United Breweries shares tank 5% as Q4 net profit drops to Rs 6.73 cr

Shares of United Breweries Ltd fell almost 5 per cent on Thursday after the company reported a significant fall in standalone net profit at Rs 6.73 crore for the fourth quarter of 2016-17 financial year.

After making a weak opening, the stock further tanked 4.98 per cent to Rs 773 on BSE.

At NSE, shares of the company declined by 4.77 per cent to Rs 773.35.

It had posted a net profit of Rs 52.37 crore in the same quarter of previous financial year, the company said in a BSE filing yesterday.

Although the company's net income on a standalone basis rose marginally during the period under review, its expenses remained higher compared to the year-ago period.

Net income stood at Rs 2,562.03 crore in the last quarter of 2016-17, against Rs 2,494.48 crore in the same period of previous year.

Expenses jumped to Rs 2,554.41 crore from Rs 2,420.55 crore in the said period.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel