- February 16, 2017 / 2 min readNestle, the maker of Maggi noodles and KitKat chocolates said in an earnings statement that its sales had increased 16.17 percent to Rs 2,261.2 crore.
Foods maker Nestle India has reported a net profit decline of 8.66 percent year on year at Rs 167.3 crore for the fourth quarter ended December 31, 2016.
The maker of Maggi noodles and KitKat chocolates said in an earnings statement that its sales had increased 16.17 percent to Rs 2,261.2 crore.
"Net domestic sales for the quarter have been impacted by the withdrawal of high denomination currency notes in circulation," the company said in a statement.
The India arm of the Swiss foods maker said results for the quarter and full year ended 31st December, 2016 are not entirely comparable with the results of the corresponding periods due to Maggi noodles withdrawal in 2015.
Nestle chairman Suresh Narayanan said the company had regained leadership in the noodles category with close to 60 percent market share. "Innovation and renovation has been the key platform for Nestle and the year saw us launch over 30 new products and variants, across all categories," he added.
National food regulator Food Safety & Standards Authority of India (FSSAI) had banned Maggi in June 2015 following allegations that the popular snack contained lead in excess of permissible levels and that there was mislabeling related to flavour enhancer monosodium glutamate (MSG).
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