Diageo posts double-digit growth in India sales

British liquor maker Diageo Plc said on Friday that it has reported double-digit growth in India during the third quarter ended March 31, in the face of a negative trend in sales globally.

The company, which is bidding for an additional 28 per cent stake in Vijay Mallya-controlled United Spirits Ltd, said that during the third quarter, Korea continued its positive momentum on sales growth, while India and the Middle East delivered double-digit growth.
It did not reveal India-specific sales figures for the quarter.

The results were announced against the backdrop of the Asia-Pacific, especially South East Asia witnessing further negative impact from political instability in Thailand and lower trade confidence across a number of markets, the company said.

“This quarter’s results reflect the weaker performance in Chinese white spirits in the three months ended December 31, 2013,” the company said in a statement.

Without sharing numbers, Diageo said that as on March 31, 2014, net assets were 7,382 million pounds while it was 8,038 million pounds as on December 31, 2013.

The third quarter saw currency and economic weakness impact consumer confidence across many emerging markets while consumer trends in the developed markets were in line with those in the first half, Diageo said.