India: United Breweries sees Q3 net profit decline by 2.56%
United Breweries Ltd (UBL) on February 5 reported net profit decline of 2.56% at Rs 106.37 crore for the quarter ended December, while net sales was impacted by economic slowdown and new excise policy in Andhra Pradesh, the Economic Times said.
The maker of Kingfisher reported a 2.05% increase in net sales in the third quarter at Rs 3255.97 crore.
The Heineken-controlled UB said in a stock exchange filing that the new excise policy in Andhra Pradesh which came into effect in October resulted in significant negative impact on the industry and the company.
The brewer said its premium brands reported double digit volume growth. The company also took to price increase in key markets such as Karnataka, Maharashtra, Rajasthan and Goa which helped them off-set part of the impact of input cost increase, especially in new glass and barley.
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