United Spirits, a leading company in the alcoholic beverages industry, recently announced its financial results for the first quarter ending in June 2023. During this period, the company achieved a remarkable consolidated net profit of INR 477 crore, signaling a strong performance in the market.
In the last fiscal year’s April-June quarter, the company recorded a net profit of INR 261 crore.
Total income in the first quarter surged to INR 5,830 crore, marking a significant increase from INR 7,157 crore reported during the same period last year.
United Spirits stated in a regulatory filing that the financial results for the current quarter cannot be directly compared to those of the same quarter in the previous fiscal year. The reason for this disparity is due to the company’s completion of a slump sale of its entire business undertaking, including 32 brands, to Inbrew Beverages on September 30, 2022.
Hina Nagarajan, the CEO and Managing Director of United Spirits, expressed that the company has started fiscal year 2024 with a strong first-quarter performance.
“While inflationary pressures remain, our strategy to reshape the portfolio combined with revenue growth management and focus on everyday efficiency is driving sustainable growth across the Prestige & Above segment,” she added.
Nagarajan stated that Royal Challengers Sports, the wholly-owned subsidiary of the company, has significantly boosted its earnings. This impressive growth can be attributed to the revenues generated from the new media rights cycle of the Indian Premier League.
“This reinforces our longer-term confidence in the Women’s Premier League. Our Sports business aligns to our core purpose of celebration and is a vital component of our consolidated portfolio,” she added.
Nagarajan emphasized that the company’s foremost focus is to sustain the growth momentum and ensure the delivery of enduring value to all stakeholders in the future.
Shares of the company ended 0.48 per cent higher at INR 975.40 apiece on the BSE.