Nestle India shares dip on Q4 results

NEW DELHI, FEB 16:  Shares of Nestle India today fell 3.5 per cent as the company reported a decline of 8.66 per cent in standalone net profit for the fourth quarter ended December 31, 2016.The stock slipped 3.5 per cent to Rs 5,957.20 on the BSE.

On the NSE, shares of the company dipped 3.35 per cent to Rs 5,962.35.FMCG major Nestle India had yesterday reported a decline of 8.66 per cent in its standalone net profit at Rs 167.31 crore for the quarter ended December 2016, hit by higher tax expenses and demonetisation that impacted its domestic sales.The company, which follows January-December financial year, had posted a net profit of Rs 183.19 crore during the October-December quarter last fiscal.

However, net sales of the company during the quarter under review were up 16.17 per cent at Rs 2,261.28 crore against Rs 1,946.44 crore in the corresponding quarter last fiscal, Nestle said in a BSE filing.