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Nestle India net profit up at Rs 961.6 cr

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Nestle India net profit up at Rs 961.6 cr

Nestle India has reported a net profit of Rs 961.6 crore for the full year 2011, up from Rs.818.7 crore in 2010. Earnings per share (EPS) increased to Rs 99.73.

Net sales for the full year stood at Rs 7,490.8 crore, an increase of 19.8 per cent over 2010. Domestic sales, too, saw an increase of 20.2 per cent on account of selling prices and volumes.

On the other hand, export growth has been adversely impacted by the ban on exports of milk powder.

Commenting on the results for full year 2011, A Helio Waszyk, Chairman and Managing Director, Nestle India, said, “What an achievement to have our EPS touching Rs 100 at the time Nestlé India is celebrating 100 years. This has been possible due to the strength of our brands, the engagement of our people and the strong support provided by Nestle S.A. While the current environment is uncertain and volatile, requiring cautious attention, we continue our journey. We are just starting to operate the Rs 2,000 crore investments made in manufacturing and distribution, creating additional jobs and at the same time continuing to reward our confident people – our main competitive advantage.”

The increase in tax expense is higher than the increase in profit before tax due to the fact that on completion of five years of the Pantnagar factory, the 100 per cent income tax holiday was reduced to 30 per cent of the profits of Pantnagar factory. Effective from April 2011, it will continue at the same rate for the next five years.

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