Nestle shares climb over 2% after March quarter earnings; mcap advances by Rs 5,765.67 cr

New Delhi: Shares of Nestle India on Thursday climbed over 2 per cent after the company reported a 27 per cent increase in net profit for the fourth quarter ended March 31, 2024.

The stock advanced 2.39 per cent to finish at Rs 2,562.70 on the BSE. During the day, it moved up by 2.92 per cent to Rs 2,576.20.

At the NSE, it climbed 2.47 per cent to Rs 2,562.

The company's market capitalisation went up by Rs 5,765.67 crore to Rs 2,47,084.56 crore.

In traded volume terms, 1.47 lakh shares of the firm were traded at the BSE and over 32.41 lakh shares at the NSE during the day.

FMCG major Nestle India on Thursday reported a 27 per cent increase in net profit at Rs 934 crore for the fourth quarter ended March 31, 2024 on account of strong growth momentum across its product portfolio.

The company had reported a net profit of Rs 737 crore in the January-March quarter of 2022-23.

Revenue from operations rose to Rs 5,267 crore for the period under review, as against Rs 4,830 crore in the year-ago period.

"We have delivered double-digit growth, despite challenges posed by rising food inflation and volatile commodity prices," Nestle India Chairman and Managing Director Suresh Narayanan said.

The company has witnessed a strong growth momentum across its product portfolio led by a combination of pricing and mix, he added.