United Spirits H1 hit by ‘consumption slowdown’

Diageo-controlled Indian drinks group United Spirits saw its 2019 first-half net sales grow by 7%, but was impacted by “broad-based consumption slowdown”. For the six months to 30 September 2019, United Spirits’ sales reached Rs. 4.2 million crores (US$59.8m). Sales were impacted by general elections in the first quarter and “consumption slowdown coupled with liquidity challenges in certain markets and temporary supply chain disruption” in the firm’s bottled-in-origin Scotch portfolio during the second quarter. United…

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Diageo ups shareholding in United Spirits for $27.3m

Johnnie Walker owner Diageo has increased its shareholding in Indian drinks group United Spirits to 55.2% following a US$27.3 million investment. Diageo first acquired a controlling stake in Bangalore-based United Spirits Limited (USL) in 2014. The UK-based firm has now purchased a further 3,310,515 shares (around 0.46% shareholding) in USL from the Bombay Stock Exchange. Diageo paid a per-share price of 591.95 Indian rupees (US$8.26) for the new shares. According to Diageo, USL is a…

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UK govt approves Vijay Mallya extradition to India

The controversial former chairman of United Spirits, Vijay Mallya, is fighting extradition from the UK after home secretary Sajid Javid signed the order for his return to India to face allegations of £1 billion (US$1.3bn) fraud. Mallya, who is also the former chairman of Kingfisher Airlines and ex-owner of the Force India Formula One team, left India in 2016 after allegedly defaulting on debts of more than £1 billion, most of which was associated with…

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United Spirits profit soars in first half of 2018

Diageo-controlled Indian drinks group United Spirits saw its 2018 first half net sales grow by 14%, while profit after tax increased by more than 50%. In the six months to 30 September 2018, net sales hit Rs. 4,240 crores, while profit after tax grew by 57% to Rs. 340 crores. The net sales growth was attributed mostly to the ‘prestige and above’ segment, as well as the “improved performance” of the ‘popular’ segment and the…

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