United Spirits, which makes Smirnoff vodka, reported its third quarter profit for FY24 at Rs 350.20 crore, up 63.5 per cent in comparison to Rs 214.20 crore during the corresponding quarter of last year. It posted revenue from operations at Rs 6962.00 crore, up 5.3 per cent as against Rs 6609.80 crore during the third quarter of FY23. The company’s net sales value (NSV) was at Rs 3,002 crore and EBITDA for the quarter stood at Rs 487 crore.
Hina Nagarajan, CEO & Managing Director, said, “We have delivered a resilient quarter in a challenging macro environment. While the sequential demand momentum was relatively muted, reassuringly, the premiumisation trend continues. Our consumer engagement remained high with a slew of festivals, the cricket world cup and peak wedding season. The focus on continuous improvement and value chain productivity is reflected in the performance. Looking ahead, we remain cautiously optimistic on growth on the back of sustained investments in our brands, belief in our innovation and renovation pipeline and the long-term India consumer potential.”
The Prestige & Above segment accounted for 88.3 per cent of net sales during the third quarter of fiscal 2024, up 2.0 ppts over the prior year. Prestige & Above segment net sales increased 10.0 per cent during the second quarter. The Popular segment, meanwhile, accounted for 10.2 per cent of net sales during the third quarter of fiscal 2024, down 2.3 ppt compared to the same period last year. The Popular segment net sales declined 12.4 per cent during the third quarter.
For the nine months period of FY24, the company reported consolidated net sales at Rs 8,537 crore, up 15.2 per cent on rebased prior year comparators. This was led by the robust growth in the standalone business and new five-year media rights cycle (2023-27) for the Indian Premier League starting from Q1FY24. 9MFY24 Consolidated EBITDA was at Rs 1,667 crore, up 56.2 per cent on rebased prior year comparators. And 9MFY24 consolidated profit after tax was at Rs 1,166 crore.
Incorporated in India as United Spirits Limited (USL), Diageo India manufactures, sells and distributes an outstanding portfolio of premium brands such as Johnnie Walker, Black Dog, Black & White, VAT 69, Antiquity, Signature, The Singleton, Royal Challenge, McDowell’s No1, Smirnoff, Ketel One, Tanqueray, Captain Morgan and Godawan, an artisanal single malt whisky from India.