NEW DELHI: Despite a surge in demand post easing of lockdown, Nestlé India has reported a duller than expected 2.25 per cent rise in net profit for the quarter ended 31 December 2020 to Rs 483.3 crore. The company’s revenues in the quarter grew 9 per cent on a year-on-year basis to Rs 3,432.6 crore.

The consumer goods major reported an eight per cent growth in Q4 to Rs 13,290 crore. Operating profit climbed 12 per cent year-on-year to Rs 777 crore.

The maker of Maggi instant noodles said in its earnings statement that sales growth was broad based largely driven by volume and product mix. Demand in the out-of-home channel further improved in the quarter but continues to be impacted by Covid2019.

E-commerce grew by 111 per cent and now contributes 3.7 per cent of domestic sales.

Nestlé India said that its total expenses in the quarter rose 8.3 per cent on-year to Rs 2,793 crore, which was largely because of a 11.3 per cent jump in other expenses of the company.

The company’s board also approved a final dividend for the financial year ended December 31 of Rs 65 per share.

“Under these circumstances, I am pleased to share that we delivered strong domestic sales growth. Nearly two thirds of our key brands like Maggi noodles, Kit Kat and Nescafé Classic posted double digit growth last year. This was backed by a step-up in marketing spends, especially in the last quarter,” said Nestlé India chairman & MD Suresh Narayanan.