Nestle India Reports Rise in Quarterly Profit, Announces JV With Dr. Reddy's Laboratories

By Kosaku Narioka

Nestle India reported a rise in quarterly net profit on higher revenue and announced a new joint venture with Dr. Reddy's Laboratories.

The Indian unit of food and beverage company Nestle said Thursday that net profit rose 27% from a year earlier to 9.34 billion rupees ($112.1 million) for the three months ended March 31.

Revenue increased 9.0% from a year earlier to INR52.68 billion, thanks to broad-based sales growth.

Nestle India also said it agreed to set up a joint venture with Dr. Reddy's Laboratories to sell nutritional products by leveraging the pharmaceutical company's robust retail and distribution network.

Nestle India will have a call option to increase its stake in the JV to up to 60% after six years from 49% initially, it said.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

April 25, 2024 06:32 ET (10:32 GMT)

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