Nestle India, a leading FMCG company, has reported its Q1 results for 2023, revealing a 24.7% YoY increase in profits to Rs 736 crore. The company achieved double-digit growth in revenue, driven by strong domestic and export sales. Chairman and Managing Director, Suresh Narayanan, stated that this is the highest growth the company has seen in a quarter in the last 10 years.
Nestle’s net sales also exceeded industry expectations, with a surge of 21.3% to Rs 4,808 crore in the quarter. In addition, the company will pay a dividend of Rs 27 per equity share, along with a final dividend of Rs 75 per equity share for 2022.
According to Narayanan, all product groups delivered double-digit growth for the past four quarters, with the confectionery segment led by KITKAT and MUNCH posting strong growth, supported by consumer-led campaigns, innovation, and engagement. The prepared dishes and cooking aids category saw strong growth across all its products, reflecting an upgrade in the portfolio.
Milk products and nutrition also performed well, with Milkmaid leading the way. Overall, Nestle India’s Q1 results demonstrate a positive trend for the company, with sustained growth across all product categories.
