Hit by Maggi ban, Nestle India Q3 profit plunges 60% to Rs 124 crore

Hit by the Maggi ban, Nestle India on Thursday reported a 60.1% decline in standalone profit at Rs 124.20 crore for the third quarter ended September 30.

The company had posted a standalone net profit of Rs 311.29 crore in the same period last fiscal.

Net sales during the period under review declined 32.12% to Rs 1,736.20 crore as against Rs 2,557.80 crore in the same period of previous year.

Nestle India was forced to withdraw Maggi from the market and stop production in June following tests by certain labs allegedly finding lead and MSG beyond permissible limits.

The company has, however, now resumed production of Maggi noodles.

Shares of the company on Thursday settled at Rs 6,282.10 per scrip on BSE, down 0.69% from previous close.