India: United Breweries reports 96.85% decline in Q2 net profit
Beer maker United Breweries Ltd on November 6 reported a 96.85 per cent decline in consolidated net profit at ₹3.61 crore for the second quarter ended September 2020.
The company had posted a net profit of ₹114.78 crore in July-September quarter of previous fiscal, United Breweries Ltd (UBL) said in a regulatory filing.
Revenue from operations declined 37.61 per cent to ₹2,238.96 crore during the quarter under review as against ₹3,588.75 crore in the corresponding period of previous fiscal.
UBL's total expenses fell 34.77 per cent to ₹2,265.95 crore from ₹3,474.21 crore in the year-ago quarter.
Revenue from beer segment was down 37.70 per cent to ₹2,232.40 crore from ₹3,583.36 crore a year ago, while that from non-alcoholic beverages rose 21.70 per cent to ₹6.56 crore from ₹5.39 crore in the corresponding quarter of last year.
The company said it recorded "significant sequential volume growth" during the quarter.
"Q2 witnessed a resumption of supplies in all markets in a phased manner based on the state-wise lifting of lockdown. In September, "on trade" opened for the first time in a number of states since the commencement of lockdown," UBL said in a post-earnings statement.
The company has continued its efforts on cost control and focus on working capital management to ensure sufficient liquidity, it added.
"While the volatile trajectory of the pandemic results in considerable uncertainty on consumer demand, the progressive monthly recovery observed so far is encouraging. UBL is well-positioned to navigate the current circumstances, with leading market position, strong brand portfolio and robust balance sheet," it added.
Shares of UBL on Friday closed 0.30 per cent lower at ₹950.60 on the BSE.
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