United Spirits Q2 results: Net profit falls to Rs 339 crore, revenue declines to Rs 6,736.5 crore

Diageo-controlled liquor maker United Spirits Ltd on Wednesday reported a consolidated net profit of Rs 339.3 crore in the second quarter ended September 2023.
The company had posted a net profit of Rs 547.7 crore in the July-September quarter a year ago, United Spirits Ltd (USL) said in a regulatory filing. Its revenue from operations was Rs 6,736.5 crore during the quarter under review. It was Rs 8,282.7 crore in the corresponding period of the previous fiscal.

USL's total expenses in the September quarter were Rs 6,361.3 crore. Its total income in the September quarter was Rs 6,776.6 crore.

USL, which has brands such as McDowell's, Royal Challenge, Signature, Johnnie Walker and Black Dog in its fold, said it had completed the slump sale of the entire business undertaking associated with 32 brands in the popular segment to Inbrew on September 30, 2022. Accordingly, "the previous year figures are not comparable to that extent", it said.

"We have maintained the growth and margin momentum in the second quarter of fiscal 2024 on the back of sustained investment in our brands and proven productivity muscle," said USL CEO & Managing Director Hina Nagarajan. Continuing its future-back consumer focus approach, USL has now brought its global Tequila trademark Don Julio to India.

"This is in line with our strategy & commitment to bring the best from around the world for our aspiring Indian consumers. We are optimistic about the India potential of this opportunity in-line with global trends," she said.

Meanwhile, in a separate filing, USL said its board has approved the payment of an interim dividend of Rs 4 per equity share of having a face value Rs 2 each for the financial year ending March 31, 2024.

Shares of United Spirits Ltd on Wednesday settled at Rs 1,099.70 on BSE, up 1.62 per cent from the previous close.

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