Dec quarter net up 65%, Nestle announces final dividend of Rs 75 per share

The company board has announced April 21, 2023, as the record date to determine the entitlement of the members to the final dividend for the year 2022

After reporting a jump in its net profit, FMCG major Nestle India announced a final dividend of Rs 75 per equity share (Rs 10 each) for 2022. The company said this in a BSE filing.

Nestle India on Thursday reported an increase of 65.50 per cent in its net profit at Rs 628.06 crore for the quarter that ended December 31, 2022.

The company board has announced April 21, 2023, as the record date to determine the members' entitlement to the final dividend for the year 2022. The final dividend for 2022 was approved by the members of the 64th Annual General Meeting (AGM). The dividend payment date has been fixed as May 8 2023, and onwards. 

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. 

The total revenue of the FMCG giant rose by 14 per cent to Rs 4,257 crore in the December quarter, against its revenue of Rs 3,748 crore in the same quarter in the previous financial year.

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.

Nestle India chairman and managing director Suresh Narayanan commented after the company posted its Q4 numbers, "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."

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.

The company also announced the appointment of Svetlana Boldina as an additional director and whole-time director. Svetlana Boldina is a Russian national and an engineering graduate from Moscow Telecommunication University.