India: India's United Breweries a key company for Heineken
Heineken, the world's second biggest brewer, said India's United Breweries (UBL) is now a top operating company with the flagship Kingfisher brand among its five global brands, with an "exciting long-term growth opportunity", the Economic Times reported on February 18.
The Dutch brewing firm acquired a majority stake in UBL, the erstwhile flagship brand of Vijay Mallya's UB Group, in July last year. The consolidation in India boosted Heineken's net revenue by ₹280 million (₹2,389 crore), or 1.4% of its overall revenue, the brewer said during its earnings call.
"In India, UBL grew in the thirties and outperformed the markets. The integration is progressing well. The consolidation of UBL contributed ₹31 million (₹ 246 crore) to operating profit," chief executive Dolf van den Brink told investors.
The pandemic hit beer and spirits makers in India as bars, restaurants and pubs across the country operated with low footfalls over the past two years. According to IWSR Drinks Market Analysis data, beer sales fell 39% to 193 million cases in 2020. UBL posted volume growth of 19% year on year for the last quarter ended December 31 "driven by continued recovery of demand prevalent across nearly all the markets", its chief financial officer, Berend Odink, said.
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