Liquor major United Spirits
' second quarter net profit plunged 74 percent year-on-year to Rs 39
crore, hit by sluggish volume growth and forex losses.
The company's revenue grew 24 percent to Rs 2,221 crore in
July-Sep, although volumes declined 1 percent to 28.4 million cases.
"Excess bulk spirit stocks were sold for Rs 314.7 crore
-- were this one time sale eliminated from the sales value, net revenue growth
would be 6 percent for the quarter," United Spirits said on Friday.
The Bangalore-based company said Tamil Nadu and West Bengal
states continued to dampen its performance during the quarter.
Furthermore, United Spirits said spirits costs were up Rs
2.25 a case from the average of FY12 and up about Rs 6.25 a case from the year
ago quarter, an adverse impact of Rs 17 crore.
It also had foreign exchange loss of Rs 34 crore in the
second quarter, versus a gain of Rs 39 crore in the year ago quarter.
While its overall volumes declined 1 percent, United Spirits
said premium segment grew 14 percent to just under 7.4 million cases, last
quarter.
Despite the earnings disappointment, United Spirits shares
were up 2 percent at Rs 1,368.30 on NSE in late trading, following reports that
global drinks major Diageo has acquired 53 percent stake in the company for
around USD 2 billion and a deal is set to be announced jointly once markets
close.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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