United Spirits reports net profit at Rs 477 crore for first quarter

United Spirits on Thursday reported a consolidated net profit of Rs 477 crore for the first quarter ended June 2023.

The company had posted a net profit of Rs 261 crore in the April-June quarter of the last fiscal.

Total income rose to Rs 5,830 crore in the first quarter. It stood at Rs 7,157 crore in the year-ago period.

In a regulatory filing, United Spirits said the results of the quarter were not comparable to the June quarter of last fiscal as the company completed a slump sale of the entire business undertaking associated with 32 brands to Inbrew Beverages on September 30, 2022.

United Spirits CEO & Managing Director Hina Nagarajan said the company has commenced fiscal 2024 with a robust first quarter performance.

"While inflationary pressures remain, our strategy to reshape the portfolio combined with revenue growth management and focus on everyday efficiency is driving sustainable growth across the Prestige & Above segment," she added.

Royal Challengers Sports, the company's wholly-owned subsidiary, has stepped up its earnings, driven by revenues from the Indian Premier League new media rights cycle, Nagarajan said.

"This reinforces our longer-term confidence in the Women's Premier League. Our Sports business aligns to our core purpose of celebration and is a vital component of our consolidated portfolio," she added.

Looking ahead, the company's priority is to maintain the growth momentum and to deliver long-term value to all the stakeholders, Nagarajan noted.

Shares of the company ended 0.48 per cent higher at Rs 975.40 apiece on the BSE.