Nestle India Q1CY21 Results: Profit Rises 15% YoY to Rs 602 Crore
The packaged food company has reported a 14.6 per cent year-on-year (YoY) jump in profits at Rs 602.2 crore in the first quarter of current year 202, i.e. Q1CY21.
Nestle India on Tuesday, April 20, 2021, reported its financial results for the quarter ended March 31, 2021. The packaged food company has reported a 14.6 per cent year-on-year (YoY) jump in profits at Rs 602.2 crore in the first quarter of current year 202, i.e. Q1CY21. The company has posted a net profit of Rs 525.4 crore in the same quarter last year. The FMCG major reported broad-based growth in the quarter, largely driven by volume and mix
Nestle India takes its financial year between January and December and CY stands for the current year.
Manufacturer of popular noodle brand Maggi's revenues grew by 8.6 per cent in January to March quarter to Rs 3,610.8 crore against Rs 3,325.3 crore in the year-ago period. EBITDA grew by 16.1 per cent to Rs 929.8 crore in Q1CY21 as compared to Rs 800.6 crore posted last year. Its margin advanced to 25.75 per cent in Q1CY21 as compared to 24.1% posted in Q1CY20.
The company's export sales were lower by 12.9 per cent at Rs 158.2 crore against Rs 181.6 crore due to lesser exports to affiliates.
Nestle India stated that its demand in the Out of Home channel improved in the March quarter but continues to be impacted by the COVID-19 pandemic. The e-commerce channel delivered robust performance and grew by 66 per cent, contributing almost 3.8 per cent to domestic sales.
- Domestic Sales achieve double-digit growth, on a 10.7 per cent strong growth base in Q1 2020.
- Growth broad-based and largely driven by volume and mix.
- Key products boosted by in-home consumption, posted double-digit growth.
- The E‐Commerce channel grew by 66 per cent and contributed 3.8 per cent of domestic sales.
- Recently, witnessing headwinds in commodity and packaging materials.
- Initiating vaccination camps for those eligible at factory locations.
- Achieved plastic neutrality across all brands in 2020.
The Board of Directors of Nestlé India today approved the results for the first quarter of 2021. Commenting on the results, Mr. Suresh Narayanan, Chairman and Managing Director, Nestlé India said, "As the pandemic rages on, the quarter gone by has been another test of the resilience of my team and our partners. I feel incredibly privileged to lead a team that faced with serious challenges, persevered regardless, to deliver double-digit growth over a strong comparable in 2020." He added, "It is a tribute to the commitment of the team to serve consumers as best as we could during the pandemic. It's a proud moment to witness consumer trust and love for key brands like MAGGI NOODLES, KITKAT, NESCAFÉ CLASSIC, MAGGI SAUCES, MILKMAID, MAGGI MASALA‐AE‐MAGIC deliver robust performance and achieve double digit growth."
Besides, the Board of Directors of Nestle India have declared an Interim Dividend of Rs 25 per equity share. The Interim Dividend for the year 2021 will be paid on and from May 19, 2021, 2021, to those members whose names appear on the Register of Members of the Company and as beneficial owners in the Depositories, determined with reference to the Book Closure from May 1-7, 2021.
On Tuesday, shares of Nestle India settled 0.15 per cent higher at Rs 17,115 on the NSE.