United Spirits Q4 net loss at Rs 8.99 cr

Liquor major United Spirits standalone net loss narrowed to Rs 8.99 crore for the fourth quarter ended March 2016, on account of exceptional items.
The company had reported a net loss of 1,799.28 crore for the January-March quarter a year-ago, United Spirits said in a BSE filing.
Net sales of the company on a standalone basis was up 13.03 per cent to Rs 2,283.64 crore during the quarter under review as against Rs 2,020.37 crore during the same period, a yea-ago.
"Exceptional items for the year ended march 31, 2016 include a profit on sale of UBL shares amounting to Rs 853.60 crore and provision of loans and advances to an investment in subsidiaries amounting Rs 140.1 crore and write back of provision for doubtful advances amounting Rs 22.75 crore," said USL.

During the year, USL's wholly owned subsidiary Asian Opportunities and Investments had sold its entire interest on Bouvet Ladubay SA, it further added.
For the full 2015-16 fiscal, United Spirits posted a consolidated net profit of Rs 967.75 crore as against a net loss of Rs 1,687.71 crore in the previous fiscal.
Its net sales were up 0.88 per cent to Rs 9,240.07 crore in 2015-16 as against Rs 9,159.39 crore in 2014-15.
Shares of United Spirits today settled 0.32 per cent lower at Rs 2,485.25 on BSE.