Indian alcoholic beverage maker United Spirits Ltd, on Thursday, posted a consolidated net profit of Rs 204 crore for the March quarter. This is 7.36 per cent rise from Rs 190 crore a year ago, the company statement said.
The company’s consolidated revenue from operation fell 25.20 per cent to Rs 5,783 crore for the March quarter as compared to Rs 7,732 crore in the year-ago period.
Shares of United Spirits on Thursday ends marginally higher at Rs 797 on BSE.
Last year, the company was hit by a one-time expense of Rs 120 crore.
One-time expenses reared their head for the latest quarter as well, with the company incurring expenses of Rs 11.2 crore from the restructuring of its supply chain and other items.
United Spirits said rebased net sales for its popular segment, which houses brands shrunk 6.3 per cent due to inflationary headwinds.
Still, the Diageo PLC-owned company's net sales value rose 15.6 per cent aided by a 23.2 per cent growth in their prestige & above segment.
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In a regulatory filing, the company said, “The Board of Directors of the Company at their meeting held today has inter-alia approved the Audited Financial results (Standalone and Consolidated) for the quarter and year ended 31 March 2023. The said results in the prescribed format along with Statutory Auditors' Report with an unmodified opinion are enclosed herewith.”
“United Spirits Limited is engaged in the business of manufacture, purchase and sale of beverage alcohol and other allied spirits, including through tie-up manufacturing units and through strategic franchising of some of its brands in certain states,” the company said in BSE filing.
“In addition, Royal Challengers Sports Private Limited, a subsidiary of the Company, holds the right to the Royal Challengers Bangalore (RCB) cricket franchise of the Indian Premier League (IPL) and have recently acquired franchise rights for the Women’s Premier League in January 2023, the statement added.
(With inputs from Reuters)
(With inputs from Reuters)