INDIA: United Spirits' FY sales leap, appoints MD
- FY net profits up by 7% to INR4bn (US$89.8m)
- Operating profits rise by 26% to INR9.93bn
- Net sales increase by 29% to INR63.7bn
- Group confirms Ashok Capoor as new MD
United Spirits reports strong full-year results
United Spirits has reported a jump in sales and an increase in profits for its latest fiscal year.
The Indian spirits group claimed to have become the world's largest spirits producer by volume after seeing sales rise by 12% to 112m cases in the year to the end of March. It is targeting annual sales of 200m cases within five years, the Vijay Mallya-controlled group said at the end of last week.
The firm said that it has increased selling prices to cover rises in the cost of glass and paper.
Extra supplies of neutral alcohol have been secured thanks to United Spirits' acquisition of a 41.5% stake in Karnataka-based Sovereign Distilleries, completed at the end of the fiscal year, the group added.
Separately, United Spirits confirmed that Ashok Capoor will become its new MD from 20 May. Capoor, who will serve for an initial term of three years, replaces Vijay Rekhi, who retired last month.
In the fourth quarter, the firm said that net sales rose by 28% to INR15.97bn, with volumes up by 12%. Fourth quarter net profits increased by 36% to INR774.4m.
United Spirits' strong performance follows good results from its sister company, United Breweries.
To view the figures, click here.
United Breweries is planning to build two breweries in India as it continues to prosper on the country's fledgling beer market. ...
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