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United Spirits Posts Three-Fold Jump In December Quarter Profit

Liquor major United Spirits Ltd (USL) on Saturday reported an over three-fold jump in standalone net profit at Rs. 147.70 crore for the third quarter that ended on December 31, 2016, on the back of lower finance costs and exceptional expense in the corresponding period last year. The company had reported a net profit of Rs. 37.23 crore for the October-December period of the previous fiscal year. Total income from operations grew 6.16 per cent year-on-year to Rs. 7,082.22 crore during the quarter under review, as against Rs. 6,670.72 crore a year ago, United Spirits said in a regulatory filing. During the quarter, USL's finance cost stood at Rs. 92.23 crore as against Rs. 107.66 crore earlier. The company had reported exceptional expense of Rs. 42.12 crore in the third quarter of fiscal year 2015-16. "We have delivered a strong net sales growth of 6 per cent despite the subdued economic environment in the third quarter due to demonetisation... we have been able to manage through this period better than our initial expectations," United Spirits CEO Anand Kripalu said.

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