Vijay Mallya-led liquor firm United Spirits today posted an over five-fold rise in net profit at Rs 56 crore for the fourth quarter ended March 31,2013.
The company had posted a net profit of Rs 10.01 crore in the corresponding period of the previous fiscal.
For its fourth quarter ended March 31,the company’s net sales rose to Rs 2,057.69 crore,as against Rs 1,862.69 crore for the same period of previous fiscal,(USL) said in a statement.
In a separate filing to BSE ,the company said its board of directors has recommended a dividend on equity shares at the rate of Rs 2.50 per share.
However,net profit of the financial year 2013 was reduced to Rs 320.79 crore from Rs 342.76 crore from the corresponding period of the previous fiscal.
The Bangalore-headquartered firm said,it has enhanced its revenue in Andhra Pradesh and Karnataka. However,in Tamil Nadu,it faced a 15 per cent decline in volumes as the local vendors were not selling its popular brands,it added.
The company sells various liquor brands including Signature,Bagpiper,Royal Challenge,Signature in the country. Other brands in the company’s portfolio include White Mischief,Black Dog,Dalmore and Romanov.
USL further informed that during this quarter it has got statutory approval from various regulators such as Reserve Bank of India,SEBI and Competition Commission of India for acquisition of its shares by global giant Diageo.
“The process of such acquisition is underway and is expected to be completed in due course,” said USL in the statement.
USL shares were trading at Rs 2,295.50 at BSE in afternoon,down 0.36 per cent from their previous close.