Prestige & Above segment grew 10.0% but net sales for the popular segment declined 12.4%, primarily due to muted demand. Duty increases in the segment’s salient state further impacted demand adversely.

EBITDA stood at Rs 491 crore in Q3 FY24, registering the growth of 33.42% YoY as compared with Rs 368 crore posted in corresponding quarter last year. EBITDA margin was 16.4%, up 321 bps versus prior year.

Gross margin was 43.4%, up 286 bps versus last year, however, flat sequentially versus the last trailing quarter.

During the quarter, total volumes declined 1.83% to 16,476 cases from 16,783 cases in Q3 FY23.

A&P re-investment rate was 11% of sales, reflecting the seasonality and investment behind the brands during the festive quarter as well as in the cricket world cup.

Hina Nagarajan, CEO & managing director, said, “We have delivered a resilient quarter in a challenging macro environment. While the sequential demand momentum was relatively muted, reassuringly, the premiumisation trend continues. Our consumer engagement remained high with a slew of festivals, the cricket world cup and peak wedding season. The focus on continuous improvement and value chain productivity is reflected in the performance. Looking ahead, we remain cautiously optimistic on growth on the back of sustained investments in our brands, belief in our innovation and renovation pipeline and the long-term India consumer potential.”

United Spirits is the country's leading beverage alcohol company and a subsidiary of global leader Diageo plc. The company manufactures, sells and distributes a portfolio of premium brands.

The scrip rose 0.54% to Rs 1,113.85 on the BSE. It also hit an all time high at Rs 1,148.65 in intraday today.