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Nestle India share price slips over 3% on Q1 earnings

Nestle India share is trading higher 100 and 200-day moving averages but lower than 5, 20 and 50-day moving averages. Nestle India stock price has fallen 3% in one week and 0.83% in one month

twitter-logoBusinessToday.In | July 29, 2020 | Updated 16:49 IST
Nestle India share price slips over 3% on Q1 earnings
Market capitalisation of the firm stood at Rs 1. 59 lakh crore as of today's closing

Shares of Nestle India fell almost 3% in Wednesday's afternoon session as FMCG major announced its June quarter earnings for the fiscal year 2020-21.

Fast-moving consumer goods (FMCG) company Nestle India posted consolidated net profit at Rs 486.60 crore, registering a rise of 11.2% QoQ. This was against the profit of Rs 437.79 crore in the same quarter a year ago.

Nestle India share price touched an intraday low of Rs 16,511.1, falling 3.44% against the last close of Rs 170,98 on BSE. The stock also touched an intraday low of Rs 171,88. Nestle India share has fallen 3.78% in the last 2 days.

Market capitalisation of the firm stood at Rs 1. 59 lakh crore as of today's closing. Nestle India share is trading higher 100 and 200-day moving averages but lower than 5, 20 and 50-day moving averages. Nestle India stock price has fallen 3% in one week and 0.83% in one month.

Company's net sales rose 1.96% to Rs 3,041.45 crore during the quarter under review from Rs 2,982.83 crore in the previous year quarter. Domestic sales climbed 2.55% to Rs 2,907.74 crore in the April-June quarter against Rs 2,835.37 crore in Q1 FY20.

"The past three months have witnessed volatility, uncertainty and stresses that we had never imagined before nor experienced. This led to disruptions across the value chain of the company that has impacted our results, though we have built back momentum strongly as we ended the quarter, " the company said in its regulatory filing.

Shares of Nestle closed 3.02% lower at Rs 16,581 on BSE today

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