This S&P BSE SENSEX stock is India’s second largest FMCG company and has a market cap of Rs. 2,26,695 crore and rose over 1.5% to make a new 52 week high with volumes that are over 1.5x previous session’s and the monthly average volumes.
The stock gained after announcing its results and additionally, it recently announced a first ever stock split. The stock trades 1.3% away from its 52 week high and has a sizable FII holding of 12%.
In a filing dated 19th October 2023, Nestle India Ltd (“Nestle”)announced results for Q3 FY24. Total Sales of INR 5,009.5 Crore which crosses the Rs. 5000 crore milestone and indicates a Total Sales Growth of 9.4% and Domestic Sales Growth was reported at 10.3%. Operating profit stands at at 22.6% of Sales and Net Profit of INR 908.1 Crore versus Rs 668.3 crore in Q3 FY23.
Nestle also declared a second interim dividend of Rs 140 per share and the record date for the same is set at November 1st 2023, to be paid on November 16th 2023.
Commenting on the results, Mr. Suresh Narayanan, Chairman and Managing Director, Nestlé India said, “I am pleased to share that we have, yet again, delivered consistent performance almost across all major brands. Domestic sales grew double digit, on account of mix, volume and price.
Key brands continued to perform well, led by KITKAT, NESCAFÉ CLASSIC, NESCAFÉ SUNRISE, supported by MUNCH and MILKMAID. We are investing towards building our brand equity and have made strong and significant investments across all product groups. We crossed INR 5,000 crore turnover, which has been our first in any quarter in the history of the Company and a landmark for us.”
Additionally, Nestle had announced board consideration of a stock split during Q3 meeting. The subject was discussed and approved today. The board approved a stock split in the ratio of 1:10. Meaning, if you had 1 share of Nestle which is now at Rs. 23541.75, after the split you would have 10 shares worth Rs. 2354.18 each.
Written by Sandeep R
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