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04 August, 2022

Wisky news India: United Spirits Ltd reports five-fold jump in first-quarter net profit

Diageo-controlled liquor maker United Spirits Ltd on July 26 reported over five-fold jump in its consolidated net profit to Rs 261.1 crore for the first quarter ended on June 30, 2022, the Outlook India said.

The company had posted a net profit of Rs 50.3 crore in the April-June quarter a year ago, United Spirits Ltd (USL) said in a regulatory filing.

Its revenue from operations was up 15.6 per cent to Rs 7,131.3 crore during the quarter under review as against Rs 6,168.5 crore in the corresponding period of the previous fiscal.

Its net sales increased "lapping a soft prior year comparator, with growth driven by resilient consumer demand in the off-trade and recovery of the on-trade," said USL in an earning statement.

USL’s total expenses were at Rs 6,864.6 crore, up 12.91 per cent in Q1/FY 2022-23, as against Rs 6,079.7 crore.

Commenting on the results, Diageo India CEO Hina Nagarajan said: "Our business today is ahead of pre-pandemic levels, substantiating the resilience of our category."

Double-digit inflation, scotch supply constraints in select markets and a one-time special grant to its employees, impacted the EBITDA margin delivery, she added.

Over the outlook, Nagarajan said looking ahead, in the shorter term, she expect inflationary pressures to continue.

"Our confidence in the medium to long-term prospects of our industry, the resilience of our business and our ability to navigate headwinds remains high," she added.

Shares of United Spirits Ltd on July 26 settled at Rs 850.05 on BSE, down 1.82 per cent from the previous close.

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