Nestlé India has reported 10.7 per cent that is increase in net profit to rupees 538.6 crore for the quarter ended June 2021, marginally below street estimates.
The instant Maggi noodles and Nescafe coffee makers said in a stock exchange filing that its revenue increased 14 per cent at rupees 3,476 crore for the June quarter which was marked by the intense second wave of Covid-19.
The company reported double digit growth for Maggi, KitKat and Munch, and 105 per cent growth through e-commerce channels. To which, it now contribute 6.4 per cent of domestic sales.
The company said that over 1,000 people have been recruited in Nestlé through regular hiring, apprenticeship and internship and also Nestlé invested about rupees 25 crore in a range of sustainability projects in the June quarter.
Chairman of Nestle India, Suresh Narayanan said in a statement, "Our efforts to ensure last mile access were aided by e-commerce and in particular hyperlocal (quick commerce) channels which grew by 147% in the first half of this year."
The total sale has increased by 13.8 per cent and domestic sales by 13.7 per cent in the june quarter. Besides, the impact by Covid-19 induced lockdowns with production disruptions across factories.
Nestle said it has invested close to rupees 1,000 crore so far, from its overall commitment made last year to invest rupees 2,600 crore in its Indian operations over a three-four year period. The company's board approved the sale of 20 per cent stake in Sahyadri Agro which is a company engaged in milk collection due to change in business conditions.