United Spirits rallies on appointing Praveen Someshwar as MD & CFO

United Spirits added 2.98% to Rs 1,400.15 after the company's board approved the appointment of Praveen Someshwar as managing director (MD) and chief executive officer (CEO), effective from 1 April 2025, for a period of 5 years.

The company added that the appointments were made based on the recommendation of the Nomination and Remuneration Committee.

Praveen Someshwar is a dynamic business leader with over three decades of experience in driving transformation, strategy, and execution within the media and FMCG industries. He is recognized as a passionate leader committed to driving change and has a proven track record in business transformation and development across multiple markets.

He served as the managing director and CEO of HT Media, one of India's largest and most well-known media groups. In this role, he led various digital, print, and radio outlets, successfully transforming the traditional media powerhouse into a digital-first, tech-driven organization.

He enjoyed a highly successful 24-year career at PepsiCo, where he held various general management, finance, and strategy roles across India and the Asia Pacific region. During his time at PepsiCo, he also served as the CEO of India Foods, overseeing iconic brands such as Lays, Kurkure, and Quaker. Additionally, he was the CEO of South Asia Beverages, where he expanded the companys portfolio in categories such as juices, sports drinks, and low-sugar formulations across India, Bangladesh, Nepal, Bhutan, and Sri Lanka.

Praveen is a Chartered Accountant (CA) and Cost & Management Accountant (CMA), and he holds a Bachelor of Commerce (Honors) degree from Delhi University.

Meanwhile, the company's board of directors has approved the payment of an interim dividend of Rs 4 per equity share for the financial year 2024-2025. The interim dividend will be paid on or after 21 April. The company has set 3 April as the record date to determine eligible shareholders for the payment.

United Spirits is the largest Indian spirits company that manufactures, sells, and distributes beverage alcohol, producing and selling around 60 million cases of Scotch whisky, IMFL whisky, brandy, rum, vodka, gin, and wine. Its portfolio of over 15 brands includes McDowell's No. 1, Royal Challenge, Signature, and Antiquity, as well as Diageos iconic brands such as Johnnie Walker, VAT 69, Black & White, Smirnoff, and Ciroc.

The spirits maker's standalone net profit jumped 36.31% to Rs 473 crore in Q3 FY25 as against Rs 347 crore posted in Q3 FY24. Revenue from operations (excluding excise duty) stood at Rs 3,432 crore in Q3 FY25, up 14.82% YoY.

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