BENGALURU (Reuters) – India’s United Breweries 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)
