Diageo-owned liquor firm United Spirits Ltd (USL) on Thursday, July 20, reported an 82 percent year-on-year (YoY) jump in consolidated net profit at Rs 476.7 crore for Q1FY24. In the corresponding quarter last year, the company posted a net profit of Rs 261.10 crore.
Morgan Stanley Asia purchased 10.80 lakh shares of United Spirit Limited for an estimated Rs 229 crore. The stake amounted to 0.74 percent of United Spirits through an open market transaction.
After seeking clarifications and changes four times in a proposed acquisition of majority stake by UK-based Diageo in UB group's United Spirits Ltd, fair trade regulator CCI has ruled that the deal would give a boost to entry of premium brands in alcoholic beverage market.
Varun Lochab of Religare Capital Markets explains to CNBC-TV18 that the sale of USL stake to Diageo would have a 10-15 percent positive impact on USL's EPS.
In an interview to CNBC-TV18, Ravi Nedungadi, President and CFO of the company said that strong volume growth aided sales this quarter. The company is optimistic that they will be able to maintain double-digit growth.