United Spirts Q3 results: Net profit jumps 63% to Rs 350 crore

United Spirits' consolidated revenue from operations was up 5.3 percent YoY at Rs 6,962 crore in Q3FY24, from Rs 6,609.8 crore in the year-ago period

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United Spirits reported a consolidated net profit of Rs 350.2 crore for the October-December quarter, up 63 percent year-on-year (YoY) from Rs 214.2 crore recorded in the year-ago period.

Consolidated revenue from operations was up 5.3 percent YoY at Rs 6,962 crore in Q3FY24, from Rs 6,609.8 crore in the year-ago period.

Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) was at Rs 487 crore in the October-to-December quarter. It increased 30.8 percent YoY in Q3FY4.

The Diageo-owned company's volumes fell 1.8 percent YoY to 16,476 cases in Q3FY24.

United Spirits' Prestige and Above (PA) category sales increased 10 percent YoY to Rs 2369 crore in the quarter. While PA volumes increased 4.6 percent to 13, 419 cases in the October-to-December quarter.

Sales of the popular category fell 12.6 percent YoY to Rs 305 crore in Q3FY24 and volumes fell 22.8 percent to 3,057 cases in the same period.

"Our consumer engagement remained high with a slew of festivals, the cricket world cup and peak wedding season. The focus on continuous improvement and value chain productivity is reflected in the performance," said Hina Nagarajan, chief executive officer and managing director of United Spirits.

He further said that looking ahead, the company remains cautiously optimistic on growth on the back of sustained investments in its brands, belief in their innovation and renovation pipeline and the long-term India consumer potential.

United Spirits' product portfolio comprises Indian-made foreign liquor whisky, brandy, rum, vodka, gin and wine. It has brands like Johnnie Walker, McDowells, Signature, and Smirnoff.