Nestle India shares tank 5 pc post-Dec qtr earnings

Shares of Nestle India Ltd declined 5 percent in early trade on Wednesday after its December quarter earnings failed to cheer investors.

The stock declined 5 percent to Rs 16,360 on the BSE.

At the NSE, it tanked 5 percent to Rs 16,350.

FMCG major Nestle India Ltd on Tuesday reported a 2.25 percent rise in net profit to Rs 483.31 crore for the fourth quarter ended December.

The company, which follows the January-December financial year, had posted a profit of Rs 472.64 crore in the same period a year ago, Nestle India said in a regulatory filing.

Net sales rose 9.16 percent to Rs 3,417.52 crore during the quarter under review, as against Rs 3,130.74 crore in the corresponding period last fiscal, the company said.

Nestle India's domestic sales were up 10.13 percent to Rs 3,260.70 crore, as against Rs 2,960.78 crore in October-December 2019.

Export sales dipped 7.73 percent to Rs 156.82 crore, compared to Rs 169.96 crore earlier.

Total expenses increased 8.26 percent to Rs 2,793.01 crore from Rs 2,579.89 crore.