SABMiller cuts losses in FY13 to Rs 88 crore

Written by fe Bureau | Bangalore | Updated: Aug 29 2013, 13:52pm hrs
SABMiller India, the countrys second largest brewer that sells Fosters and Haywards 5000 beer, has narrowed its losses in FY13 to Rs 88 crore from Rs 119 crore in the previous fiscal on higher volumes and revenue growth. The company said that revenues grew 20% over the previous fiscal to Rs 3,349 crore.

The Indian arm of the London-headquartered beermaker has continuously posted losses since 2008-09, when it was impacted by some procurement policy changes in Andhra Pradesh, although the policy changes were reversed in 2011. Its market share has declined to a fourth of India's beer sales from around 35% in 2006.

Andhra Pradesh was the largest contributor to SABMiller's sales growth during the fiscal, and Haryana and Punjab also contributed significantly .

The parent company invested $77 million in the Indian subsidiary during FY13 through a preferential allotment of equity shares, it said.