Nestle India Q4 profit up 65.5% to Rs 628 crore, net sales up 14%

New Delhi: FMCG major Nestle India Ltd on Thursday reported an increase of 65.50 per cent in its net profit at Rs 628.06 crore for the fourth quarter ended December 31, 2022.

The company, which follows the January-December financial year, had posted a net profit of Rs 379.48 crore in the same period a year ago, Nestle India said in a regulatory filing.

Nestle India's net sales rose 13.95 per cent to Rs 4,233.27 crore during the period under review, as against Rs 3,714.86 crore in the corresponding period last fiscal, the company said.

Its total expenses in the October-December quarter were at Rs 3,427.27 crore, up 12.78 per cent, as against Rs 3,038.84 crore in the corresponding period.

Nestle India's domestic sales were up 13.82 per cent to Rs 4,061.85 crore, as against Rs 3,568.44 crore in the October-December quarter of 2021.

Its exports were up 17.07 per cent to Rs 171.42 crore, as against Rs 146.42 crore in the corresponding quarter a year ago.

For the year ended December 31, 2022, Nestle India's sales were at Rs 16,789.53 crore.

Nestle India's net profit was Rs 2,390.52 crore in 2022.

"We delivered our highest double-digit growth in a decade led by sustained volume and mix (price) led growth, leading to a strong value growth," Nestlé India Chairman and Managing Director Suresh Narayanan said.

In 2022, total sales grew by 14.5 per cent and domestic sales increased by 14.8 per cent, with broad-based performance across all categories. Our robust performance on e-commerce continued, fuelled by Quick Commerce and Click & Mortar, he added.

The shares of Nestle India were trading at Rs 19,674.05 apiece in afternoon trade on BSE, up 2.23 per cent from its previous close.