FMCG major Nestle India Ltd on Thursday reported an increase of 6.9 per cent in its net profit at ₹746.60 crore for the quarter ended June 2024. The company had posted a net profit of ₹698.34 crore in the April-June period a year ago.
Nestle India’s revenue from the sale of products was up 3.75 per cent at ₹4,792.97 crore against ₹4,619.50 crore in the corresponding period last fiscal.
The company, which owns popular brands such as Maggi, KitKat and Nescafe, faced a challenging environment during the quarter with a lower consumption growth in the market.
“Despite external challenges such as lower consumption growth, concerns about continued food inflation and volatile commodity prices, we have delivered growth across our product groups,” said Nestle India chairman and MD Suresh Narayanan adding that “5 of our top 12 brands grew double-digit.”
TechM net up 23%
IT services firm Tech Mahindra on Thursday reported a 23 per cent jump in its consolidated net profit at ₹851 crore for the June 2024 quarter. The Mahindra group company had posted a net profit of ₹692.5 crore in the year-ago period.
The company, which began a three-year strategic restructuring under a new head recently, saw its revenues decline by 1.2 per cent to ₹13,005 crore during the reporting quarter.
Adani Energy loss
Adani Energy Solutions Ltd on Thursday reported a net loss of ₹1,190.66 crore for the April-June quarter of 2024-25 mainly due to exceptional losses related to the divestment of an asset.
The company had posted a net profit of ₹181.98 crore during the April-June period of 2023-24. The total income rose to ₹5,489.97 crore from ₹3,772.25 crore in the year-ago period.
