Financial Daily from THE HINDU group of publications
Thursday, Mar 07, 2002
Financial Daily from THE HINDU group of publications Thursday, Mar 07, 2002 |
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Corporate Results
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Food & Dairy Products Nestle India net up 14.5 pc Our Bureau
NEW DELHI, March 6 NESTLE India has registered a 14.5 per cent increase in net sales to touch Rs 1,921 crore for 2001 as against Rs 1,677.5 crore in 2000. Net profit rose 46 per cent to Rs 173.2 crore as against Rs 118.6 crore in 2000. According to a company statement, domestic volumes contributed 83.9 per cent of total sales, growing by 14.1 per cent while export sales grew 16.7 per cent. Of the 46 per cent increase in net profit, 6.7 per cent was on account of a statutory change in the Accounting Policy relating to provision for taxation. The balance 39.3 per cent is mainly due to increase in sales, lower commodity prices and improved asset rotation, which have been partially offset by costs associated with water, liquid milk and chilled dairy business. "Also, the lower provision for contingencies and reduction in income tax rate had contributed to the increase in profits," it stated.
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