Nestle India reported a 65.50 per cent increase in net profit for the fourth quarter ended 31 December 2022, at Rs 628.06 crore on Thursday. As per it’s regulatory filing, the company, which follows the January-December fiscal year, generated a net profit of Rs 379.48 crore in the same quarter previous year.
In the fourth quarter, the company’s net sales grew 13.95 per cent to Rs 4,233.27 crore, up from Rs 3,714.86 crore in the previous fiscal period.
According to the regulatory filing, its overall costs increased to Rs 3,427.27 crore in the quarter under review, up from Rs 3,038.84 crore in the same quarter of the previous fiscal.
Commenting on the results, Suresh Narayanan, Chairman and Managing Director, Nestlé India said, “2022 was an extraordinary year, where adversities were plenty, where the efforts of the Nestlé team and all our partners and stakeholders were stretched and where every new day brought a fresh challenge.”
“I am delighted to share that we delivered our highest double‐digit growth in a decade led by sustained volume and mix led growth, leading to a strong value growth,” he added.
In 2022, its overall sales climbed by 14.5 per cent, while domestic sales increased by 14.8 per cent, reflecting strong performance across all categories.
Nestle India purchased the Purina Petcare business, which provides nourishment to pets, and also developed the world known Gerber cereals, which cater to child nutrition needs. These grains are ‘Made in India’ and ‘Made for India,’ respectively.
The company’s strong e-commerce performance has persisted, fueled by rapid commerce and click & brick. According to the firm, its Out-of-Home (OOH) business made a remarkable recovery in 2022, restoring its pre-covid basis and producing robust growth by restructuring, resetting geography, channel, and sales priority.