United Breweries Q2 net jumps three-fold to Rs 94 cr

New Delhi: United Breweries Ltd (UBL) on Wednesday reported over three-fold jump in standalone net profit at Rs 93.84 crore for the quarter ended September 30, mainly on account of higher income and increase in volume growth.

The liquor company had posted a net profit of Rs 27.05 crore during the same period previous fiscal, UBL said in a regulatory filing.

Total income during the quarter under review grew to Rs 2,738.04 crore from Rs 2,199.49 crore in the year-ago period. The company said its volume during the period grew 11 per cent, ahead of the industry growth of 5 per cent.

"Gross revenues were up 24 per cent and revenue net of duties increased 23 per cent. This increase was due to price increase, positive state and brand mix, as well as beer exports," UBL said.

Operating profit increased by 72 per cent, it added. Total expenses during the quarter was Rs 2,593.89 crore compared to Rs 2,162.65 crore in the same period previous fiscal.

"Whilst the company has been able to mitigate part of the negative effects of GST, some cost pressure on input materials and services is still to be incurred," United Breweries said.

It further said the average debt level during the quarter was flat year-on-year and lower interests cost reflected reduced short-term interest rates.

United Breweries stock settled at Rs 1,137, down 0.9 per cent on BSE.