Diageo-owned United Spirits reported a net profit of ₹350.2 crore in the third quarter of FY24, up 63.5 per cent on the ₹214.2 crore recorded in the same quarter of FY23 because of strong demand for company’s premium alcohol selections. The revenue from operations increased by 5.32 per cent to ₹69,620 crore in the current quarter, compared to ₹66,609.8 crore in the corresponding period of the previous fiscal year.
EBITDA for the quarter stood at ₹491 crore, marking a growth of 33.6 per cent y-o-y.
Hina Nagarajan, CEO and Managing Director, commenting on the Q3FY24 performance, said, “We have delivered a resilient quarter in a challenging macro environment. While the sequential demand momentum was relatively muted, reassuringly, the premiumisation trend continues. 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. Looking ahead, we remain cautiously optimistic on growth on the back of sustained investments in our brands, belief in our innovation and renovation pipeline and the long-term India consumer potential.”
The consolidated net sales of company 9 months FY24 was ₹8,537 crore, up 15.2 per cent y-o-y. This was led by the robust growth in the standalone business and the new five-year media rights cycle (2023-27) for the Indian Premier League starting from Q1FY24.