Nestle India Q3 net profit up 19.58%

FMCG firm Nestle India posted a 19.58 per cent increase in its net profit.

FMCG firm Nestle India posted a 19.58 per cent increase in its net profit to Rs 218.56 crore in the quarter ended September 30,over the same period last fiscal.

The company said its board of directors has declared a second interim dividend of Rs 27 per share for 2010 amounting to Rs 260 crore.

During the period,the company’s net sales increased by 25.73 per cent to Rs 1,637.30 crore from Rs 1302.23 crore posted in the year-ago period.

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“Our strong performance in this quarter despite continuous cost pressures,is the result of focused execution of our aligned strategy throughout the entire organisation,” Nestle (India) Chairman and Managing Director Antonio Helio Waszyk said in a statement.

The company said,during the period,material costs remained high due to commodities prices. Besides,it also said its other expenditure also increased due to higher advertising and sales promotion.

“Our unparalleled Nestle Continuous Excellence programme is on track,and we continue to innovate our products while investing in our brands by effective communication which is clearly visible in our recent advertisements,” Waszyk said.