On Thursday, United Breweries Ltd reported a 66.94% rise in consolidated net profit for the September quarter. Net profit for the period under review was Rs 134.1 crore, mainly due to higher sales volumes. The company posted a net profit of Rs 80.3 crore in the same period last year.

Shares of the company rose 1.7% on Friday. However, shares of the brewer were down 0.4% at Rs 1,649.9 at 12:06 pm BSE.

The company, which Dutch multinational brewing company Heineken NV controls, reported an operating income of Rs 3,673.51 crore, up 11.5% from the same period in the previous fiscal. The company said sales in the fiscal second quarter were up 23% compared to the same period and 3% higher than pre-pandemic figures from July 2019 to September 2019.

However, the company reported a 508 bps decline in gross margin for the quarter due to continued inflationary pressures on costs, particularly barley and packaging material prices.

Total company expenditure was Rs 3,507.1 crore, up 9.9% from the same period last year, with capital expenditure of Rs 90 crore. “However, with continued volume growth, capital expenditure investments are planned to meet the expected volume expansion,” the company said.

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In September, the company announced the launch of a new variety called Heineken. The company claims that Heineken will be a smooth and refreshing beer suitable for everyday socializing. Interestingly, the brand also launched the beer in Metaverse, making it the world’s first virtual beer. The company launched the beer through its virtual brewery in Decentraland.