In the October-December quarter, United Spirits reported a consolidated net profit of INR 350.2 crore, marking a 63 percent year-on-year (YoY) increase from the INR 214.2 crore reported in the corresponding period of the previous year.
The consolidated revenue from operations in Q3FY24 rose by 5.3 percent year-on-year (YoY) to reach INR 6,962 crore, compared to INR 6,609.8 crore in the corresponding period of the previous year.
Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) witnessed a 30.8 percent Year-over-Year (YoY) increase in Q3FY4, reaching INR 487 crore in the October-to-December quarter.
In Q3FY24, the volume of cases for the Diageo-owned company declined by 1.8 percent Year-over-Year (YoY) to 16,476.
In the quarter spanning October to December, the sales of United Spirits’ Prestige and Above (PA) category surged by 10 percent Year over Year (YoY), reaching INR 2,369 crore. During the same period, PA volumes experienced a 4.6 percent growth, totaling 13,419 cases.
Continue Exploring: Indian single malt whiskies outshine global brands in sales, achieving a landmark 53% market share in 2023
In the third quarter of FY24, the sales for the popular category dropped by 12.6 percent Year over Year (YoY) to INR 305 crore, with volumes witnessing a decline of 22.8 percent to 3,057 cases during the same period.
“Our consumer engagement remained high with a slew of festivals, the cricket world cup and peak wedding season. The focus on continuous improvement and value chain productivity is reflected in the performance,” said Hina Nagarajan, chief executive officer and managing director of United Spirits.
He further said that, as the company looks ahead, it maintains a cautiously optimistic stance on growth. This optimism is underpinned by ongoing investments in its brands, a firm belief in the potential of their innovation and renovation pipeline, and a long-term confidence in the consumer potential of India.
United Spirits’ range of products includes Indian-made foreign liquor such as whisky, brandy, rum, vodka, gin, and wine. Among its notable brands are Johnnie Walker, McDowells, Signature, and Smirnoff.