Nestle India Q1 net profit at Rs 279 cr

Net sales of the company rose to Rs 2,248.08 crore for the first quarter compared to Rs 2,047.45 crore in the same period of previous year.

Nestle said the net profit for the 2013 March quarter is not comparable with the same period of 2012 as it has been negatively impacted due to changes in regulatory procedures.

8220;These changes resulted in timing differences for certain provisions for contingencies that reduced the net profit for the quarter,8221; it added.

The company follows January-December financial year.

Commenting on the results Nestle India CMD A Helio Waszyk said: 8220;The start of the year reflects the caution that we have been expressing. While facing several challenges,our concerted efforts are starting to show positive signals in certain categories while in others it may take some more time8221;.

He further added: 8220;We expect some volatility to continue throughout 2013 but remain confident on our strategy to deliver long term sustainable profitable growth,which has been progressing well8221;.

During the quarter,there was no additional draw of loan from Nestle SA under the external commercial borrowings ECB approval from Reserve Bank of India,the company said.

As on March 31,2013,the total amount outstanding on this account is Rs 1,043.3 crore,it added.

Shares of Nestle India were trading at Rs 4,853.85 apiece on the BSE in late afternoon trade,down 1.12 per cent from their previous close.