India's United Breweries' quarterly profit surges on higher beer sales, names new CFO

United Breweries

07/05/2024 16:32

BENGALURU, May 6 (Reuters) - India's United Breweries
 UBBW.NS  reported an over eight-fold rise in fourth-quarter
profit on Tuesday, helped by price hikes and higher sales of its
premium beers.
     The beer maker named Jorn Kersten, currently the finance
director in Heineken, Ethiopia, as its new chief financial
officer, effective August 1, 2024.               
    
    WHY IT'S IMPORTANT
    India's alcohol and beverage makers have benefited from more
consumers buying premium beers, which has resulted in higher
revenue for these firms.
    United Breweries' premium beer segment reported steady
growth during the quarter, with the company launching Kingfisher
Ultra Max Draught beer and London Pilsner strong beer in the
category.
    
    BY THE NUMBERS
    The Kingfisher beer maker reported a rise in its standalone
profit to 808.4 million rupees (nearly $10 million) from 97.3
million rupees a year ago for the quarter that ended March 31.
    Revenue from operations rose 17% to 47.87 billion rupees.


($1 = 83.4563 Indian rupees)

 (Reporting by Ashna Teresa Britto and Manvi Pant in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com;))