United Breweries to switch to bio mass boilers

"There was a significant increase in both depreciation and interest charges as the company continued to invest in new capacity and efficiency improvement," United Breweries said.     

After accounting for these investments, the net profit before tax of the company stood at Rs 93.12 crore.

The company reported an EBIDTA of Rs 197.18 crore, a 22 per cent increase over the previous year.     

In a bid to achieve cost reduction and secure supplies of malt, the company acquired 51 per cent stake in Maltex Maltsters and is planning to expand the production capacity at this strategic unit.    

"The rights issue amounting to Rs 424.88 crore was over subscribed and would provide adequate capital for expansion, modernisation and construction of two greenfield breweries.     

The company further added that the state government's punitive taxation and revenue policies has resulted in sharp increases in end consumer prices particularly in Andhra Pradesh and Tamil Nadu.     

Shares of United Breweries were trading at Rs 151, up 0.17 per cent on BSE in afternoon trade.