India: United Breweries sees high single digit volume growth in January-March
Indias leading beer maker United Breweries Ltd (UBL) witnessed a ''high-single-digit'' volume growth in the domestic market during January-March 2022 quarter, according to its largest stakeholder Heineken, the Devdiscourse reported.
Moreover, the consolidation of UBL in India has ''positively impacted net revenue'' by Euro 200 million, Dutch brewing major Heineken said on April 20 in its earnings statement for the first quarter of 2022.
''In India, beer volume grew by a high-single-digit, outperforming the market. UBL experienced progressive growth during the quarter with the declining impact of the COVID omicron variant,'' it said.
The Asia Pacific region, under which India falls, has returned to growth following the lockdown in the second part of last year, Heineken added.
Heineken's Asia Pacific net revenue grew 9.2 per cent organically, with total consolidated volume rising by 2.8 per cent.
''The consolidation of UBL in India positively impacted net revenue by Euro 200 million or 4.6 per cent,'' it said.
Its beer volume increased organically by 2.8 per cent over the last year, led by the strong recovery of Cambodia and Malaysia.
''The premium portfolio declined by a low-single-digit, driven by Vietnam while staying ahead of 2019 by a high-single-digit,'' it said.
UBL, a listed entity here, is yet to announce its quarter numbers for January-March.
As per a regulatory filing, UBL's board is scheduled to meet on April 26, 2022, to consider the audited financial result for the quarter and year ended March 31, 2022.
In the first quarter, Heineken's global net revenue was Euro 5,753 million and increased by 24.9 per cent organically, with total consolidated volume growing by 5.7 per cent. Heineken now owns 61.5 per cent stake in UBL.
Last year, it acquired additional ordinary shares in UBL, taking its shareholding in the company from 46.5 per cent to 61.5 per cent.
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