Nestle beats note ban blues in March quarter

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Nestlé India has beaten the blues of demonetisation and recovered, led mostly by its popular instant noodles Maggi, the company said in an earnings conference call (con-call).

Prime Minister Narendra Modi had announced the demonetisation of old Rs 500 and Rs 1,000 notes on November 8 last year. This had led to a severe cash crunch in the economy, hitting demand for consumer goods.

For the December 2016 quarter, Nestlé India had reported a nearly 9% decline in standalone net profit. It had fallen to Rs 167.3 crore for the quarter, compared to Rs 183.2 crore for the same period the previous year.
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