Nestlé India Limited (NESTLEIND.NS)

Nestle India profit beats estimates on strong demand; forms JV with Dr. Reddy's

Nestle India reported a bigger-than-expected increase in its quarterly profit on Thursday, as it benefited from higher product prices and demand for its packaged food items including Maggi instant noodles and KitKat chocolates. Consumer goods makers have seen steady demand for certain food items such as chocolates and biscuits, especially in urban areas, while they have also raised prices on some products including coffee and noodles to protect their bottomline. The Indian arm of the Swiss food giant Nestle reported a nearly 27% increase in net profit to 9.34 billion rupees ($112.03 million) for the three months ended March 31, beating LSEG estimates of 8.71 billion rupees.