Nestle India Q2 net up 6.07 per cent at Rs 287.86 crore

FMCG major Nestle India on Thursday posted a 6.07 per cent increase in net profit at Rs 287.86 crore for the second quarter ended June 30, 2014.

The company had posted a net profit of Rs 271.38 crore during the April-June quarter of 2013-2014.

The company, which follows January-December financial year, reported net sales of Rs 2,418.91 crore in the quarter under review, up 9.29 per cent as against Rs 2,213.21 crore in the same period of previous year.

Commenting on the result, Nestle MD Etienne Benet said, "The results are broadly as expected and in line with our vision and strategy."

Benet added that the company is now a debt free company after paying last instalment of USD 35 million (total borrowing of US $ 192 million) of external commercial borrowing in July.

For the half year ended June 30 2014, Nestle India's net profit stood at Rs 547.02 crore as against Rs 550.47 crore in the same period last year.

Net sales during the half-year period stood at Rs 4,732.37 crore as compared to Rs 4,461.29 crore in the same period of the previous fiscal, the company said.

Shares of Nestle India closed at Rs 5406.60 a piece at the Bombay Stock Exchange, up 2.22 per cent from previous close.