'Maggi'less Nestle India chews bitter pill as Q3 net profit falls 60% to Rs 124 cr
The company had posted a standalone net profit of Rs 311.29 crore in the same period last fiscal.
New Delhi: Hit by the Maggi ban, Nestle India today reported a 60.1 percent decline in standalone profit at Rs 124.20 crore for the third quarter ended 30 September.[caption id="attachment_2471346" align="alignleft" width="380"]
Savior or headache? AFP[/caption] The company had posted a standalone net profit of Rs 311.29 crore in the same period last fiscal.Net sales during the period under review declined 32.12 percent to Rs 1,736.20 crore as against Rs 2,557.80 crore in the same period of previous year.Nestle India was forced to withdraw Maggi from market and stop production in June following tests by certain labs allegedly finding lead and MSG beyond permissible limits. The company has, however, now resumed production of Maggi noodles.Shares of the company today settled at Rs 6,282.10 per scrip on BSE, down 0.69 percent from previous close. PTI
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