Gurgaon, Oct 28 (IANS): FMCG major Nestle India Tuesday announced a net profit of Rs.311.3 crore in the third quarter of the current fiscal on net sales of Rs.2,557.8 crore and earnings per share of Rs.32.29.

Net sales in the quarter increased by 8.9 percent over the same period of the previous year, a statement issued after a board meeting here said. Net domestic sales grew by 9.9 percent mainly from better realisations while exports declined by 3.9 percent due to lower coffee exports.

Commenting on the results, Nestle India managing director Etienne Benet said: “The top and bottom line results for the quarter are in line with our expectations. Despite severe input cost pressure, focus on various efficiency and cost containment programs have enabled us to deliver healthy margins.”

“We continue to rationalize the product portfolio to eliminate low margin SKUs which are not in line with our vision of Nutrition, Health and Wellness or growth strategy. Though the sales dynamics is better, we remain cautious as we are yet to feel the buoyancy from the external environment.

“We are particularly satisfied that our strategy of nutrition, health and wellness for the existing range and innovations, value-up portfolio management and redirection of marketing investments is starting to build further momentum,” Benet added.