The FMCG segment would take at least two more quarters to recover, says Nestle India chairman Suresh Narayanan. Photo: MintNew Delhi: FMCG major Nestle on Monday said it has taken Rs100 crore hit on sales due to demonetisation and the sector will take another six months to overcome the impact of the government’s move to scarp old high value notes. “As far as we are concerned, in November we took a hit and December was much better. On 15 February, Nestle, which follows January-December financial year, had reported a decline of 8.66% in its standalone net profit to Rs167.31 crore for the fourth quarter, while its net sales was up 16.17% to Rs 2,261.28 crore. Things are shaping up well for Nestle India, Narayanan said, pointing to a decent monsoon, 7th Pay Commission and income tax relief provided in Budget for the next fiscal.

Source: Mint February 20, 2017 13:27 UTC