Nestlé India, a major packaged food supplier, shipped over six billion servings of Maggi instant noodles and 4.2 billion fingers of KitKat chocolate wafers to consumers in FY24, the company said in its latest annual report. In the process, India became the largest and second largest market globally for both brands, the company said in its latest annual report for the 15 months ended March 31.
“Penetration, premium and innovation combined with disciplined resource allocation have been key to business development, making your company one of the fastest growing markets for Nestlé globally,” the company said.
In FY24, Nestle India reported a topline of Rs 24,275 crore, which is not comparable to the previous period of CY22, a 12-month accounting calendar. Addressing shareholders in the latest annual report, Nestle India Chairman and MD Suresh Narayanan said the company has achieved double-digit revenue growth in a dynamic market environment.
He said the company is ready to invest around Rs 7,500 crore over the next few years to develop new capabilities and expand existing ones with a sharp focus on sustainable growth and innovation. The company will set up its tenth plant in India in the state of Orissa.
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Nestlé is also expanding its offering under the Maggi brand by introducing Oats Noodles, Korean Noodles and several masala variants priced at Rs 10, the company said. The company has also prioritized innovation, launching more than 140 products over the past eight years.
Ready meals and cooking aids, which includes Maggi, contributed 30.4% to FY24 sales; confectionery, which includes KitKat, Munch and Milky Bar, contributed 16.5% to FY24 sales; and powdered and liquid beverages, which includes Nescafe, contributed 12.4% to sales.
