INDIA: United Breweries Q1 sales, profits jump
United Breweries, India's largest brewer, has reported a 57% rise in net profits and a 17% jump in beer sales for its fiscal first quarter.
Net profits rose to INR355m (US$7.4m) for the three months to the end of June, compared to INR226m for the same period a year earlier, United Breweries has said.
Net sales rose by 17% to INR5.56bn, said the group, which owns the Kingfisher beer brand and is controlled by Indian billionaire Vijay Mallya.
Beer sales rose despite ongoing supply problems in Andhra Pradesh, pending a legal dispute with the state authorities there.
United Breweries raised INR4.25bn via a share rights issue during the quarter. It has spent nearly three quarters of this on paying down debt, with INR920.5m used for capital expenditure. A further INR250m has been invested in mutual funds, the brewer said.
During the quarter, United Breweries said it signed a deal to acquire brewing facilities in Tamil Nadu, via a merger agreement between United Breweries subsidiary United Spirits Ltd and local distiller Balaji Distilleries Ltd.
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