United Spirits Q3 profit slips 9% to Rs 1.3 bn on the back of market change

Shares of United Spirits on Tuesday settled at Rs 3,750.75 apiece on BSE, down 0.79% from previous close

Liquor major United Spirits on Tuesday reported a decline of 8.80 per cent in its standalone net profit to Rs 1.34 billion for the third quarter ended December 31, mainly due to market changes in certain states.

The company had posted a net profit of Rs 1.47 billion in the October-December period last fiscal, Diageo-controlled firm said in a regulatory filing.

Its total income during the quarter under review was at Rs 71.60 billion, up 1.17 per cent, as against Rs 70.77 billion in the corresponding quarter previous fiscal.

"Profit after tax (stood at) Rs 1.35 billion, down 9 per cent, including an exceptional charge of Rs 130 million relating to supply footprint rationalisation," the company said in a statement.

United Spirits' total expenses in the third quarter were up 1.34 per cent at Rs 69.64 billion as against Rs 68.72 billion in the same period last fiscal.

"Our net sales performance was adversely impacted in this quarter by the expected route to market changes in certain states, and to a lesser extent, by the residual effects of the highway ban," United Spirits CEO Anand Kripalu said.

Shares of United Spirits on Tuesday settled at Rs 3,750.75 apiece on BSE, down 0.79 per cent from previous close.