Nestle India shares were trading higher on Thursday on the back of a strong net profit increase reported in its quarterly earnings.
What Happened? Nestle India reported a 66% annual jump in its net profit to ₹628 crore in the fourth quarter of the 2022 calendar year on Thursday. The company’s board has also approved a final dividend of ₹75 per equity share for the year 2022, adding to the positive sentiment around the FMCG major’s performance.
The company board has set 21 April, 2023 as the record date for determining the entitlement of the members to the Final Dividend for the year 2022.
The Maggi-maker’s total dividend payout for the year adds up to ₹220 per equity share which includes a first interim dividend of ₹25 per equity share paid on and from May 6 2022; and a second interim dividend of ₹120 per equity share paid on and from Nov. 16 2022.
Following a January-December financial year, Nestle India’s sales rose 14% to ₹4,233 crore in the December quarter, compared with ₹3,715 crore in the same quarter of last year. Meanwhile, revenue from operations too jumped 14% YoY to ₹4,257 crore for the reporting period.
Get Ring The Bell, Benzinga India’s weekly briefing. Designed specifically for investors like you.
On the operating front, EBITDA (earnings before interest, taxes, depreciation and amortization) came in at ₹982 crore, higher by 15.4% while operating margins improved to 23% from 22.8% year-on-year.
Price Action: Nestle India shares were trading 2.03% higher at ₹19,636.35 on Thursday, shortly before markets closed for trading.
Read Next: You Can Now Make Small UPI Payments Through Paytm Without PIN: Here’s How
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.