Bengaluru: The Board of Directors of Nestlé India today approved the results for the third quarter of 2023.
Commenting on the results, Mr. Suresh Narayanan, Chairman and Managing Director, Nestlé India said, “I am pleased to share that we have, yet again, delivered consistent performance almost across all major brands. Domestic sales grew double digit, on account of mix, volume and price. Key brands continued to perform well, led by KITKAT, NESCAFÉ CLASSIC, NESCAFÉ SUNRISE, supported by MUNCH and MILKMAID. We are investing towards building our brand equity and have made strong and significant investments across all product groups. We crossed INR 5,000 crore turnover, which has been our first in any quarter in the history of the Company and a landmark for us.
Consumer trends and increasing proclivity towards adoption of brands in small towns and large villages has propelled the growth of the Company. Our RURBAN strategy remained focussed on deepening our reach in under penetrated small towns and large villages. The power of technology has been instrumental in getting actionable insights through our analytics platform MIDAS. This has helped in taking quick, granular, decentralised and robust decisions across our operating canvas. We are piloting NESmitra, our customer ordering app in RURBAN markets, that connects retailers to distributors. We continue to widen and customize our RURBAN portfolio by introducing products which cater to specific local requirements. As an example, a step in this direction was the recent launch of MAGGI Teekha Masala and MAGGI Chatpata Masala variants of MAGGI noodles in RURBAN markets across 15 states of India. In effect, our strategy of enhancing reach, brand resonance of portfolio, resource deployment and renewal of strong activations at the ground level plays to a sustainable execution model for the Company.
The Out-of-Home business continued to deliver double-digit growth with a focus on portfolio transformation, geographical expansion and significant investment in infrastructure. E-Commerce contributed to 6.1% of the quarterly sales with continued growth across channels driven by Quick Commerce. I am happy to note that our D2C platform www.mynestle.in has performed well in Delhi NCR and now we are in the process of expanding it to other cities.
We have accelerated our focus on Innovation and Renovation, launching many new products through the year. We are creating a differentiated and diverse food portfolio across brands that promotes millets or ‘shree anna’ as a more sustainable food. Our manufacturing and processing capabilities and understanding of Indian palate enables us with expertise to introduce millets in relevant product groups. We recently launched Nestlé a+ Masala Millet with bajra, in two variants, Tangy Tomato and Veggie Masala. Our portfolio has products like Nestlé CEREGROW grain selection with ragi, Nestlé MILO Cocoa Malt with bajra, Nestlé KOKO KRUNCH millet jowar breakfast cereals that contains millet. Many more products with millets are on the anvil.
As a responsible corporate citizen with strong commitment to be a Net Zero Company by 2050, we are accelerating our sustainability journey. We have doubled our investments on sustainability in areas such as dairy, plastics and sustainable sourcing. As an example, our interventions made in NESCAFÉ plan has helped in enhanced outcomes on higher yields for better coffee, improving livelihood of coffee farmers and their families, encouraging sustainable management of landscapes and improving biodiversity in coffee farms through intercropping. We have also accelerated the pace of installing anaerobic biodigesters in dairy farms with the aim of reducing methane emissions and providing renewable energy to the farming households.
Commitment, consistency, and collaboration are key pillars for our business. Our deeply held values, enshrined in our Purpose has consistently anchored the organisation. Over the last 111 years we have built enduring partnerships, and I would like to express my gratitude to the unwavering commitment of our partners, suppliers, retailers, distributors and employees for their trust, love and faith bestowed upon us.”
