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Nestle India : One of the leading multinational companies in the FMCG space in India, reported a steady growth in its standalone net profit for the quarter ended September 2008, failing to meet the analyst expectations. During the quarter, the profit of the company rose 13.53% to Rs 1,317.60 million from Rs 1,160.60 million in the same quarter, previous year. The analysts at Bloomberg had expected the profit to be at Rs 1,433.25 million for quarter ended September 2008.
Net sales for the quarter rose 22.46% to Rs 11,103.70 million against analysts expectation of Rs 10,998 million, while total income for the quarter rose 22.29% to Rs 11,157.90 million, when compared with the prior year period.
The company posted earnings of Rs 13.67 a share during the quarter, registering 13.54% growth over prior year period. The analysts had expected the earnings to be at Rs 14.54 a share for quarter ended September 2008.
The board of directors of Nestle India approved dividends aggregating Rs 22 for each equity share, to be paid of Nov. 26, 2008. This would comprise the second interim dividend of Rs 14.50 for each equity share declared on Oct. 31, 2008 and the special dividend of Rs 7.50 for each equity share.
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