Shares of United Breweries Ltd fell almost 5 per cent today after the company reported a significant fall in standalone net profit at Rs 6.73 crore for the fourth quarter of 2016-17 fiscal. After making a weak opening, the stock further tanked 4.98 per cent to Rs 773 on BSE.
At NSE, shares of the company declined by 4.77 per cent to Rs 773.35. It had posted a net profit of Rs 52.37 crore in the same quarter of previous fiscal, the company said in a BSE filing yesterday. Although the company’s net income on a standalone basis rose marginally during the period under review, its expenses remained higher compared to the year-ago period.
Net income stood at Rs 2,562.03 crore in the last quarter of 2016-17, against Rs 2,494.48 crore in the same period of previous year. Expenses jumped to Rs 2,554.41 crore from Rs 2,420.55 crore in the said period. PTI SUM ABM 05181130