MUMBAI: United Spirits on Thursday reported net profit at Rs 211 crore for the quarter ended March, mainly due to one-off impact of operating model changes and price hikes. A year ago, the company had posted net loss of Rs104.2 crore during the same quarter.
The maker of McDowell's whiskey said underlying net sales increased even as growth from demonetisation-induced dip and highway ban were partially offset by operating model changes. Indias largest liquor firm, which is now controlled by Diageo Plc, reported an 8% year on year increase in revenues for the fourth quarter at Rs7021 crore.
"Our performance has substantially improved in the fourth quarter as several regulatory challenges are now behind us. Underlying net sales growth during the quarter was 9% largely driven by a strong performance of our prestige and above segment whose underlying net sales were up 14%," said Anand Kripalu, CEO at USL.
EBITDA increased 5%, driven by increased gross profit, partially offset by timing of staff costs and increased marketing investment. Reported EBITDA margins, however, dipped 27 basis points to 12.6%.
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