CHENNAI: Nestle India has posted strong quarterly numbers a day after Hindustan Unilever, another FMCG major, announced a disappointed set of numbers. The company for the first time logged revenue of Rs 5,000 crore or more in quarter.
In the quarter ending 31 March 2024, the company posted Rs 5,294 crore, up 8.8% year-on-year. Profit from operations grew at 27% to Rs 934 crore during the quarter compared to Rs 737 crore. The board of directors of the company have recommended a final dividend for the fifteen months financial year ended 31st March 2024 of 8.50 per equity share amounting to 819.5 crore.
Going forward, the company said commodity prices are seeing unprecedented headwinds in coffee and cocoa with all time high prices and an ongoing price rally. It also said that cereals and grains are going through a structural cost increase backed by MSP. It also expects milk prices expected to rise on account of expected harsh summer.
Meanwhile, it has announced a joint venture with Dr Reddy’s Laboratories Limited for manufacturing, developing and distributing products in the field of medical nutrition, specialized nutrition, nutraceuticals, and supplements in India and other geographies.