Nestle India Q3 net up 19.50% to Rs 261.18 cr.

NEW DELHI: FMCG firm Nestle India today posted a 19.50 per cent increase in its net profit to Rs 261.18 crore in the third quarter ended September 30, 2011 as against the same period last fiscal.

In the corresponding quarter last fiscal, Nestle, which sells chocolates and other confectionery items, had a net profit of Rs 218.56 crore.

During the quarter under review, the company's net sales stood at Rs 1,963.10 crore, up 19.89 per cent from Rs 1,637.30 crore posted in the year-ago period.

The firm attributed the growth to recent expansion of its manufacturing capacities, enhancement of sales channels and management of price despite high inflation.

"We have again for the 19th consecutive quarter delivered double digit profitable growth. Whilst we continue to build our position for the future, our expansion of manufacturing capacities is providing market share gains to our already strong market positions," Nestle India Chairman and Managing Director Antonio Helio Waszyk said in a statement.

During the quarter, the firm said domestic sales have increased by 20.7 per cent to Rs 1877.15 crore.

He said Nestle has strengthened its position despite volatile and uncertain environment through optimisation of portfolio, prioritisation of sales channels and management of price.

Export revenues during the quarter stood at Rs 85.95 crore, up 4.5 per cent from the year-ago period.

The company said its export was adversely impacted by the ban on exports of milk powder.

Scrips of Nestle India closed at Rs 4,498.65 per share on the BSE, up 1.83 per cent from the previous close.

Source : economictimes.indiatimes.com