Nestle India's net profit drops 19% in first quarter

| Friday, May 13, 2016 - 20:38
First Published |
Nestle india, net profit, Maggi noodles, first quarter, business, economy, finance, trade, market

Net sales for the quarter stood a Rs 2,296 crore, a drop of 8.4%

Mumbai: Nestle India on Thursday said its net profit for the first quarter of 2016 dropped by 19%, at Rs 259 crore compared to Rs 320 crore posted during the corresponding quarter in 2015.

Net sales for the quarter stood a Rs 2,296 crore, a drop of 8.4% compared to the same period in 2015, the company said in a statement, adding the results for the quarter have been impacted by the Maggi noodles issue in 2015.

(Also Read: Mysore lab submits report on Maggi noodles to SC)

"Our results show further improvement in sequential performance, both in sales and margins. This is extremely satisfying as we move ahead and rebuild our business, particularly Maggi noodles, after a tough year. Maggi noodles has already regained leadership with over 50% of market share within five months of re-launch," said Nestle India chairman and managing director Suresh Narayanan.

"We are gearing up for volume growth with renewed focus and commitment on consumer relevant innovation and renovation," he added.

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