Moneycontrol
Nov 09, 2017 02:52 PM IST | Source: Moneycontrol.com

Kotak maintains sell on United Breweries despite strong Q2; stock falls on profit booking

The company on Wednesday reported over three-fold jump in standalone net profit at Rs 93.84 crore for the quarter ended September 30, mainly on account of higher income and increase in volume growth.

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Kotak Securities maintained its sell call on United Breweries with a target price of Rs 1,138 post the company’s September quarter earnings.

The company on Wednesday reported over three-fold jump in standalone net profit at Rs 93.84 crore for the quarter ended September 30, mainly on account of higher income and increase in volume growth.

The liquor company had posted a net profit of Rs 27.05 crore during the same period previous fiscal, UBL said in a regulatory filing.

Total income during the quarter under review grew to Rs 2,738.04 crore from Rs 2,199.49 crore in the year-ago period.

The company said its volume during the period grew 11 percent, ahead of the industry growth of 5 percent.

"Gross revenues were up 24 percent and revenue net of duties increased 23 percent. This increase was due to price increase, positive state and brand mix, as well as beer exports," UBL said.

The broking firm said that the blockbuster quarter was driven by strong volume surprise and tight cost controls.
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