phone image +91 22 28811259, 28449765

Stay Tuned For The Latest News In Market

Nestle India Q3 PAT jumps on higher domestic sales growth, lower tax outgo

November 09,2019  14:28

The result was announced after trading hours yesterday, 8 November 2019.

The earnings got a boost from higher domestic sales growth and lower tax outgo. During the quarter, domestic sales increased by 10.5% largely driven by volume & mix. Export sales, however, dropped by 7.1% due to lower coffee exports to Turkey.

The company's tax expense has been computed at the lower tax rates introduced in September 2019. The impact of this change, including that for the previous quarter, has been recognised in the current quarter. Accordingly, the tax expense for the current quarter is lower due to the credit of Rs 72.50 crore pertaining to the previous quarter.

Led by the unrelenting efforts of our employees and business partners we have sustained the momentum of volume and mix led growth. Maggi, Kitkat, Nestle Munch, Nescafe RTD, Nangrow and Ceregrow delivered strong performances. The quarter witnessed higher commodity prices particularly in milk and its derivatives, which are likely to continue in the near term future, Nestle India's chairman and managing director, Suresh Narayanan.

Nestle India board of directors appointed David McDaniel, as whole-time director, designated as 'executive director - finance & control and chief financial officer' with effect from 1 March 2020, for a term of five years, subject to requisite approvals, in place of Shobinder Duggal, whose term as whole-time director of the company ends on 31 December 2019. Further, the board of directors approved continuation of Shobinder Duggal as the chief financial officer of the company upto 29 February 2020.

Shares of Nestle India declined 1.66% to close at Rs 14,474.65 on Friday.

Nestle India operates food business which incorporates product groups, which include milk products and nutrition, beverages, prepared dishes and cooking aids, and chocolate and confectionery.

Powered by Capital Market - Live News

SEBI Single Regn. No. : BSE / NSE / MSMI - INZ0001192537  |   CDSL Reg. No :  IN-DP-CDSL-438-2008                                                                                                                           SEBI Scores
Copyright © 2016 All rights reserved Comfort Securities Ltd.
Designed, Developed and content powered by CMOTS Infotech(ISO 9001:2015 certified)
Attention Investors ::
"No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investors account.   |    Kyc is one time exercise while dealing in securities markets:- Once KYC is done through a SEBI Registered Intermediary(Broker DP Mutual Fund etc.) you need not undergo the same process again when you approach another Intermediary.” “ Prevent Unauthorized Transaction in your Trading/Demat account. Update your Mobile Numbers/Email IDs with your Stock Broker/Depository Participant. Receive alerts/information of your transaction/all debit and other important transactions in your Trading/Demat account Directly from Exchange/CDSL at the end of the day. Issued in the Interest of Investors.