Ferrero India posts a 17% decline in profit

Italian chocolate maker Ferrero India has reported a 17% decline in profit and slipped into losses during FY17-18. This is the company's worst performance since it entered India a decade ago. 

Ferrero, the maker of Kinder Joy chocolates and Nutella chocolate-hazelnut spread, has posted revenues of Rs 1538 crore, with net loss of Rs 89.6 crore during the year to March 2018.

Last year, the company had posted sales of Rs 1848 crore with net profit of Rs 21 crore. The sales were impacted due to new taxation policy and reduction in exports. 

Ferrero India's spokesperson said, "The FY 2017-18 was an interesting year as we navigated through the challenges that came with the changes in the taxation policy that had a ripple effect across industries leading to temporary stagnation as the overall business ecosystem adapted to the new policy."