Nestle India, that manufactures Maggi, dairy products and coffee makers reported on Tuesday that its net profit in quarter ended June 30, 2020 had risen 11.14 per cent up to Rs 486.6 crore from Rs 437.79 crore during the same quarter last year. Its revenue from sale of products advanced 2 per cent annually to Rs 3,041.45 crore.
“Total Sales increased by 2 per cent. Domestic sales increased by 2.6 per cent. Export sales declined by 9.3 per cent. Sales were adversely impacted due to the COVID 19 induced lockdown leading to production disruption across factories. Demand in Out of Home channel was severely reduced,” Nestle India said in a statement.
On an average, the factories were operating at 75 per cent of capacity during the quarter and in the quarter, the company has incurred Rs 28.6 crore of incremental costs specifically related to COVID 19, which are part of the results, Nestle India added. (Source : ndtv)
Nestle India’s, Chairman and Managing Director, Suresh Narayan also stated that, “The past three months have witnessed volatility, uncertainty and stresses that we had never imagined before nor experienced. This led to disruptions across the value chain of the Company that has impacted our results, though we have built back momentum strongly as we ended the quarter.”
