Millennium Post

United Spirits’ profit soars 2.4 times in Q2

The company had posted a net profit of Rs 39.27 crore for the corresponding period of previous fiscal, United Spirits said in a filing to Bombay Stock Exchange (BSE).

Net sales of the company, however, declined to Rs 2,038.66 crore for the quarter under consideration from Rs 2,220.69 crore for the same period year ago, it added. The other income of the company rose to Rs 63.56 crore for the quarter ended September 30, 2013 as against Rs 13.07 crore for the same period year ago.

Forex gains for the second quarter of this fiscal year stood at Rs 6.68 crore while it had registered a loss of Rs 33.95 crore for the corresponding period of previous fiscal.

‘During the second quarter of fiscal 2014, the strategic brands of the company in the Prestige and above segment grew 21 per cent in volume (adding 1.34 million cases) and 27 per cent in value,’ the company said.

Extra neutral alcohol (ENA) prices continue to unfavourably impact the business, it added. ‘As has been reported for sometime now the USL business in Tamil Nadu has been adversely affected
by the skewed order placement by the para-statal buying agency in the state,’ United Spirits said.

In a separate filing, United Spirits said it’s Board has approved sale of its distillery at Poonamallee in Tamil Nadu to Enrica Enterprises Private Ltd as well as a franchise agreement with the latter for Rs 125.07 crore.
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