Chennai, Jul 27 (IANS): Nestle Ltd on Thursday said it closed the second quarter of FY23 with a net profit of Rs 698.34 crore.

In a regulatory filing, the company said during the second quarter of FY23, it had earned a total income of Rs 4,682.48 crore (Q2FY22 Rs 4,065.06 crore) and a net profit of Rs 698.34 crore (Rs 510.24 crore).

According to Suresh Narayanan, Chairman and Managing Director, all product groups registered double digit growth for the fifth quarter in succession.

Narayanan also said the company will be setting up its 10th factory in India in Odisha.

“We have now received an "in principle" approval from Industrial Promotion & Investment Corporation of Odisha Limited (IPICOL),” he said.

As to the commodity outlook, Nestle India said edible oils, wheat and packaging materials have been in the lower price range.

“A reversal of price trend is noted in fuels with prices softening in second quarter after reaching higher level towards the end of quarter one. In fresh milk, there has been price stability. Robusta prices are elevated and are expected to remain volatile,” the company said.

Nestle India’s Board at their meeting also approved to change the financial year from January 1–December 31 (calendar year) to April 1-March 31 (financial year).

As a result, the current financial year will be extend up to March 31, .2024 covering a period of 15 months commencing from January 1, 2023 and subsequent financial years of the company would begin from April 1 every year and end with March 31 of the subsequent year.