United Breweries Q1 net down 4.7% at Rs 123 crore

United Breweries Ltd (UBL) today reported 4.68% decline in net profit at Rs 122.81 crore for the first quarter ended June 30, 2015, against Rs 128.84 crore during the same period of the previous fiscal.

The company also announced that Shekhar Ramamurthy will replace Kalyan Ganguly as its Managing Director with effect from August 1, 2015.

Ganguly has decided to retire and pursue other interests, the company said in a filing to the BSE.

UBL's net sales went up by 4.61% to Rs 1,337.88 crore during the April-June quarter as against Rs 1,278.85 crore of the same period a year ago, United Breweries Holdings said in a filing to the BSE.

"With the industry lagging behind with a 2% drop in volume against last year's first quarter, UBL volume ended 1% below previous year," the company said.

It further said, "Inspite of a revenue increase by 4% driven by selective price increases taken by the company in key markets, profit before tax development show minus 3% because of an extra ordinary benefit included in first quarter's figure last year, being a one-time government subsidy of Rs 10.9 crore."

Shares of United Breweries were trading at Rs 1,011.90 on the BSE in the morning trade, up 0.37% from its previous close.

In a separate filing, United Breweries announced top level management changes.

"Shekhar Ramamurthy replaces Kalyan Ganguly as Managing Director of the company," the filing said.

While Frans Erik Eusman has been appointed as an additional director on the Board of the company, Roland Pirmez has resigned from the Board, the filing said.