The largest manufacturer of fast-moving consumer goods, Nestle India, announced on Thursday a net profit of Rs 934 crore for the three months ending March 31, 2024 (Q4 FY24), up 26.73 percent from Rs 737 crore the previous year.
The Swiss food giant Nestle's Indian division saw a 9.05 percent increase in operating revenue to Rs 5,268 crore in Q4 FY24 from Rs 4,831 crore in the same period the previous year.
"I am happy to share that we have delivered double-digit growth, despite challenges posed by rising food inflation and volatile commodity prices," stated Suresh Narayanan, Chairman and Managing Director of Nestle India. Our product range has shown robust growth, driven by a blend of pricing and mix. This quarter, our domestic sales topped Rs 5,000 crore, which is a significant accomplishment for us."
Additionally, the Board of Directors of the business has proposed a final dividend of Rs 8.50 per equity share (face value of Re 1) for the fifteen months (FY24), totaling Rs 819.53 crore.
The first interim dividend of Rs 27 per equity share (face value of Rs 10 each), the second interim dividend of Rs 140 per equity share (face value of Rs 10 each), and the third interim dividend of Rs 7 per equity share (face value of Re 1 each) are included in the total dividend for the fifteen months (FY24) in addition to the final dividend mentioned above. These dividends will be paid on May 8, 2023, November 16, 2023, and March 5, 2024, respectively. It further said, "The face value of each equity share has been reduced from Rs. 10 to Re. 1.
In a different deal, Nestle India and Dr. Reddy's Laboratories would provide nutritional solutions.
Dr. Reddy will control 51% of the joint venture company, while Nestlé India would hold 49% of it. After six years, Nestlé India would have the opportunity to call in as much as sixty percent of the shares at fair market value. After the business exercises its call option, Dr. Reddy's will retain at least 40% of the ownership," it stated.
