After the spirits maker reported, the net profit tumbled 64.45% to Rs 110.5 crore in the Oct-Dec quarter of FY23 as against Rs 310.8 crore posted in the Oct-Dec quarter of FY22. United Spirits slipped 4.55% to Rs 779.80.

Net sales increased 3.56% to Rs 2,781.1 crore in Q3FY23 from Rs 2,880 crore recorded in Q3FY22. 

• IIT Bombay Sets Up Rs 100 Crore Venture Capital Fund for Startups 
• Tata Power Inks MoU with Asian Development Bank for $4.25 Billion 
• Innovators Facade Shares Skyrocketed 11% on Securing Orders Worth Rs 110 Crore 
• Stocks in Focus: SJVN, Tata Power, Afcons Infrastructure, and Others
• Stocks Under F&O Ban: Adani Enterprises, Aarti Industries, Indraprastha Gas, and Others 

Rebased net sales value (NSV) increased by 9.7% & underlying NSV grew 11.5% (excluding the one-off bulk scotch sale impact from the prior year comparator), reflecting another good quarter driven by off-trade momentum & continued recovery of the on-trade.

Prestige & Above segment net sales grew 11.7%, with strong double-digit growth in the scotch portfolio. Rebased net sales for the popular segment increased by 2.3%.

Profit before exceptional items and tax declined 19.79% to Rs 303.1 crore in the Oct-Dec quarter of  FY23 from Rs 377.9 crore in the Oct-Dec quarter of  FY22.

EBITDA de-grew to Rs 368 crore in the Oct-Dec quarter of  FY23, sliding 12.38% year on year, and EBITDA margin stood at 13.2%, down 332 basis points, primarily driven by inflation-led gross margin contraction partly offset by targeted A&P calibration.

Gross margin at 40.6%, down 438 bps YoY, driven by input cost inflation for Glass & ENA partly offset by superior mix and productivity.

United Spirits is the country’s leading beverage alcohol company and a subsidiary of global leader Diageo plc. The company manufactures, sells and distributes a portfolio of premium brands.