INDIA: United Spirits FY profits slip, sales up
- FY net profits slip by 6.4% to INR3.21bn (US$58.8m)
- Net sales in 12 months to end of March rise by 12.3% to INR86.1bn
- Operating profits in the year increase by 5.3% to INR10.6bn
- Fourth quarter sales, profits up
United Spirits posted its FY results earlier today
United Spirits has reported a slight fall in full-year net profits, but grew sales by double-digits.
The company, part of the UB Group, said earlier today (16 May) that net profits in the 12 months to the end of March fell by 6.4% year-on-year, totalling INR3.21bn (US$58.8m). Net sales, however, held firm, rising by 12.3% to INR86.1bn, as operating profits were up by 5.3% to INR10.6bn.
Volumes in the 12 months were up 3% to 123.7m cases.
The company, which is in the process of selling a controlling stake to Diageo, said the move to premiumise its portfolio and move consumers "up the value chain" was paying off.
For the final quarter, net profits leapt by 460% to INR560m, as net sales rose by 11.3% to INR20.94bn. Operating profits were up 22% in the three-month period to INR2.17bn, while volumes rose by 4% to 31.4m cases. Profits in the quarter were boosted by a foreign exchange gain, the company said.
Shares in United Spirits on the Bombay Stock Exchange today closed up 0.44%.
To read the company's official results, click here.
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