United Breweries' net up two-fold in June quarter

United Breweries, the beer company of Vijay Mallya’s UB Group, has posted a more than two-fold increase in net profit to Rs 76.1 crore during the April-June period, on the back of good volume growth across all regions. Revenues rose 37 per cent to Rs 775.6 crore during this period.

The brewing major, which sold around 100 million cases (a case is nine litres) of beer during the earlier financial year, has a 57 per cent share of the domestic market.

It had earlier said it would expect sales growth of 30-35 per cent in the present financial year. Operating profit also rose two times to Rs 113.35 crore during the first quarter, from Rs 50.56 crore last year. The company, which raised Rs 422.78 crore through a rights issue in June 2008, has utilised the proceeds to partly repay its cash credit, with the remaining amount invested for capital expenditure.