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25-07-2024 11:27 AM | Source: Reuters
Nestle India misses June-quarter profit estimate as price hikes deter demand
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Nestle India reported a smaller-than-expected rise in its June-quarter profit on Thursday as price increases drove shoppers to cheaper rivals, hurting the company's sales volumes.
The Indian arm of the Swiss food giant Nestle reported a net profit of 7.47 billion rupees for the three-month period ended June, compared with 6.98 billion rupees a year earlier.
Analysts, on average, had expected a profit of 8.16 billion rupees, as per LSEG data.
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