January 23, 2019 / 2:34 PM / 9 months ago

United Spirits third-quarter profit surges nearly 43 percent

(Reuters) - Liquor giant United Spirits Ltd reported about 43 percent surge in third-quarter profit on Wednesday, driven by strong sales of its premium alcohol brands.

The company posted a net profit of 1.92 billion rupees ($26.9 million) for the three months ended Dec. 31, compared with 1.35 billion rupees a year earlier, said United Spirits, which is majority owned by the world’s largest liquor company, Diageo.

The net earnings missed analysts’ average estimate of 2.24 billion rupees, according to IBES data from Refinitiv.

Sales from the company’s ‘prestige and above segment’, which boasts scotch whiskeys such as Johnnie Walker and Black & White, surged 16 percent, pushing total revenue 8.8 percent higher.

The company reported an exceptional loss of 202 million rupees during the quarter compared with a one-off charge of 126 million rupees a year earlier.

($1 = 71.3000 Indian rupees)

Reporting By Arnab Paul and Chris Thomas in Bengaluru; Editing by James Emmanuel

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