United Breweries Gains After Profit Rises%: Mumbai Mover
United Breweries Ltd. (UBBL), India’s largest beermaker, gained the most in five months after reporting quarterly profit rose 39 percent.
United Breweries, partly owned by billionaire Vijay Mallya, gained 9.3 percent to 566.90 rupees, its biggest advance since March 13. United Spirits Ltd. (UNSP), controlled by Mallya, climbed 12 percent, the biggest percentage gainer on the MSCI Emerging Markets Index.
The market for beer in India is estimated to grow to 447.9 billion rupees in 2016, from 257 billion rupees in 2011, according to data compiled by Euromonitor International. Net income for the maker of Kingfisher beer rose to 986.4 million rupees ($17.8 million) rupees in the three months ended June from 710.4 million rupees a year earlier, the Bangalore-based company said in an Aug. 10 statement.
Revenue increased 28 percent to 12.2 billion rupees, as the company sold more beer in some Indian states, including Maharashtra and Kerala, it said. Increases in costs have been below inflation, the brewery said. United Breweries held a 57 share of the beer market in 2011, the Euromonitor data showed.
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