Nestle India jumps over 5% as it crosses Rs 10,000-crore sales mark
Shares of Nestle India on Thursday surged over 5 per cent on bourses after the company reported a 60 per cent jump in its fourth quarter net profit and said its sales mark has crossed Rs 10,000-crore mark in 2017.
The FMCG major on Tuesday reported an increase of 59.57 per cent in its net profit to Rs 311.83 crore for the fourth quarter ended December 2017, led by volume growth.
The company also noted that it has crossed the Rs 10,000-crore sales mark in 2017, joining a select group of publicly-listed FMCG companies in the country which have crossed the milestone.
Following the announcement, shares of the company today opened on a strong note and surged 5.23 per cent to an intra-day high of Rs 7,640 on the BSE.
On NSE, the stock hit a high of Rs 7,645, up 5.23 per cent over its previous closing price.
The net sales of the company during the quarter under review was up 10.91 per cent at Rs 2,589.64 crore, as against Rs 2,334.78 crore for the corresponding period a year ago.
Its net sales in 2017 soared 7.71 per cent to Rs 10,135.11 crore, against Rs 9,409.60 crore in the previous year.
HUL and ITC are among a few listed FMCG companies which have reported annual sales of more than Rs 10,000 crore.