Maggi Sells 6B Servings, KitKat 4.2B Figure in Nestle India FY24

Nestle India provided over six billion servings of Maggi instant noodles and 4.2 billion figers of KitKat chocolate wafers to consumers in FY24, according to the company’s most recent annual report.

In the process, India became the largest and second-largest global market for the two brands, according to the company’s current annual report, which covers the fifteen months ending March 31.

“Penetration, premiumization, and creativity, combined with disciplined allocation of resources, have been key in growing business, making your business one of the fastest-growing markets for Nestle globally,” it noted.

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Revenue for Nestle India FY24 was Rs 24,275 crore, which is not equivalent to the previous period of CY22, which follows a 12-month accounting cycle.

Nestle India’s chairman and MD, Suresh Narayanan, stated in his latest annual report speech to shareholders that the business achieved double-digit sales growth in the face of a challenging market landscape.

“Geopolitical tensions remained bubbling in several regions, fueled by many remaining issues, including the socioeconomic repercussions of post-pandemic recovery and commodity price changes.

Despite a tough external environment, Nestle India remained dedicated to its development strategy,” Narayanan stated.

He stated that the company was planning to invest over Rs 7,500 crore in the next years to build new capabilities as well as improve current ones, with an intense focus on long-term growth and innovation. The business will establish its ninth facility in India, in the state of Orissa.

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Nestle is also increasing its Maggi options with the introduction of Oats Noodles, Korean Noodles, and many masala varieties, all priced at Rs 10, according to the firm.

The firm has also emphasized innovation, introducing over 140 items in the last eight years, according to the statement.

The prepared dishes and cooking aids sector saw rapid expansion.

This was boosted by a balanced product mix, price, and volume increase in Maggi noodles and Maggi Masala-ae-Magic, as well as strong consumer engagement and market presence through media campaigns and appealing consumer activations,” the company stated.

Prepared Dishes and Cooking Aids, which included Maggi, provided 30.4% of FY24 sales; candy, which included KitKat, Munch, and Milky Bar, contributed 16.5% of Nestle India FY24 sales; and powdered and liquid drinks, which included Nescafe, contributed 12.4% of sales.