United Breweries Ltd (UBL) today reported a 2.28 per cent decline in its standalone net profit to Rs 47.38 crore for the third quarter ended December on account of higher expenses.
The company had posted a net profit of Rs 48.49 crore during the same period previous fiscal, UBL said in a regulatory filing.
Total income during the quarter under review stood at Rs 2,608.58 crore as compared to Rs 2,260.99 crore in the October-December quarter previous fiscal.
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The company said during the quarter gross sales revenue increased by 15 per cent, while revenue net of excise duty grew by 14 per cent.
Expenses during the period stood at Rs 2,529.48 crore as against Rs 2,185.11 crore in the year-ago period.
"This increase was due to price increases taken in a few open markets since Q3 2016, namely Karnataka, Maharashtra, Tamil Nadu, Kerela, West Bengal and Delhi as well as positive state and brand mix," UBL said in its earnings statement.
It further said while gross profit grew by 8 per cent, gross profit margin was impacted by higher commodity prices as well as the GST.
The stock closed 4.82 per cent down at Rs 1,135.20 apiece on BSE.
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