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Galaxy Bearings Ltd
Industry :  Bearings
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nestle india ltd
Nestle India Q1 PAT rises 25% YoY to Rs 737 cr
Apr 25,2023

Total sales increased by 21.34% year on year to Rs 4,808.4 crore in Q1 CY23. Domestic sales and export sales for the quarter ended March 2023 rose by 21.2% and 24.92% respectively.

Profit before tax (PBT) surged 23.45% to Rs 990.46 crore in Q1 CY23 from Rs 802.3 crore recorded in the same period a year ago.

Total expenses spiked 20.61% year on year to Rs 3,873.76 crore during the quarter. Cost of raw material consumed was Rs 2,182.65 crore (up 18.24% YoY) and employee benefits expense stood at Rs 454.25 crore (up 14.04% YoY) during the period under review.

Suresh Narayanan, chairman and managing director of Nestlé India said, “I am pleased to share that we have continued to deliver robust sales growth this quarter, which is broad based with a healthy balance of pricing, volume, and mix. This is the highest growth for the company in a quarter in the last 10 years (excluding the exceptional quarter in 2016 which was off a low base in 2015).

All our product groups delivered double digit growth, a notable feature in these past four quarters in a row. Confectionery led by KITKAT, and MUNCH posted a strong growth, supported by consumer led campaigns, innovation and engagement. Beverages turned in another quarter of robust growth and market share gains led by NESCAFÉ Classic, NESCAFÉ Sunrise, and NESCAFÉ GOLD. Prepared Dishes and Cooking Aids delivered strong growth across all products in its portfolio. One can discern portfolio upgradation happening in this category. Milk products and Nutrition continued its strong performance led by MILKMAID among others.

We launched ThickenUp Clear, a food and beverage thickener from our Nestlé Health Science portfolio. ThickenUp Clear can be used to help patients with swallowing difficulties especially in oropharyngeal dysphagia.

Our Out-of-Home business continued to accelerate rapidly this quarter. We continued with portfolio transformation, continued expansion, route to market focussed on relevant geographies, channel prioritization and opening of new kiosks in key locations. Our strong performance in e-Commerce continued with significant growth in quick commerce. We accelerated our sustained growth journey in RURBAN. The 2/3 growth in RURBAN was complemented by strong momentum in metro and mega cities. Rural growth was also strong, secular and robust, being volume led which gives greater confidence and impetus to our efforts to enhance our footprint.”

In its commodity outlook in short to medium term, the company said that it is witnessing early signs of softening of commodities such as edible oils, wheat and packaging materials. However, cost of fresh milk, fuels, and green coffee are expected to remain firm because of continued increase in demand and volatility.

Meanwhile, Nestle India announced that Matthias Christoph Lohner, executive director – technical, shall demit office with effect from the close of business hours on 30 June 2023. Lohner will be taking up a new assignment with a Nestlé Affiliate, it added.

Satish Srinivasan, currently Head of Operations- Dairy Strategic Business Unit of Nestlé, Switzerland, has been nominated to succeed Matthias Lohner effective from 1 July 2023, subject to approvals.

Earlier this month, the company's board had declared an interim dividend of Rs 27 per share for the year 2023, which will be paid on and from 8 May 2023 along with the final dividend for 2022 of Rs 75 per equity share. The total dividend payout for the company would Rs 260.32 crore.

Nestle India manufactures internationally famous brand names such as Nescafé, Maggi, Milkybar, Kit Kat, Bar-One, Milkmaid and Nestea and in recent years the company has also introduced products of daily consumption and use such as Nestlé Milk, Nestlé Slim Milk, Nestlé Dahi and Nestlé Jeera Raita.

Shares of Nestle India were up 0.09% to Rs 20,684 on the BSE.