Nestle India Reports Q2 Net Profit Drop to Rs 899 Cr, Manish Tiwary Named New India MD

Nestle (NS:NEST) India's net profit declined marginally to Rs 899 crore in the second quarter (Q2) this fiscal, from Rs 908 crore in the corresponding quarter of the previous year, the company said in its quarterly financial results on Thursday. The FMCG company reported revenue from operations at Rs 5,104 crore, compared with Rs 5,037 crore a year ago, a rise of 1.3 per cent.

Company continues accelerated growth of nearly 38 per cent in the quarter primarily driven by quick commerce and spurred on by brands such as Kitkat, Nescafe, Maggi, and Milkmaid. The company states that growth has been supported by premiumisation, new user acquisition, festive participation, and targeted digital communications.

Suresh Narayanan, Chairman and Managing Director of Nestle India, said: "We remained resilient in our pursuit to deliver growth notwithstanding a challenging external environment with muted consumer demand and high commodity prices, especially for coffee and cocoa."

"This quarter, 5 of our top 12 brands grew at double-digit. However, some key brands witnessed pressure due to softer consumer demand and we focus on them and have in place robust action plans," he said.

"It is heartening to note that in the last 9 months, 65 per cent of our top 12 brands, including Maggi noodles, showed positive volume growth," Narayanan said.

The Board of Directors has approved the appointment of Manish Tiwary as 'Non-retiring Director' and 'Managing Director' (Key Managerial Personnel) of the Company with effect from 1st August, 2025 for a term of five consecutive years, subject to approval of the shareholders," the company said in a regulatory filing.

The company also informed that Narayanan, a senior professional with over two decades of experience in the FMCG industry, will retire on July 31, 2025. He joined Nestle India in July 2019 as the Managing Director and Executive Director.

Meanwhile, the company appointed Manish Tiwary as the Managing Director of Nestle India to replace Narayanan, who will retire on July 31, 2025.

Mr. Tiwary is the Special Project Manager for Zone AOA, Nestle, Switzerland. He has also worked as the Country Manager of Amazon (NASDAQ:AMZN) India for more than eight years.

Shares in the FMCG major declined 3.5% at Rs 2,375 on the BSE in the day's trade. The company said it continued to expand its footprint by introducing new stock-keeping units across categories in Canada, the Middle East, the Maldives, and Papua New Guinea.

In the meantime, the Swiss parent of Nestle India said it would restructure senior leadership and the operating structure and also reduce its full-year sales estimate. The FMCG firm forecasts organic 2024 sales to be about 2% and an underlying trading operating profit (UTOP) margin of around 17% for the year.