United Breweries was trading 5 percent higher on September 7 after the alcoholic beverages maker announced the appointment of Vivek Gupta as the new managing director and chief executive officer.
Gupta, who was chief business officer at B2B platform Udaan, will begin his five-year tenure from September 25, 2023, the company told exchanges.
“Gupta will be responsible for driving sustainable growth for the company. He will lead the premiumisation of United Breweries portfolio, including strengthening the iconicity of Kingfisher,” the company said.
An alumnus of IIM-Ahmedabad, Gupta previously worked with Procter and Gamble group in various capacities for nearly two decades. He was the managing director of its businesses in Australia and New Zealand before joining Udaan.
“I feel privileged to be entrusted with one of India’s most iconic brands, the Kingfisher beer and the world’s most international brand, Heineken. I look forward to the journey ahead with the UBL leadership and our colleagues as we brew greatness together,” Gupta said.
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In its results for Q1FY24, United Breweries reported a 6.72 percent year-on-year (YoY) decline in revenue from operations at Rs 2,275 crore. Net profits in the quarter dropped 16.04 percent on a yearly basis to Rs 136 crore. Operating profit margins contracted by 100 basis points YoY to 10 percent.
At 2 pm, the United Breweries stock was quoting at Rs 1,659.40 on the NSE, up Rs 77.85, or 4.92 percent.
The stock has a trailing P/E of 140.04x, making it the most expensive stock among its peers in absolute terms.
United Breweries, a Heineken-group company, brews and distributes alcoholic and non-alcoholic beverages. Its product portfolio includes a wide range of beers and non-alcoholic beverages.
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