United Spirits logs Rs 1,799 cr Q4 net loss; govt to probe books
Liquor manufacturer United Spirits Ltd (USL) on Wednesday reported a standalone net loss of Rs 1,799.28 crore for the three months ended March 2015 on account of increasing debt and liabilities.business Updated: May 28, 2015 00:36 IST
Liquor manufacturer United Spirits Ltd (USL) on Wednesday reported a standalone net loss of Rs 1,799.28 crore for the three months ended March 2015 on account of increasing debt and liabilities.
The company had a net loss of Rs 5,380.10 crore in the same period of the previous fiscal, USL said in a filing to BSE.
USL also disclosed in a separate filing to BSE that it has received notices from the ministry of corporate affairs and the I-T department for inspection of its book subsequent to a probe ordered by its new management over alleged irregularities in loans given by it to various companies of Vijay Mallya-led UB Group.
USL said its board has asked MD and CEO Anand Kripalu to further probe “possible existence of any other transaction of a similar nature” with certain “additional parties”, in which the probe had raised concerns.
The company said it is fully cooperating with the authorities.
USL’s total income on standalone basis in January-March rose 5.55% to Rs 2,051.25 crore, from Rs 1,943.34 crore in the year-ago period.
USL suffered a loss of Rs 3,083.51 crore in 2014-15 transferred from the previous year. However, in 2013-14, USL had got a surplus of Rs 2,023.38 crore from the previous year.
“In relation to the standalone financial results of the company, during the financial year ended March 31, 2015, the company has recorded the provision for diminution on long-term investment in subsidiaries amounting to Rs 361.81 crore and loans and advances to subsidiaries amounting to Rs 354.35 crore,” USL said.
The USL board has not recommended any dividend for 2014-15.
Shares of USL fell by 3% to Rs 3,509.05 on BSE on Wednesday, after losing 3.78% during the day. On NSE, the shares ended with a loss of 3.54% at Rs 3,500.60.