Nestle India reported a net profit of Rs 698.34 crore for the second quarter of FY23, up 28.8% from Rs 543.81 crore in the same period last year. The company's total income rose 18.5% to Rs 4,682.48 crore in the quarter.
Nestle India's Chairman and Managing Director, Suresh Narayanan, said that all product groups registered double-digit growth for the fifth quarter in succession. He also said that the company is setting up its 10th factory in India in Odisha.
In addition to the strong financial performance, Nestle India also announced that it is changing its financial year from January 1-December 31 to April 1-March 31. This change will take effect from the current financial year, which ends on March 31, 2024.
The change in financial year is being made to align Nestle India's financial year with the financial year of its parent company, Nestle SA. It is also expected to help the company better manage its finances and operations.
The announcement of the strong financial performance and the change in financial year was well-received by investors, and the company's shares rose by 3.5% in the trading session following the announcement.
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