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Nestle India's net profit falls to Rs 899 cr in Q2, Manish Tiwary appointed new India MD
Nestle India's net profit fell marginally to Rs 899 crore in the second quarter (Q2) this fiscal, from Rs 908 crore in the corresponding quarter of the previous year, according to the company’s quarterly financial results on Thursday.
New Delhi : Nestle India's net profit fell marginally to Rs 899 crore in the second quarter (Q2) this fiscal, from Rs 908 crore in the corresponding quarter of the previous year, according to the company’s quarterly financial results on Thursday.
The FMCG company reported revenue from operations at Rs 5,104 crore, compared to Rs 5,037 crore a year ago, a rise of 1.3 per cent.
The company saw continued accelerated growth by almost 38 per cent in the quarter, primarily driven by quick commerce and fuelled by brands such as Kitkat, Nescafe, Maggi, and Milkmaid. The company said that the growth was supported by premiumisation, new user acquisition, festive participation and targeted digital communications.
Nestle India Chairman and Managing Director Suresh Narayanan said that despite a challenging external environment with muted consumer demand and high commodity prices, especially for coffee and cocoa, "we remained resilient in our pursuit to deliver growth".
"This quarter, 5 of our top 12 brands grew at double-digit. However, some key brands witnessed pressure due to softer consumer demand and we focus on them and have in place robust action plans," he said.
"It is heartening to note that in the last 9 months, 65 per cent of our top 12 brands, including Maggi noodles, showed positive volume growth,” Narayanan said.
Meanwhile, the company announced the appointment of Manish Tiwary as Managing Director of Nestle India to succeed Narayanan, who will retire on July 31, 2025.
"The Board of Directors has approved Manish Tiwary's appointment as ‘Non-retiring Director’ and ‘Managing Director’ (Key Managerial Personnel) of the Company w.e.f. 1st August, 2025 for a term of five consecutive years, subject to approval of the shareholders," the company said in a regulatory filing.
Tiwary is currently the Special Project Manager for Zone AOA, Nestle, Switzerland. He was previously the Country Manager of Amazon India for over eight years.
Shares of the FMCG major slid 3.5 per cent at Rs 2,375 on the BSE during the day’s trade. The company said it continued to expand its footprint by introducing new stock-keeping units (SKUs) across categories to Canada, the Middle East, the Maldives, and Papua New Guinea.
Meanwhile, Nestle India's Swiss parent announced to revamp senior leadership and its operating structure and cut its full-year sales outlook. The FMCG firm expects 2024 organic sales growth to be around 2 per cent and an underlying trading operating profit (UTOP) margin of about 17 per cent for the year.
