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FMCG major Nestle India Ltd on Tuesday reported an increase of 24.69% in its net profit at Rs 736.64 crore for the first quarter ending March 31, 2023.

The company, which follows the January-December financial year, had posted a net profit of Rs 590.77 crore in the same period a year ago, Nestle India said in a regulatory filing.

Nestle India’s net sales rose 20.43% to Rs 4,808.40 crore during the period under review, as against Rs 3,962.84 crore in the corresponding period last fiscal, the company said.

Its total expenses in the January-March quarter were at Rs 3,873.76 crore, up 20.61%, as against Rs 3,211.78 crore in the corresponding period a year ago.

Nestle India’s domestic sales were up 21.18% to Rs 4,612.73 crore, as against Rs 3,806.20 crore in the January-March period of 2022.

Its exports were up 24.91% to Rs 195.67 crore, as against Rs 156.64 crore in the corresponding quarter a year ago. Shares of Nestle India Ltd were trading at Rs 20,770.70 apiece on BSE in the afternoon on Tuesday, up 0.51% from the previous close.