Shares of United Spirits Ltd hit a record high of Rs 1044, as the stock rallied by 6% on the NSE in Friday’s intra-day trade. The company reported a healthy operational performance in the June quarter for the current fiscal year.

The stock passed its previous high of Rs 982.30 on July 18.

Diageo-owned liquor firm United Spirits Ltd reported an 82% YoY jump in consolidated net profit at Rs 476.7 crore for Q1FY24.

Despite the raw inflation market, United Spirits’ gross margin grew by 140 bps.

The company’s standalone revenue grew by 17% to Rs 2,172 crore, whereas the EBITDA jumped by 84% to Rs 385 crore.

The Prestige & Above segment rose to 86.4% of net sales during Q1. This segment’s net sales increased 21.2% during the quarter under review.

The Popular segment was slightly down by 10.4% during the first quarter. The Popular segment net sales increased by 0.9% during the first quarter.

Meanwhile, the consolidated revenues grew 29%, led by higher standalone revenue and a significant increase in revenues from Indian Premier League (IPL).

Hina Nagarajan, Chief Executive Officer & Managing Director, said, “While inflationary pressures remain, our strategy to reshape the portfolio combined with revenue growth management and focus on everyday efficiency is driving sustainable growth across the Prestige & Above segment”.

She added, “Looking ahead, our priority is to maintain the growth momentum and to deliver long-term value to all our stakeholders,”.

At 3:30 pm, the stock closed at Rs 1038 or 6.46% higher than its previous close.