Diageo-controlled liquor maker United Spirits Ltd (USL) on Tuesday (January 23) reported a 63.5% year-on-year (YoY) jump in net profit at ₹350.2 crore for the third quarter that ended December 31, 2023.
In the corresponding quarter last year,
United Spirits posted a net profit of ₹214.2 crore, the company said in a regulatory filing. CNBC-TV18 poll had predicted a profit of ₹283 crore for the quarter under review.
The company's revenue from operations increased 8% to ₹3,002 crore as against ₹2,778.7 crore in the corresponding period of the preceding fiscal. CNBC-TV18 poll had predicted revenue of ₹2,975 crore for the quarter under review.
At the operating level, EBITDA jumped 30.8% to ₹486.5 crore in the third quarter of this fiscal over ₹371.8 crore in the corresponding period in the previous fiscal. CNBC-TV18 poll had predicted an EBITDA of ₹429 crore for the quarter under review.
The EBITDA margin stood at 16.2% in the reporting quarter against 13.4% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation. CNBC-TV18 poll had predicted a margin of 14.4% for the quarter under review.
The consolidated net sales stood at ₹3,002 crore, up 8% year-on-year, in line with growth in the standalone business. The standalone net sales, at ₹2,989 crore, increased 7.5% year-on-year driven by continued premiumisation, and resilient consumer demand.
Within the above, the 'prestige and above' segment grew 10%. The net sales for the 'popular' segment declined 12.4%, primarily due to muted demand. Duty increases in the segment’s salient state further impacted demand adversely. The gross margin was 43.4%, up 286 bps versus last year, however, it was flat versus the last quarter.
The exceptional gain of ₹14 crore is on account of ₹31 crore income from the slump sale, recognised as exceptional in Q2 of FY24 after the completion of customary post-transaction closure obligations partially offset by a charge of ₹17 crore related to the supply agility programme in Q1 of FY24.
The results came after the close of the market hours. Shares of
United Spirits Ltd ended at ₹1,107.85, down by ₹0.80, or 0.072%, on the BSE.
(Edited by : Shoma Bhattacharjee)
