INDIA: United Breweries, United Spirits release Q2 results
United Breweries, which produces the Kingfisher beer brand, said late yesterday (26 October) that net profits in the three months to the end of September more than doubled, coming in at INR117.1m (US$2.48m) compared to the INR51.6m delivered a year earlier. Net sales for the period hit INR4.12bn versus INR3.66bn in quarter three 2008.
While specific reasons for the profits leap were not disclosed, United Breweries did highlight the launch of super premium beer brand Kingfisher Ultra in Mumbai in the three-month period.
Meanwhile, at United Spirits, net profits slid to INR696m in the quarter, from INR938.9m a year earlier. Net sales, however, were up by 20% to INR10.80bn, with sales volumes rising by 10%.
The spirits unit, which owns Scotch whisky firm Whyte & Mackay, noted that spirits costs in the quarter had risen markedly, while advertising and promotion costs increased on the back of the national roll-out of Whyte & Mackay Special and Romanov Red Prestige vodka in India in the quarter.
For the half-year to the end of September, United Breweries saw net profits leap to INR472m from INR277.7bn a year ago, with sales hitting INR9.77bn compared to INR8.48bn.
Over at United Spirits, half-year profits totalled INR2.47bn from INR2.11bn, as sales lifted to INR23.36bn, ahead of the INR19.27bn in 2008.
Finally, United Breweries also said that Kiran Mazumdar Shaw, CMD of Biocon, and the director of New Horizon Investments, Madhav Bhatkuly, have both joined the board as independent directors.
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