29 August 2017 | News | By NFS Correspondent
Packaged foods firm Nestle is likely to foray new categories in India namely water and pet care. These are very much on the radar in terms of India and the company will evaluate their potential.
The India arm of the Swiss foods major has passed on price cuts in dairy whiteners, sauces and infant cereals to consumers following lower tax slabs announced in the Goods & Services Tax (GST) on July 1, it will also pass on increases in confectionery and coffee on account of higher taxation slabs.
GST has been relatively smooth, and 3,500 suppliers and 1,600 distributors had to be recalibrated across one million outlets, though there is still some reluctance in wholesale to pick up.
Half of the company’s growth now comes from its non-noodles portfolio, and it will focus now on driving double digit volume growth, sustaining profitability, and fortified products across categories.
For the quarter ended June 2017, Nestle had reported net profit increase of 10 per cent at Rs 263 crore, which got impacted on account of higher cost of materials.