August 3, 2018 / 10:13 AM / a year ago

Nestle India second-quarter profit tops estimates

A Nestle logo is pictured on a coffee factory in Orbe, Switzerland May 31, 2018. Picture taken May 31, 2018. REUTERS/Denis Balibouse/Files

(Reuters) - Nestle India Ltd on Friday posted better-than-expected second-quarter profit, as the maker of Maggi noodles and Kit-Kat chocolates saw higher margins on lower commodity prices.

Analysts, on average, expected a profit of 3.72 billion rupees, according to Thomson Reuters I/B/E/S.

Profit stood at 3.95 billion rupees ($57.45 million) in the second quarter ended June 30. The company reported a profit of 2.63 billion rupees a year earlier.

Nestle India said financial results for the quarter and half year of 2018 are not comparable year-on-year because of the introduction of the Goods and Services Tax on July 1, 2017.

Total revenue from operations in the quarter was 26.98 billion rupees.

The Indian arm of Swiss food group Nestle SA declared an interim dividend of 20 rupees per share.

($1 = 68.7600 Indian rupees)

Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Sunil Nair and Sherry Jacob-Phillips

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