quarter in last 5 years

Nestle India Limited (NSE: NESTLEIND) surged in early morning deals on Thursday a day after the maker of Maggi noodles reported its highest sales during a quarter in the last five years. Nestle India share price was quoting at Rs 20,040 a piece on NSE, rising 1.5 per cent.

Nestle India reported an 8.3 per cent year-on-year (YoY) increase in its net profit at Rs 668 crore, beating the estimates. It had reported net profit of Rs 617 crore in the same period a year ago.

Nestle India’s quarterly revenue increased 18.3 per cent YoY to Rs 4,591 crore, according to an exchange filing by the company. The company recorded total sales of Rs 4,567 crore in Q3 of the current fiscal -- highest sales growth during a quarter in the last five years, according to the company.

The total sales growth stood at 18.2 per cent. The company's domestic sales grew at 18.3 per cent in the quarter.

Following Nestle India Limited's third quarter business update, brokerages have revised their stock price target.

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