INDIAN liquor maker United Spirits, which is controlled by Diageo India, has reported a net loss of Rs 2466 million (£25.6 million) for the first quarter ended June 30, owing to Covid-19 pandemic. The company had posted a net profit of Rs 1817 million (£18.8 million) in the same period a year ago.
United Spirits, in a statement, said that its revenue from operations slipped 47.60 per cent to Rs 38,207 million (£396.3 million) during Q1, as against Rs 72,925 million (£756.5 million) in the corresponding period in FY20.
"During the quarter, our business was severely impacted by Covid-19 led lockdown and the ensuing disruption. The business remained shut for more than a month during the quarter and it resumed only gradually thereafter, in line with varying state-level restrictions," said Diageo India MD & CEO Anand Kripalu.
"The on-premise channel continued to remain shut for the entire quarter. This resulted in a year-on-year sales decline of 51 per cent on underlying basis."
The company's total expenses declined 41.61 per cent to Rs 40,420 million (£419.3 million) in Q1 FY 2020-21 as against Rs 69,231 (£718.2 million).
According to Kripalu, there is sequential improvement month-on-month basis but it is too early to arrive at any conclusions as intermittent lockdowns at the local level is having an impact on both - supply chain as well as retail outlets in July.
Diageo India is India’s leading beverage alcohol company and a subsidiary of global leader Diageo plc. Headquartered in the Southern city of Bengaluru, it has over 3500 employees and 50 manufacturing facilities across the country.
Reena Barai, chair of the PB Conference, on the podium with Sadik Al-Hasan, Harry McQuillan, Shilpa Shah and Nick Kaye on stage
Yasmin Karsan, Pritee Panchmatia and Fin McCaul
Baba Akomolafe, Rachna Chhatralia, Patricia Tigenoah-Ojo and Raj Matharu
Shailesh Solanki 
Reena Barai 
Janet Morrison
David Webb 
