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Nestle chocolate tastes bitter due to demonetisation

Published: Feb 21, 2017

By TIOLCORP News Service

NEW DELHI, FEB 21, 2017: CONSUMER goods major Nestle said that it lost 100 crore sales revenue due to demonetisation.

"We took an impact in November. If you look on overall impact, it would be difficult to put it but roughly the last quarter I met a loss of about of a billion on sales (Rs 100 crore) because of demonetisation," said Nestle India Chairman and Managing Director Suresh Narayanan.

According to him, the sector will take another six months to recover from the impact of the government's move to scarp old high-value notes.

Nestle, which follows January-December financial year, had reported a decline of 8.66 per cent in its standalone net profit to Rs 167.31 crore for the fourth quarter, while its net sales were up 16.17 per cent to Rs 2,261.28 crore.

The firm is looking to diversify into new segments like premium coffee business, pet care, skin health and cereals while it looks at 2017 as a "year of aggression". It is also planning consolidating its offerings and adding new categories so as to continue with double digit growth.

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