United Spirits Q3 net up 71% at Rs 81 cr
New Delhi: United Spirits on Monday posted 71.16 percent increase in net profit at Rs 80.55 crore for the third quarter ended December 31, 2012, on robust sales of various brands, including McDowell's No 1 and Royal Stag.
The company had posted a net profit of Rs Rs 47.06 crore for the same period of previous fiscal.
Net sales of the company rose to Rs 2,174.01 crore for the third quarter, as against Rs 1,953.94 crore for the corresponding period of 2011-12 fiscal, United Spirits Ltd (USL) said in a statement.
"The sharp growth of our strategic brands whose volumes grew by 29 percent to just under 8 million cases during the quarter compared to just over 6 million cases in the comparable period of the previous year is a key factor for increase in revenues and margin," it added.
During the period under review, the company's brands, including McDowell's No1, Platinum and Royal Stag, reported strong sales growth.
Commenting on the results, USL Chairman Vijay Mallya said the company has been constantly been pursuing opportunities to move up the value chain and plug gaps in the price ladder by new and premium product introductions.
"The financial results are an indication of these continuing efforts," Mallya added.
He added that success of brands like -- Antiquity Blue, Signature, McDowell's No1 -- all bear testimony to USL's successful premiumisation story.
During the period under review, the company along with Diageo, have applied for permissions from regulatory authorities like Sebi and Competition Commission of India, it said.
"These applications are in due process with the authorities and and we hope to receive their approvals in due course," the company said.
The world's largest spirits maker Diageo Plc had inked a pact during the third quarter to acquire 53.4 percent stake in USL for Rs 11,166.5 crore, in a multi-structured deal.
The company said its emerging markets division established an export hub during the third quarter and started exports to Vietnam, Myanmar, Nigeria and Angola.
Shares of United Spirits on Monday closed at Rs 1,855.75 on the BSE, down 0.53 percent from their previous close.