United Spirits in low spirits! The firm posts loss at Rs 1,799 crore
Advertisement
United Spirits, the country's largest liquor company and the maker of McDowell's No 1 and Royal Challenge whisky , reported a net loss of Rs 1799.3 crore during the January-March quarter.
Total income rose nearly 6% to Rs 2,051.3 crore in the fourth quarter from Rs 1,943 crore last year. Staff costs increased 45.3% to Rs 212.3 crore including Rs 34 crore towards provisions for its employee incentive scheme.
United Spirits is now controlled byDiageo Plc . It managed to reduce its operating loss during the fourth quarter to Rs 11.9 crore from Rs 927 crore in the corresponding quarter last year.
Gross margins improved by 480 basis points partly helped by 1% decline in advertising and promotion spends at Rs 196 crore.
United Spirits’ profits are down for the quarter due to provisions for loans at Rs 184.85 crore while loss on sale of shares of a subsidiary was Rs 10.85 crore. Provision for a loan to a related party amounted to Rs 995.46 crore and profit on sale ofmanufacturing unit was Rs 35.65 crore.
(Image: Indiatimes)
Advertisement
Advertisement
Exceptional items, including provision for loans and advances to Whyte & Mackay debt, was at Rs 1755 crore. Total income rose nearly 6% to Rs 2,051.3 crore in the fourth quarter from Rs 1,943 crore last year. Staff costs increased 45.3% to Rs 212.3 crore including Rs 34 crore towards provisions for its employee incentive scheme.
United Spirits is now controlled by
Gross margins improved by 480 basis points partly helped by 1% decline in advertising and promotion spends at Rs 196 crore.
United Spirits’ profits are down for the quarter due to provisions for loans at Rs 184.85 crore while loss on sale of shares of a subsidiary was Rs 10.85 crore. Provision for a loan to a related party amounted to Rs 995.46 crore and profit on sale of
(Image: Indiatimes)
Advertisement
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema
- Vegetable prices to remain high until June due to above-normal temperature
- RBI action on Kotak Mahindra Bank may restrain credit growth, profitability: S&P
- 'Vote and have free butter dosa': Bengaluru eateries do their bit to increase voter turnout
- Reliance gets thumbs-up from S&P, Fitch as strong earnings keep leverage in check
- Realme C65 5G with 5,000mAh battery, 120Hz display launched starting at ₹10,499