BENGALURU: Nestle India, which follows the January-December financial year, on Wednesday, posted an 8 per cent increase in its Q3 net profit at Rs 668 crore. Its net profit in the same quarter last year was Rs 617 crore.
It surpassed street estimates, and its total sales in Q3 stood at Rs 4,567 crore. The company’s earnings per share was at Rs 69.3.
Its total expenses in the third quarter increased 20 per cent to Rs 3,715 crore from Rs 3,082 crore in the year-ago period. The company’s eCommerce channel showed strong acceleration with growth being largely fuelled by new, emerging formats such as quick commerce and click & mortar which contributed 7.2 per cent to the quarterly sales.
In August this year, the company entered into a business transfer agreement for the acquisition of the Pet Food Business from Purina Petcare India. The Board of Directors has approved the acquisition.
The company has also declared a second interim dividend of Rs 120 per equity share, amounting to Rs 1,157 crore, which will be paid on and from November 16, 2022.
This is in addition to the first interim dividend of Rs 25 per equity share paid on 6 May 2022, it said in an exchange filing.
The FMCG company on Wednesday also announced its foray into the direct-to-consumer (D2C) space with the launch of ‘MyNestle’. This platform will be launched in Delhi-NCR and will expand to other parts of the country.
The company, which owns brands such as Maggi and Nescafe, will offer curated product bundles, personalised gifting, subscriptions and discounts, among others. With this launch, the company has joined other players such as Hindustan Unilever, Emami and ITC in the D2C space.