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United Spirits Q4 loss at Rs104 crore

LiveMint logoLiveMint 30-05-2017 PTI

New Delhi: Liquor major United Spirits (USL) on Tuesday reported a standalone net loss of Rs104.2 crore for the fourth quarter ended March 2017, mainly on account of higher expenses and impact of exceptional items. The Diageo-controlled firm had posted a net profit of Rs1.4 crore during the same period of previous fiscal, United Spirits said in a BSE filing.

Net sales during the quarter under review stood at Rs6,474.2 crore as against Rs5,930.9 crore in the year-ago period, up 9.16%.

Commenting on the results, United Spirits chief executive officer Anand Kripalu said: “We have delivered a strong set of results with 4% net sales growth, despite a subdued economic environment due to demonetisation as well as the run-up to the highway ban.”

The company said during the quarter, it had earmarked a provision of Rs20 crore for transfer of raw material stocks and finished good outside Bihar besides retrenchment cost following ban of liquor in the state, while for the entire fiscal it was Rs37.7 crore.

For the fiscal ended 31 March 2017, USL reported a net profit of Rs169.9 crore as compared to Rs121.9 crore in the 2015-16 fiscal, up 39%. Net sales for the year stood at Rs25,354.2 crore as against Rs23,384.6 crore during the previous fiscal.

The company said it also took a Rs264.5 crore hit for the entire fiscal on account of settlement agreement with ten parties as on 31March 2017 over improper transactions which were found in an enquiry. Shares of United Spirits closed 3.63% up at Rs2,089.85 on BSE.

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