Nestle's India unit misses profit view on sluggish urban demand
"It was a quarter that was marked with food inflation, moderation in urban consumption, with gradual recovery in rural consumption," Nestle India Chairman and Managing Director Suresh Narayanan said in a statement. Revenue for Nestle India, home to brands such as Nescafe instant coffee and KitKat chocolate, rose 3.9% to 47.8 billion rupees for the three-month period ended Dec. 31, primarily driven by price hikes. Revenue jumped 8.1% in the comparable quarter last year.