Nestle India: Nestle India, which is known for its popular brands like Maggi, KitKat and Nescafe, has suffered a major setback. In fact, Nestle India has reported that its net profit declined 1.25 percent to Rs 594.71 crore for the quarter ended March 2022 due to cost escalation. The company had reported a profit of Rs 602.25 crore in the same period last year.
Nestle India told the stock exchange that its net sales grew 9.74 per cent to Rs 3,950.90 crore during the period under review as against Rs 3,600.20 crore in the same period last year. The company said its total expenses during the January-March quarter grew by 12.98 per cent to Rs 3,195.90 crore as against Rs 2,828.61 crore in the same period last year.
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Increase in domestic sales: Nestle India’s domestic sales grew 10.23 per cent to Rs 3,794.26 crore from Rs 3,442.03 crore in the same period last year and exports declined 0.96 per cent to Rs 156.64 crore from Rs 158.17 crore in the same period last year.