Nestle shares down nearly 2% as Q3 net profit dives

Saturday, Oct 31, 2015,15:29 IST By Metrovaartha A A A

Mumbai | Shares of Nestle India fell by nearly 2 per cent today as the company reported 60 per cent decline in standalone net profit for the quarter ended September 30. The stock went down by 1.63 per cent to close at Rs 6,179.50 on BSE.

During the day, it lost 1.99 per cent to Rs 6,156.50. At NSE, shares of the company slipped 1.85 per cent to Rs 6,173.90. Hit by the Maggi ban, Nestle India yesterday reported a 60.1 per cent decline in standalone net profit at Rs 124.20 crore for the third quarter ended September, 2015.
The company, which appointed MD Suresh Narayanan as its Chairman to perform the dual role, had posted standalone net profit of Rs 311.29 crore in the same period last fiscal. During the period under review, net sales declined 32.12 per cent to Rs 1,736.20 crore as against Rs 2,557.80 crore a year ago, Nestle India had said in a statement.
The company follows January-December financial year. Due to the ban on Maggi, Nestle India had reported a standalone loss of Rs 64.40 crore in the second quarter for the first time in the last 15 years. Nestle India said it is faced with an unusual situation and continued to deal with it during the quarter as well.