Nestlé India Ltd has posted a net profit of Rs 362 million for the quarter ended December 31, 2001 as compared to Rs 155 million in the corresponding period last fiscal. Total Income has increased from Rs 4435 million in DQ-2000 to Rs 4755 million in the quarter ended December 31, 2001.
The company has posted a net profit of Rs 1732 million for the year ended December 31, 2001 as compared to Rs 1186 million in the previous year ended December 31, 2000. Total Income has increased from Rs 16882 million in the year ended December 31, 2000 to Rs 19372 million in the year ended December 31, 2001.
Net profit for the year has increased by 46% over 2000. Of this 6.7% is due to a statutory change in accounting policy (Deferred Taxation) relating to provision for taxation .The balance increase of 39.3% is mainly due to increased sales, lower commodity prices and improved asset rotation which have been partially offset by the costs associated with Water, Liquid Milk/ Chilled Dairy business. Also the lower provision for contingencies and reduction in income tax rate has contributed to the increase in net profit.
Chairman & Managing Director Mr. Carlo M Donati states "The year that has gone by clearly demonstrated the strength of Nestlé brand and the ability of its team to stay focussed and innovative in difficult conditions. The year 2001was a difficult year for the Industry and excellent results by Nestlé India during this period only reflects the integrity, pragmatism and the professionalism of the Nestlé India team and its determination to succeed in an increasingly competitive environment"