Nestlé India reports rise in Q3 profit

Nestlé India has reported a third quarter profit increase of 19.5% to Rs2.61bn ($52.18m), compared to Rs2.18bn ($43.68m) year-on-year.

The company, which sells chocolates, milk products and beverages in the country, saw its net sales go up 19.89% to Rs19.63bn ($392.24m), compared to Rs16.37bn ($327.10m) in 2010.

The company’s domestic sales increased 20.7% to Rs18.77bn ($375.06m) in the quarter ending 30 September 2011, due to an increase in volumes and selling prices.

Export revenues were Rs859.5m ($17.18m), an increase of only 4.5% year-on-year as the company was adversely affected by the ban on milk powder.

Nestlé India chairman and managing director Antonio Helio Waszyk said that while the company continues to build its position for the future, the expansion of its manufacturing capacities is providing market share gains to its already strong market positions.

"Management of price coupled with Nestlé Continuous Excellence has further strengthened our position as the leading nutrition, health and wellness food company in India," Waszyk added.