Nestle India‘s share price picked up pace on Tuesday after the company announced its earnings results for the quarter ended March.
What Happened: The company reported total sales of ₹4,808 crore in the March quarter, up 21% from the year-ago period. Domestic sales for the quarter ended March stood at ₹4612.7 crore, up 21.2% from the ₹3,806.2 crore worth of sales it reported in the March quarter of 2022.
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Net profits for the period stood at ₹736.6 crore, up close to 25% year-over-year. The profits even beat street estimates of around ₹600- ₹650 crore. Earnings per share for the quarter stood at ₹76.40.
Reacting to the results ICICI Direct told Benzinga that Nestlé India's results were above the brokerage firm’s estimate on the revenue, operating profit & earnings front. The firm further added that the company is continuing the strong growth momentum of CY22 in Q1CY23 with robust 21.3% sales growth. ICICI Direct analysts believe that noodles, chocolate, and newly launched products are propelling volume growth.
However, the strong numbers seem to have not really helped the stock continue gains for the third straight session. Nestle’s share price was down ahead of the results but did receive a minor bump after the results were announced at around 11:15 am. However, the stock slipped back into the red soon after. The stock had been riding the positive wave at the bourses after it announced an interim dividend of ₹27/share.
Price Action: Nestle share price was down 0.29% to trade at ₹20,630.05 in the early hours of trading on Tuesday.
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