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Nestle: Worrying start to 2004

Apr 30, 2004

Nestle India's March quarter numbers indicate signs of pressure building up in the domestic processed food industry. The company had ended FY04 on a strong note backed by buoyant domestic sales growth of nearly 12%. Bottomline growth was up nearly 31% during the year. In contrast, Nestle's March quarter (1QFY05) numbers reflect a toned down 5.5% domestic sales growth.

(Rs m) 1QFY04 1QFY05 Change FY04
Net sales 5,981 6,201 3.7% 22,798
Other Income 111 35 -68.7% 278
Expenditure 4,668 4,991 6.9% 18,374
Operating Profit (EBDIT) 1,313 1,209 -7.9% 4,424.60
Operating Profit Margin (%) 21.9% 19.5% 19.4%
Interest 11 7 -38.5% 19
Depreciation 113 122 7.1% 463
Profit before Tax & extraordinary items 1,299 1,116 -14.1% 4,221
Tax 432 339 -21.6% 1,361
Extraordinary items -120 -134 - -230
Profit after Tax/(Loss) 747 644 -13.8% 2,631
Net profit margin (%) 12.5% 10.4%   11.5%
No. of Shares (m) 96.4 96.4   96.4
Diluted Earnings per share (Rs)* 31.0 26.7   27.3
Current P/e ratio (x)   24.1   23.6
*(annualised)        

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