Nestle India’s Board of Directors has announced a second interim dividend for 2023, with each equity share of face value ₹10 receiving ₹140. This totals ₹1,349.82 crore. The dividend is scheduled for payment starting from November 16, 2023.
Nestle India posted a net profit of ₹908 crore for the quarter ending in September 2023, showing a growth of 37.27% compared to ₹661.46 crore in the same quarter the previous year.
The net profit for the quarter includes a one-time gain of ₹106.4 crore.
Nestle India’s revenue in Q3CY23 increased by 9.5% to ₹5,036.8 crore from ₹4,601.8 crore in the same period last year.
Suresh Narayanan, Chairman and Managing Director of Nestlé India, mentioned, “Our domestic sales experienced double-digit growth due to a combination of factors, including product mix, increased volume, and pricing adjustments. This quarter marks a significant milestone for us as we achieved a turnover of over ₹5,000 crore, a first in our company’s history.”
At the operational level, earnings before interest, tax, depreciation, and amortization (EBITDA) for the July-September quarter increased by 21.3% to ₹1,225 crore from ₹1,009.6 crore year-on-year. The EBITDA margin saw a 220 basis point decline, dropping from 22.1% to 24.3% year-on-year.
Nestle India released a statement, saying, “Irregular rainfall and a deficit in rain are expected to impact the production of maize, sugar, oilseeds, and spices, potentially affecting pricing. The coffee market remains volatile due to a global supply deficit. Weather conditions during the harvest of the Indian Robusta coffee crop may also influence production. The upcoming winter weather could affect wheat production, but a healthy milk supply is anticipated, which should help stabilize prices.”
Nestle Dividend
Nestle India’s Board of Directors has announced a second interim dividend for 2023, totaling ₹140 per equity share with a face value of ₹10 each, which amounts to ₹1,349.82 crore.
The payout of the second interim dividend for the year 2023 will begin on November 16, 2023, and will be available to shareholders whose names are listed in the Company’s Register of Members and are also beneficial owners in Depositories as of the Record Date, set for November 1, 2023, as stated by Nestle India.
Nestle Stock Split
The board has also given its consent for the division of shares or splitting of current equity shares with a face value of ₹10 each, fully paid up, into 10 (ten) equity shares with a face value of Re 1 each, fully paid-up, pending approval from the company’s members.
The specific date when this subdivision or split of existing equity shares will take place will be communicated at a later time.
As of 11:15 am, Nestle India shares were being traded at ₹23,380.00 each on the BSE, showing a 0.47% increase.
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