Thursday, April 28 2005 10:02 Hrs (IST) - World Time -

Bangalore: McDowell yesterday (Apr 27, 2005) reported a growth of 56 per cent in net profits at Rs 33.26 crore during 2004-2005 as against Rs 21.35 crore in previous fiscal.

Operating Profit for the FY 05 stands at Rs 41.30 crore compared to Rs 29.50 crore in FY 04, a UB Group release said.

The Quarter ending March 05 record a profit of Rs 11.10 crore compared to Rs 2.40 crore in corresponding period last year. After adjusting for nonrecurring items comprising profit on sale of shares and provision for amounts due from a creditor, the overall profits are up 49 per cent at Rs 43.32 crore compared to Rs 29.10 crore in the previous year, it said.

Volumes of McDwell's lead brands have grown by 15 per cent from 17.37 million to 19.95 million cases. Increased input costs have made certain low-end brands unviable and consequently the overall sales for the year at 25.12 million cases remain static compared to the 24.96 million cases sold last year, the release said.

The Company along with its subsidiaries and persons acting in "concert" have made a voluntary open offer to acquire upto 25 per cent of the paid-up equity share capital of Shaw Wallace and Company Limited. Meanwhile the company, along with its subsidiaries, entered into a purchase agreement with the Promoter group of Shaw Wallace Limited inter aria to acquire up to 54.54 per cent of the fully paid-up equity share capital of Shaw and Company Limited.

On completion of the acquisition, the UB Group's spirits business will have sales in excess of 56.6 million cases, making it currently the 2nd largest player in the distilled spirits field in the world, it said.