Monday, 15 August, 2022

Nestle India shares decline 5pc

Nestle India shares decline 5pc

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NEW DELHI: Shares of FMCG major Nestle India dipped 5 per cent to Rs 16,360 on the BSE in Wednesday’s trade after the firm’s December quarter numbers failed to meet Street’s expectations.

The company on Tuesday, after market hours, posted a 2.25 per cent year-on-year (YoY) rise in net profit to Rs 483.31 crore for the fourth quarter ended December. The company, which follows the January-December financial year, had posted a profit of Rs 472.64 crore in the same period a year ago, report agencies.

Its revenue from operations increased 9 per cent YoY to Rs 3,432.58 crore from Rs 3,149.29 crore posted in the corresponding quarter last year.

The maker of Maggi noodles also announced a dividend of Rs 65 per share.