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Nestle: 1QFY02 net up 41%

Apr 25, 2001

Nestle India has posted a net profit of Rs 396 m for the quarter ended March 31, 2001. This is a significant 41% higher than Rs 281 m it had posted in the corresponding period last year. The company's turnover improved 30% YoY during the same period.

(Rs m) 1QFY01 1QFY02 Change FY01
Net Sales 3,478 4,516 29.8% 15,820
Other Income 28 21 -25.0% 107
Expenditure 2,965 3,742 26.2% 13,080
Operating Profit (EBDIT) 513 774 50.9% 2,740
Operating Profit Margin (%) 14.7% 17.1%   17.3%
Interest 38 28 -26.3% 149
Depreciation 92 108 17.4% 379
Profit before Tax 411 659 60.3% 2,319
Tax 120 173 44.2% 805
Extraordinary expenses -10 -90 800.0% -328
Profit after Tax/(Loss) 281 396 40.9% 1,186
Net profit margin (%) 8.1% 8.8%   7.5%
No. of Shares (eoy) (m) 96.4 96.4   96.4
Earnings per share* 11.7 16.4   12.3
Current P/e ratio   32.7   43.7
*(annualised)        

The growth in net profit is mainly due to increased sales, favourable commodity prices and the product mix being skewed in favour of higher margin products. This increase has been partially offset by the costs associated with new businesses viz. water and liquid milk.

Nestle also managed to decrease its interest burden by 26% during the period. At the current price of Rs 537 the stock trades at a P/e multiple of 33 times its annualised 1QFY02 earnings, which is on the higher side of the FMCG valuations.

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