United Spirits Q3 results: Net profit surges 63.5% to Rs 350.2 crore

Diageo-controlled liquor maker United Spirits Ltd on Tuesday reported a 63.5 per cent rise in its consolidated net profit to Rs 350.2 crore for the third quarter ended December 2023.

The company had posted a net profit of Rs 214.2 crore in the October-December quarter a year ago, according to a regulatory filing from United Spirits Ltd (USL).

Its revenue from operations rose 5.32 per cent to Rs 6,962 crore during the quarter under review. It was Rs 6,609.8 crore in the corresponding period of the previous fiscal.

The sales growth was "driven by continued premiumisation and resilient consumer demand," said an earning statement from USL. USL's total expenses in the December quarter inched up 3.6 per cent to Rs 6,554.7 crore.

The total income of USL, which has brands like McDowell's, Royal Challenge, Signature, Johnnie Walker, and Black Dog in its fold, increased 5.77 per cent to Rs 7,014.1 crore.

USL CEO and MD Hina Nagarajan said: "We have delivered a resilient quarter in a challenging macro environment. While the sequential demand momentum was relatively muted, reassuringly, the premiumisation trend continues".

Its 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, she added.

Over the outlook, Nagarajan said: "Looking ahead, we remain cautiously optimistic on growth on the back of sustained investments in our brands, belief in our innovation and renovation pipeline and the long-term India consumer potential".

Shares of United Spirits Ltd on Tuesday closed at Rs 1,107.85 apiece on BSE, down 0.07 per cent from the previous close.