United Spirits on Thursday reported an 82% year-on-year jump in June quarter consolidated net profit to Rs 476.7 crore in the consolidated quarter in June as compared to Rs 261.10 crore the company posted in the corresponding quarter a year ago.
However, the company has reported a fall of 18% in its revenue from operations at Rs 5,804 crore when compared to Rs 7,131.3 crore in Q1 of the previous financial year.
The consolidated net profits of United Spirits stood at Rs 2,668 crore which is a 28.6% growth on rebased prior year comparators, the company mentioned in its regulatory filing. This was led by strong growth in the company’s standalone business and a significant rise in revenue driven by the country’s premier sporting league IPL’s media rights cycle for five years (2023-27).
The consolidated reported EBITDA stood at Rs 714 crore, a significant rise of 129.4% on prior year assessments.
While speaking about the Q1 results, Hina Nagarajan, Chief Executive Officer and Managing Director of United Spirits said, “while inflationary pressures remain, our strategy to reshape the portfolio combined with revenue growth management and focus on everyday efficiency is driving sustainable growth across the prestige and above segment.”
Royal Challengers Sporting Private, which is a subsidiary of United Spirits and operates IPL team Royal Challengers Bangalore, has significantly stepped up its earnings, driven by revenues from the IPL media rights cycle.
“Looking ahead, our priority is to maintain the growth momentum and to deliver long-term value to all our stakeholders,” Nagarajan further added.
