UB Holdings Q3 net up 13 times

Posts Rs 39-cr profit for third quarter compared with Rs 3 cr in the corresponding quarter last year

Fuelled by profit on sale of investments, UB Holdings Ltd (UBHL), the primary investment vehicle owned by Vijay Mallya, reported a 13 times jump in net profit to Rs 39 crore for the third quarter of FY13, compared with Rs 3 crore in the corresponding quarter last year. Income grew 20 per cent to Rs 175 crore. UBHL said the profit on sale of its investments in associate companies spiked to Rs 66 crore during the quarter against Rs 1.6 crore in the corresponding period last year. UBHL will be one of the key beneficiaries when the proposed deal between Diageo and United Spirits falls in place. According to estimates, there will be an inflow of Rs 2,400 crore into it when the transaction gets consummated.