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BW Businessworld

Nestle India Reports Net Profit Of Rs 269 Crore

The company says Maggi Noodles is winning market and trust; growth aided by 'innovation and renovation'

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Nestle India reported Rs 269 crore net profit for the third quarter of 2016 compared with net profit of Rs 124 crores in the same period in 2015.

Net sales for the quarter increased by 35.1 per cent on a base impacted by the Maggi Noodles recall issue.

While domestic sales increased by 37.9 per cent, exports increased by 5.1 per cent, Nestle India said in a statement.

"Our growth was broad based across categories aided by spate of innovations and renovation of over 25 new products launched in the recent past. We are now clearly in the leadership position in the instant noodles category, which vindicates consumer confidence and trust in brand Maggi," said Suresh Narayanan, chairman and managing director of Nestle India.

"In addition, the newly launched Maggi Hot Heads range has also accelerated our growth in the value added segment. I am satisfied with the momentum being built," he added.

Results for the quarter and nine months ended 30th September, 2016 are not entirely comparable with the results of the corresponding period due to the Maggi Noodles issue in 2015 and rebuild of the Maggi Noodles business in 2016, Nestle said.