Beer maker United Breweries Ltd on Wednesday reported a consolidated net profit of Rs 30.94 crore for the quarter ended June.
The company had posted a net loss of Rs 114.50 crore during the April-June period of the previous fiscal, United Breweries Ltd (UBL) said in a regulatory filing.
Revenue from operations rose over two-fold to Rs 2,652.63 crore during the quarter under review as against Rs 1,262.82 crore in the corresponding period of the previous financial year.
Revenue from the beer segment more than doubled to Rs 2,645.75 crore as against Rs 1,255.67 crore earlier.
Non-alcoholic beverages revenue slipped 3.77 per cent to Rs 6.88 crore from Rs 7.15 crore.
"The performance in the quarter has placed UBL in a strong position with respect to market leadership, brand portfolio and a robust balance sheet, all essential to navigate the current unpredictable environment," UBL said in a post-earnings statement.
Total expenses were at Rs 2,616.14 crore in Q1 FY 2021-22, up 84.69 per cent from Rs 1,416.43 crore in the year-ago period.
"Business commenced in April 2021 on a good trend but a spike in infections and related Government restrictions towards the last weeks of April resulted in challenging market conditions," it said.
The next two months of the quarter witnessed muted business with some recovery towards the end of June as markets started to gradually open.
"Restrictions in the quarter were less stringent when compared to the similar period of the previous year with almost all the markets partially functional in some form, resulting in... 115% growth in primary volumes," it said.
"While the industry outlook continues to be volatile given the uncertain trajectory of the pandemic, the company continues to be optimistic about the long-term growth drivers of the industry and is committed to strengthen its market position," it added.
Shares of United Breweries Ltd on Wednesday settled at Rs 1,446.10 on BSE, up 1.73 per cent from the previous close.
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