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Diageo-controlled liquor maker United Spirits Ltd on Thursday reported a 42.44 per cent decline in its consolidated net profit to Rs 102.8 crore for the fourth quarter ended March 2023.

The company had posted a net profit of Rs 178.6 crore a year ago, United Spirits Ltd (USL) said in a regulatory filing.

Its revenue from operations fell 25.43 per cent to Rs 5,791.6 crore during the quarter under review against Rs 7,767.3 crore in the corresponding period of the previous fiscal.

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Its margin was down “primarily driven by the gross margin contraction, higher A&P partly offset by a one-off credit on account of reversal of indirect tax provisions,” said USL in its earning statement.

It has also incurred Rs 36 crore in the quarter “on account of the customary non-debt related items and a reassessed impact of an old tax litigation matter,” it added.

USL’s total expenses declined 23.8 per cent to Rs 5,660.9 crore in Q4 FY23 against Rs 7,429.4 crore a year ago.

Its total income in the March quarter slipped 25.43 per cent to Rs 5,809.6 crore.

For the fiscal ended March 2023, USL India’s net profit rose 38.88 per cent to Rs 1,125.8 crore. It had reported a net profit of Rs 810.6 crore in the year-ago period.

Its consolidated revenue from operations was Rs 27,815.4 crore in FY23, 10.45 per cent lower than the preceding fiscal.

USL CEO and Managing Director Hina Nagarajan said: “We have delivered a strong year once again with robust top-line growth & resilient operating margins in an extremely volatile and inflationary environment. As an organisation, we have exhibited tenacity and focus amidst macro-economic headwinds and regulatory challenges”.

Shares of United Spirits Ltd on Thursday settled at Rs 797 on BSE, up 0.09 per cent from the previous close.