Diageo-owned United Spirits reported a net profit of ₹477 crore in the first quarter of FY24, up 82 per cent on the ₹261 crore recorded in the same quarter of FY23.
However, its total revenues for the quarter under review were down 18 per cent to ₹5,808 crore against ₹7,131 crore in Q1 FY23.
‘Robust performance’
“We have commenced fiscal 2024 with a robust first quarter performance. While inflationary pressures remain, our strategy to reshape the portfolio combined with revenue growth management and a focus on everyday efficiency is driving sustainable growth across the segment,” said Hina Nagarajan, CEO and Managing Director.
For Q1, the company reported EBITDA of ₹714 crore, a growth of 129.4 per cent on rebased prior-year comparators.
United Spirits’ wholly-owned subsidiary, Royal Challengers Sports Private Limited (RCSPL), has stepped up its earnings, especially driven by revenues from the Indian Premier League’s new media rights cycle, it added.
Looking ahead, our priority is to maintain the growth momentum and deliver long-term value to all our stakeholders, the company said.
The company’s shares closed at ₹976 per share on Thursday, up 0.55 per cent on the BSE.