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United Spirits has posted a net profit of ₹929.30 crore during the second quarter of the fiscal on account of its sale of entire 3.21 per cent stake in beer maker Heineken for ₹872 crore earlier this year.
USL in a statement said that its net sales were up 6 per cent during the quarter to ₹2,122.17 crore. The company had posted a loss of ₹26.90 crore during the same quarter last year.
The statement also said the company has appointed Sanjeev Churiwala as the new Chief Financial Officer. His predecessor, P A Murali, stepped down last April.
The company said direct sales of the Diageo brands portfolio added ₹183 crore to the net sales in the first half (₹141 crore in the second quarter)
“The divestment of the UBL shares during the quarter generated ₹870 crore of free cash that has been used to retire debt and has reduced our net debt position to less than ₹4,000 crore from over ₹5,000 crore six months ago,” Anand Kripalu, MD & CEO, said.
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