INDIA: United Breweries powers to strong Q1
United Breweries to expand on strong Q1
United Breweries plans to expand its capacity after reporting a leap in beer sales and a doubling of net profits for its fiscal first quarter.
Beer sales by volume increased by 36% for the three months to 30 June, partially boosted by the restart of supplies to Andhra Pradesh, United Breweries said yesterday (21 July).
The India-based brewer, which is 37.5%-owned by Heineken, said it extended its leadership of the country's fledgling beer market, which expanded at a slower rate of 30% for the quarter.
Net profits for the three months doubled on the same period of last year, rising by 114% to INR761m (US$16m), said the Kingfisher lager brewer.
Operating profits, meanwhile, rose by 92%, driven by strong volume growth in Karnataka, one of the more profitable Indian states for beer sales, United Breweries said.
"Ongoing capacity investments will be made through expansions in a number of our breweries," said the firm, which is estimated to constitute close to 50% of the Indian beer market.
The brewer, which is part of billionaire Vijay Mallya's UB Group, did not disclose net sales figures for the quarter.
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