Shares of United Spirits Limited were trading 2% lower on 18 December after the company disclosed that it had received a significant claim of Rs 365.33 crore from an existing domestic institutional customer.

In its filing, the company said that the claim is tied to a past settlement where all recovery claims made against the company by the customer had been settled.

The company said, “The relevant details have been disclosed in the company’s financial statements for the years ending March 31, 2017, March 31, 2018, and March 31, 2022. The company is not in a position to determine the financial implication of this claim at this point.”

They added, “There was a delay in intimation since the historical documents about this matter needed to be reviewed.”

In its quarterly report for July-September, the company reported a 38% year-on-year decline in its net profit to Rs 339.3 crore during the quarter from Rs 547.7 crore reported in the same quarter of the previous fiscal year.

The revenue during the quarter stood at Rs 6,736.5 crore, which is an 18.6% YoY decline from Rs 8,282.7 crore reported in the same quarter last year.

At 3:07 pm, the shares of United Spirits were trading 2.01% higher at Rs 1,105 on NSE.