United Spirits Limited reported audited standalone earnings results for the fourth quarter and full year ended March 31, 2017 and consolidated earnings results for the year ended March 31, 2017. For the quarter, on standalone basis, the company’s underlying net sales were up 7% excluding one off impact. EBITDA was INR 2,650 million, up 128% and EBITDA margin was 13.1%, up 739bps both driven by increased gross profit/margin, lower operating expenses and provisions made in the same period last year. Underlying EBITDA was up by 104% and EBITDA margin was 15.2%, up 724bps. Net sales/income from operations were INR 64,742 million against INR 59,309 million a year ago. Profit from operations before other income, finance costs and exceptional items was INR 2,233 million against INR 887 million a year ago. Profit before finance costs and exceptional items were INR 2,376 million against INR 1,781 million a year ago. Loss before tax was INR 1,385 million against income of INR 455 million a year ago. Net loss from ordinary activities after tax was INR 1,042 million or INR 7.17 per basic and diluted share against income of INR 14 million or INR 0.10 per basic and diluted share a year ago. For the full year, on standalone basis, the company reported net sales/income from operations of INR 253,542 million against INR 233,846 million a year ago. EBITDA was INR 9,830 million compared to INR 8,860 million a year ago, up 11% and EBITDA margin of 11.5%, up 75bps, both primarily driven by increased gross profit/margin partially offset by marketing investment increasing 9%, one off impact and inflation. Underlying EBITDA was up by 16% and EBITDA margin of 12.4%, up 89bps. EBIT was INR 9,500 million compared to INR 8,910 million a year ago. Profit from operations before other income, finance costs and exceptional items was INR 8,503 million against INR 7,847 million a year ago. Profit before finance costs and exceptional items were INR 9,498 million against INR 8,904 million a year ago. Income before tax was INR 2,546 million against INR 3,155 million a year ago. Net income from ordinary activities after tax was INR 1,699 million or INR 11.69 per basic and diluted share against INR 1,219 million or INR 8.39 per basic and diluted share a year ago. For the full year, on consolidated basis, the company reported net sales/income from operations of INR 256,827 million against INR 237,997 million a year ago. Profit from operations before other income, finance costs and exceptional items was INR 8,152 million against INR 8,231 million a year ago. Profit before finance costs and exceptional items were INR 9,059 million against INR 8,510 million a year ago. Income before tax was INR 1,627 million against INR 3,662 million a year ago. Net income from ordinary activities after tax was INR 930 million or INR 7.06 per basic and diluted share against INR 1,434 million or INR 9.75 per basic and diluted share a year ago.