Shares of United Breweries Ltd (UBL) which produces beer and non-alcoholic beverages decenly jumped on Friday (October 20) after Q2 results. Most demanding brands of UBL include Kingfisher.
Stock of the UBL recorded profit by more than four per cent to Rs 1,634.5 apiece on NSE, reported Zee Business. Following market hours on Thursday Dutch multinational brewing company Heineken NV-controlled UBL informed that its consolidated net profit was recorded at Rs 107.2 crore for the quarter, which ended September 30.
This translates to a year-on-year fall of 20.1 per cent. However, it is much better than what analysts estimated. Note that UBL’s quarterly revenue rose to 14.1 per cent to Rs 4,192.9 crore from operations. A regulatory filing revealed that the profit occured after seeing seven per cent spike in sales volumes.
Meanwhile on Thursday, the beer maker company recorded a plunge while reporting at 20.09 per cent.
United Breweries Price Target 2023: What JP Morgan Suggest For United Breweries shares
Post the earning announcement, JPMorgan added Uniter Breweries to “overweight” category from “nuetral”. The American Bank has also upgraded UBL’s target for the stock to Rs 1,800 from Rs 1,400. Meanwhile, the target of brokerage suggested an upside of Rs 233.8 otherwise nearly 15 per cent from its previous close is expected from UBL.
