Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
Open platformOpen platform

Diageo's Indian unit posts lower quarterly profit on weak sales of lower-priced brands

By Reuters News

Oct 28 (Reuters) - India's United Spirits UNSP.NS reported a 2% fall in second-quarter profit on Wednesday, weighed down by weak sales of lower-priced brands amid regulatory changes

  • Diageo's DGE.L Indian unit posted a profit of 4.62 billion rupees ($48.54 million) for the quarter ended September 30, down from 4.72 billion rupees a year earlier

  • Quarterly revenue of the company, which sells Johnnie Walker and Antiquity whiskies, fell 2.7% to 70.01 billion rupees

  • Net sales value for United Spirits' popular segment declined 22.7%, like-for-like, hurt by a steep tax on non-local brands in the state of Maharashtra and recent policy shifts in Karnataka

  • Analysts at HDFC Securities had estimated a 30% volume decline in the popular segment due to the Karnataka policy shifts

  • United Spirits is among alcoholic beverage companies that have drawn tax scrutiny over alleged misclassification of bulk Scotch imports under the India-UK free trade pact

  • In a stock exchange filing on October 17, the company said its offices in multiple locations were searched as part of an "industry-wide exercise" by authorities, adding that it had provided all documents and clarifications sought

($1 = 95.19 Indian rupees)

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.
The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.
To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.
 

Cryptocurrency-related content is intended solely as news and market commentary. Crypto Derivatives are not available to Retail clients registered with Capital Com (UK) Ltd.