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.
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"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.