Nestle India profit jumps 26% on strong demand, shares rise

Nestle India posted a 26% increase in quarterly profit on Tuesday, benefiting from strong demand for packaged foods, including KitKat chocolates and Maggi instant noodles.

Shares of the company rose 6.8% to 1,373.3 rupees after the results.

After a prolonged slowdown in consumption, demand for consumer packaged goods in India began picking up about four quarters ago, with easing inflation and tax cuts aiding the recovery.

Nestle India said revenue for the March quarter grew 23% to 67.48 billion rupees, marking its highest domestic sales and its strongest growth in nearly a decade.

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The Indian unit of Swiss food major Nestle also said net profit stood at 11.14 billion rupees ($119.12 million) for the fourth quarter ended March 31, compared to 8.85 billion rupees a year earlier.

The company said it will focus on boosting capacity and grow sales volume without providing a specific timeline.