United Spirits Ltd (USL) today reported a net profit of Rs 148 crore for the quarter ended September 30, 2011 despite a sharp increase in the cost of raw materials.
The company had posted a net profit of Rs 74.60 crore for the quarter ended September 30, 2010, United Spirits said in a filing to BSE.
Net sales of the company stood at Rs 1,790.62 crore for the quarter ended September 30, 2011. It was Rs 1,354.20 crore for the corresponding period previous fiscal.
The figures for the quarter ended September 30, 2011 are not comparable with the corresponding year-ago periods due to the the merger of Balaji Distilleries Ltd, the company said.
In terms of volume sales, the company saw 8% growth to at 28.7 million cases. The same for the corresponding period last fiscal was at 26.6 million cases, USL said.
"Spirit costs during the quarter were up 11% (Rs 15 per case approximately) compared to the corresponding quarter of the previous fiscal," the company said.
During the quarter the company undertook a GBP 370 million refinance of remnant debt originally taken for the acquisition of Whyte & Mackay (W&M), it added.
USL said production at recently acquired units of Pioneer Distilleries and Sovereign Distilleries has been increasing.
National roll out of new brands as Signature Premier, Vladivar Vodka and three twin-combo flavours of the millionaire brand White Mischief Vodka is underway and company expects increase in brand launches and brand building expenditure in subsequent quarters, United Spirits said.
On the international business, the company said its emerging markets division has already forayed into new markets in Africa and Asia and supplies of IMFL and Whyte & Mackay brands to these markets will be through this division.
USL scrips were trading at Rs 869.05 per share in the afternoon trade on BSE, up 4.23% from its previous close.
