United Spirits Q1 net profit turned around to profit of Rs50.3cr on higher revenues and inventory efficiency gains

United Spirits reported 66.85% increase in total revenues for the Jun-21 quarter on consolidated basis at Rs1,721.70cr

Jul 24, 2021 02:07 IST India Infoline News Service

United Spirits
United Spirits reported 66.85% increase in total revenues for the Jun-21 quarter on consolidated basis at Rs1,721.70cr. On a sequential basis, revenues were down -22.81% compared to Rs2,230.40cr revenues in Mar-21.

The COVID 2.0 had had a fairly sharp impact on the top line in sequential basis. The prestige and above sales revenues growth was the sharpest at 58%. Exceptional provisions represent provisions towards additional demand in relation to historical consumer disputes pending with the company.

Net profit for the Jun-21 quarter turned around to a net profit of Rs50.30cr compared to a net loss of Rs-246.6cr on a yoy basis. However, on a sequential basis, the PAT was sharply lower by -75.26% due to COVID 2.0 impact.

The gross margin in the Jun-21 quarter stood at 44.6%, a growth of 296 basis points. This was driven by focus on productivity and cost efficiencies. EBITDA was up 316% at Rs168cr in the Jun-21 quarter. The debt reduction resulted in interest cost lower by 60% yoy. Net margins were subdued on a sequential basis.


Financial highlights for Jun-21 compared yoy and sequentially


United Spirits
Rs in Crore Jun-21 Jun-20 YOY Mar-21 QOQ
Total Income (Rs cr) ₹ 1,721.70 ₹ 1,031.90 66.85% ₹ 2,230.40 -22.81%
Net Profit (Rs cr) ₹ 50.30 ₹ -246.60 -120.40% ₹ 203.30 -75.26%
Diluted EPS (Rs) ₹ 0.78 ₹ -3.40 ₹ 2.94
Net Margins 2.92% -23.90% 9.11%

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