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United Spirits Q4 Stand-Alone Profit Up More Than Five-Fold

United Spirits Ltd.'s fourth-quarter stand-alone net profit rose more than five-fold to Rs.56.01 crore from the Rs.10.01 crore for the quarter ended March 31, 2012.

The company reported a foreign exchange gain of Rs.9.11 crore in the quarter, compared with a loss of Rs.20.52 crore a year ago. 'Other income' more than doubled to Rs.37.77 crore fro the Rs.14.69 crore last year.

Profit for the quarter included a one-time charge of Rs.21.65 crore, compared with a gain of Rs.2.07 crore, under exceptional items, represents the provision made towards the turn-over tax relating to earlier years and provision for diminution in value of investment and advances in a subsidiary.

Its quarterly net income increased by ten percent to Rs.2,057.69 crore from the Rs.1,862.69 crore in the corresponding quarter of the preceding year, while other operating income stood at Rs.36.75 crore, compared with Rs.19.05 crore in Q4FY12.

During the quarter, the company sold a total volume of 31.37 million cases of Prestige and above segments and Regular and below segments, compared with 30.24 million cases in Q4FY12, reflecting a five percent growth.

For the fiscal year, its stand-alone net profit fell by six percent to Rs.320.79 crore from the Rs.342.76 crore in 2012. Total net income, including other operating income stood at Rs.8,606.74 crore, higher by 12 percent than the Rs.7,659.88 crore a year-ago.

Consolidated Results

On a consolidated basis, the company reported fiscal year net loss, after minority interest and share of profits, of Rs.101.24 crore, compared with a net profit of Rs.187.92 crore in 2012. Total net income, including other operating income rose by percent to Rs.10,748.67 crore from the Rs.9,356.07 crore a year-ago.

Its board recommended a dividend of 25 percent or Rs.2.50 per equity share of Rs.10 each for the fiscal year 2013.

Diageo plc.'s Rs.5,441 crore open offer for acquiring 26 percent stake in Vijay Mallya-led United Spirits received a tepid response from public investors. The price offered by the company was significantly lower than the market price of the United Spirits stock.

Diageo had offered to buy shares at a price of Rs.1,440 per piece. The offer which opened on April 10 closed on April 26.

In November, the world's largest liquor company agreed to acquire 53.4 percent of United Spirits. The deal involves the purchase of a 27.4 percent stake in United Spirits by Diageo, including 19.3 percent from Vijay Mallya, for 660 million pounds, as well as fresh equity from the firm. The British distiller was to buy the remaining 26 percent from the public shareholders of United Spirits.

Diageo was able to acquire just 58,668 shares of United Spirits in the open offer. The acquired shares represent less than 0.5 percent of United Spirits total shares.

At the BSE, United Spirits shares are currently trading at Rs.2,277.80, down 1.13 percent from the previous close.

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by RTT Staff Writer

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