United Spirits has posted a net profit of Rs.929.30 crore during the second quarter of the fiscal on account of its sale of entire 3.21 per cent stake in beer maker Heineken for Rs.872 crore earlier this year.
USL in a statement said that its net sales were up 6 per cent during the quarter to Rs.2,122.17 crore. The company had posted a loss of Rs.26.90 crore during the same quarter last year.
The statement also said the company has appointed Sanjeev Churiwala as the new Chief Financial Officer. His predecessor, P A Murali, stepped down last April.
The company said direct sales of the Diageo brands portfolio added Rs.183 crore to the net sales in the first half (Rs.141 crore in the second quarter)
“The divestment of the UBL shares during the quarter generated Rs.870 crore of free cash that has been used to retire debt and has reduced our net debt position to less than Rs.4,000 crore from over Rs.5,000 crore six months ago,” Anand Kripalu, MD & CEO, said.
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