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Packaged Foods company Nestle India announced FY24 & Q4FY24 results:
Fifteen months FY24 Financial Highlights:
- Total Sales of Rs 24,275.5 crore
- Profit from Operations at 22.0% of Sales
- Net Profit of Rs 3,932.8 crore
- Robust Cash Generated from Operations at Rs 4,174.8 crore
- Earnings Per Share of Rs 40.79
- Final Dividend recommended Rs 8.50 per equity share
- CSR Spend Rs 59.8 crore
- Contribution to the exchequer of Rs 6,437.8 crore
Q4FY24 Financial Highlights:
- Total sales and Domestic sales for the quarter increased by 9.3% and 8.9%, respectively.
- Export sales for the quarter increased by 19.0%.
- Domestic sales crossed Rs 5,000 crore milestone for the first time.
Commenting on the results, Suresh Narayanan, Chairman and Managing Director, Nestlé India said, “I am pleased to share that we have delivered double-digit growth, despite challenges posed by rising food inflation and volatile commodity prices. We have witnessed a strong growth momentum across our product portfolio led by a combination of pricing and mix. Our domestic sales crossed Rs 5,000 crore this quarter, a notable milestone for us. I would like to extend my heartfelt gratitude to my colleagues, distributors, retailers and partners for their unwavering dedication, determination, and diligence.
In the financial year ended 31st March 2024, Confectionery delivered strong performance, fuelled by KITKAT, making India the second-largest market for the brand globally. Our Beverages business recorded robust performance. NESCAFÉ has introduced its coffee to over 30 million households in India in the last 7 years. Milk Products and Nutrition witnessed strong growth despite inflationary pressures. Prepared Dishes and Cooking Aids registered strong growth across portfolio led by MAGGI Noodles and MAGGI Masala-ae-Magic. India emerged as the largest market worldwide for MAGGI.
The Out-of-Home business reported strong growth and e-commerce sustained its upward trajectory, contributing to 6.8% of sales. We remained steadfast on our RUrban journey and expanded to encompass over 200,000 villages, marking a significant milestone in our journey.
The pursuit of new platforms and categories is a key component of Nestlé India's overall growth strategy and reflects our commitment to anticipating and responding to evolving market trends and consumer preferences. By leveraging our existing competencies and capabilities, and by investing in new areas of opportunity, Nestlé India strives to deliver long-term value to its stakeholders."
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