Nestle India Shares Hit All-Time High After Board Approves Stock Split, Dividend Payment

Nestle India shares extended gains to reach an all-time high on Friday after the company posted robust earnings for the quarter ended September 2023. In today's early morning trade, at one point Nestle India shares rose as much as 1.90% to Rs 24,580.35 per share.

The share price of Nestle India 1% at Rs 24364.20 per share 12:12 pm IST.

FMCG major Nestle India posted a 37.27% jump in its net profit for the quarter ended September 2023 at Rs 908 crore compared to Rs 661.46 crore in the same quarter last year.

Nestle India's revenue in Q3CY23 jumped 9.5% to Rs 5,036.8 crore compared to Rs 4,601.8 crore in the year-ago period.

In the July-September quarter, Nestle India's EBITDA surged 21.3% year-on-year (YoY) to Rs 1,225 crore from Rs 1,009.6 crore. EBITDA margin was down by 220 basis points (bps) to 24.3% from 22.1%, YoY.

Nestle dividend:

The Board of Directors has declared a second interim dividend for 2023 of Rs 140 per equity share (Face value Rs. 10/- per equity share) amounting to Rs 1,349.82 crore, which will be paid on and from 16th November 2023. This is in addition to the first interim dividend of Rs 27 per share paid on May 8, 2023.

Nestle share split:

The Board of Directors of the Company has approved a share split in the ratio of 1:10.

In an exchange filing, the company said, "The Board of Directors of the Company have approved the alteration in the share capital of the Company by sub-division/ split of existing equity shares having face value of Rs. 10/- each, fully paid up, into 10 (ten) equity shares having face value of Re. 1/- (Rupee one only) each fully paid-up, subject to the approval of Members of the Company."

Nestlé India is India's among the top picks of brokerage firm Nuvama Institutional Equities. Nuvama has a 'Buy' call on the stock with a target price to Rs 29,165 per share.