ALSO READNo license to liquor manufacturing units from April 1: Nitish United Breweries asks Vijay Mallya to step down from board United Breweries to seek legal advice on Sebi order Karnataka HC re-issues bailable arrest warrant against Mallya United Breweries directs Mallya to step down from board
Liquor firm United Breweries Ltd (UBL) today reported a significant fall in standalone net profit to Rs 6.73 crore during the fourth quarter of 2016-17 fiscal on higher expenses. It had posted a net profit of 52.37 crore in the same quarter of previous fiscal, the company said in a BSE filing. Although the company's net income on a standalone basis rose marginally during the period under review, its expenses remained higher compared to the year-ago period. Net income stood at Rs 2,562.03 crore in the last quarter of 2016-17, against Rs 2,494.48 crore in the same period of previous year. Expenses jumped to Rs 2,554.41 crore from Rs 2,420.55 crore in the said period. The Board has proposed dividend of Rs 1.15 per equity share of Rs one each amounting to Rs 36.60 crore for the 2016 -17 fiscal subject to the approval at the ensuing annual general meeting, the filing added. For the full financial 2016-17 year, the company's net profit fell to Rs 229.92 crore on a consolidated basis from Rs 298.67 crore in the previous fiscal. Net income rose to Rs 10,281.51 crore during 2016-17 fiscal from Rs 9,727.83 crore in the previous year, while expenses remained higher at Rs 9,933.38 crore as against Rs 9,273.18 crore in the said period. The company's shares closed at Rs 813.55 apiece on the BSE today.