Nestle India Shares Plunge 3% After Earnings Miss

New Delhi, Oct 17 (PTI) Shares of FMCG major Nestle India Ltd on Thursday fell by over 3 per cent after the firm reported a decline of 0.94 per cent in net profit for the September 2024 quarter.

The company's stock went lower by 3.35 per cent to close at Rs 2,379.70 apiece on the BSE. During the day, it dropped 3.95 per cent to Rs 2,364.80.

It was the biggest laggard among the BSE Sensex firms.

On the NSE, it slipped 3.43 per cent to Rs 2,377.65.

The company's market valuation plummeted Rs 7,959.11 crore to Rs 2,29,440.48 crore.

Nestle India Ltd on Thursday reported a marginal decline of 0.94 per cent in net profit at Rs 899.49 crore for the quarter that ended September 2024, in which the firm faced high commodity prices and some of its key brands faced softer consumer demand.

The company had posted a net profit of Rs 908.08 crore in the July-September period a year ago, according to a regulatory filing from Nestle India.

However, Nestle India's revenue from the sale of products was up 1.3 per cent to Rs 5,074.76 crore in the September quarter. It was Rs 5,009.52 crore in the corresponding period last fiscal.

Its total expenses in the September quarter were up 3.42 per cent to Rs 4,090.09 crore.