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Nestle India Q4 net profit misses estimates

The net profit was well below the 3.20 billion rupees Nestle India posted a year earlier.

Nestle, Nestle India, Nestle India profits, Nestle India Q4 results, business, business news The company had to pull the noodles off the shelves for nearly six months, and restarted sales only in November

Nestle India Ltd reported fourth-quarter net profit below analysts’ estimates as it struggles to regain market share of its once-popular Maggi noodles that were temporarily banned last year over safety concerns.

The India unit of Nestle SA, the world’s largest packaged food company, reported a net profit of 2.59 billion rupees ($38.87 million) for the January-March quarter, while analysts polled by Thomson Reuters had expected 2.87 billion rupees on average.

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The net profit was well below the 3.20 billion rupees Nestle India posted a year earlier, before regulators found some samples of its Maggi noodles contained unsafe levels of lead.

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The company had to pull the noodles off the shelves for nearly six months, and restarted sales only in November, after tests carried out at government-accredited laboratories showed the noodles were safe for consumption.

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First published on: 12-05-2016 at 16:48 IST
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