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United Spirits Results: Latest Quarterly Results & Analysis

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United Spirits Ltd. 14 Aug 2025 12:08 PM

Q1FY26 Quarterly Result Announced for United Spirits Ltd.

Breweries & Distilleries company United Spirits announced Q1FY26 results

  • Net sales value (NSV) was at Rs 3,021 crore, up 9.4% versus same period prior year. This was driven by the 8.4% growth in the standalone business and 15.7% reported growth of the sports business housed in the 100% subsidiary Royal Challengers Sports Pvt Ltd (RCSPL).
  • EBITDA was at Rs 644 crore, down 9.7% largely due to a one-off indirect tax item impact and relatively higher A&P in the standalone business.
  • Underlying EBITDA excluding the one-off indirect tax item impact of Rs 40 crore is at Rs 684 crore, down 4.1%.
  • Profit after tax was at Rs 417 crore.

Praveen Someshwar, CEO & Managing Director, said: “We delivered a resilient quarter with the Prestige & Above portfolio sustaining its growth momentum while cycling a high prior year base. The quarter also marked the completion of the Nao Spirits acquisition.

Looking ahead, we remain focused on our circle of control to lead the next wave of category growth through sharper portfolio, tailored consumer engagement and revenue growth management.”

Result PDF

Breweries & Distilleries company United Spirits announced Q4FY25 & FY25 results

Consolidated Q4FY25 Financial Highlights:

  • Reported net sales value (NSV) was at Rs 3,031 crore, up 8.9% versus same period prior year. Underlying growth was 10.2%.
  • EBITDA was at Rs 460 crore, a growth of 37.7% versus prior year in-line with strong leveraged growth in the standalone business.
  • Profit after tax was at Rs 421 crore.

Consolidated FY25 Financial Highlights:

  • Net sales value (NSV) at Rs 12,069 crore, up 6.6% YoY, driven by growth in the standalone business.
  • Underlying net sales value (NSV) at Rs 12,106, up 6.9% YoY.
  • EBITDA was at Rs 2,243 crore, growth of 12.1% YoY.
  • Profit after tax was at Rs 1,582 crore, up 12.4% YoY.

Standalone Q4FY25 Financial Highlights:

  • Total reported NSV at Rs 2,946 crore, up 10.5% YoY and underlying NSV at Rs 2,983 crore. registered a growth of 11.9%.
  • NSV for the Popular segment grew 1.1%
  • Gross profit grew 13.4% and reported gross margin was at 44.5%, an expansion of 115 bps YoY.
  • A&P re-investment rate was 10.8% of net sales, reflecting consistent investment behind the trademarks.
  • EBITDA at Rs 505 crore, an increase of 39.5% YoY on the back of strong gross profit growth and continued discipline and productivity across the value chain. EBITDA margin was 17.1%, an expansion of 358 bps over prior year same quarter.
  • nterest cost at Rs 22 crore, was down 24.1%. The interest cost is on account of the customary nondebt related items.
  • Profit after tax was Rs 451 crore. with a net profit margin of 15.3%.

Standalone FY25 Financial Highlights:

  • Total NSV at Rs 11,573 crore. increased 8.2% YoY, driven by re-entry in the market of Andhra Pradesh and resilient performance of our trademarks. Within the above, Prestige & Above segment grew 9.9%.
  • NSV for the Popular segment was almost flat ( 0.8% YoY).
  • Gross profit increased by 11.5%, while gross margin at 44.7% was an expansion of 129 bps versus last year.
  • A&P re-investment rate was 9.7% of sales as we continue to invest behind the brands to build and maintain mental availability for the trademarks.
  • EBITDA at Rs 2,058 crore, an increase of 20.5% YoY. EBITDA margin at 17.8%, an expansion of 181 bps versus prior year.
  • Interest cost at Rs 89 crore, is up 17.1%. Interest cost is on account of customary non-debt related items.
  • Profit after tax was Rs 1,558 crore. with a net profit margin of 13.5%, up 18.8% YoY.

Praveen Someshwar, CEO & Managing Director, commenting on the FY25 performance, said: “The challenging demand environment notwithstanding, we have delivered 13.2% NSV growth for P&A in Q4FY25 and 9.9% P&A growth for FY25, and a leveraged EBITDA growth that takes us to our medium-term guidance.

The Board of Directors have recommended a final dividend of Rs 8.0 per share for the fiscal year 2024-25, subject to Shareholder’s approval.

Looking ahead, we remain focused on delivering sustained growth while creating long-term value for all our stakeholders in line with our ambition to be the best performing, most trusted and respected CPG company in India.”

Result PDF

Breweries & Distilleries company United Spirits announced 9MFY25 & Q3FY25 results

Q3FY25 Financial Highlights:

  • Net sales at Rs 3,432 crore. increased 14.8% year-on-year with Prestige & Above segment growing 16.1%. Growth was driven by resilient consumer demand in peak festive season and a fast scale-up in Andhra Pradesh.
  • Net sales for the Popular segment grew 9.6%. Value righting done a few quarters ago along with the duty reduction in the most salient state, provided the necessary growth tailwinds.
  • Gross margin was 44.7%, up 131 bps versus last year on the back of sustained revenue growth management interventions and productivity flow-through.
  • A&P re-investment rate was 11.0% of net sales, reflecting the seasonality of the peak consumption quarter and investment behind the brands and innovations.
  • EBITDA at Rs 588 crore., an increase of 19.8% YoY.
  • EBITDA margin was 17.1%, expansion of 71 bps versus last year.
  • Interest cost was at Rs 20 crore. and is on account of customary non-debt related expenses.
  • Profit after tax was Rs 473 crore. with a net profit margin of 13.8%.

9MFY25 Financial Highlights:

  • Net sales at Rs 8,627 crore. increased 7.5% over prior year. Within this, Prestige & Above segment grew 8.8%. The growth is reflective of the strength of our broad-based portfolio with national reach and our ability to capitalise on opportunities that present themselves in the normal course of business.
  • Net sales for the Popular segment were up 0.6% versus prior year comparator on the back of a strong quarter.
  • Gross margin at 44.8%, up 134 bps versus last year, driven by healthy headline pricing flow-through, revenue growth management and COGS productivity initiatives.
  • A&P re-investment rate was 9.4% of net sales, reflecting the investment behind the brands and the innovations & renovations.
  • EBITDA at Rs 1,553 crore. is an increase of 15.3% over prior year comparator. EBITDA margin was 18.0%, up 122 bps versus last year. This is driven by gross margin expansion and productivity across the value chain.
  • 9MFY25 Interest cost is at Rs 67 crore. Excluding the one-off reversal benefit of Rs 15 crore. in Q1FY24, interest cost in 9MFY24 was at Rs 62 crore. Interest cost is on account of customary non-debt related expenses and the increase is on account of lease finance cost partly off-set by savings in other line items.
  • Exceptional charge of Rs 65 crore. in Q3FY25 is related to the multi-year supply agility program.
  • Profit after tax stands at Rs 1,107 crore. with a net profit margin of 12.8%.

Hina Nagarajan, CEO & Managing Director, said: “Amidst a moderate but sequentially improving demand environment, we have delivered a quarter in line with our aspirations buoyed by the festive season and fast scale-up in the state of Andhra Pradesh.

Looking ahead, we remain cautiously optimistic in the short-term while remaining committed to the long-term potential of the India consumer story.”

Result PDF

Breweries & Distilleries company United Spirits announced Q2FY25 results

Standalone Financial Highlights:

  • Net sales value (NSV) at Rs 2,843 crore., with Prestige & Above saliency of 89%.
  • Total NSV witnessed a marginal decline of 0.8% over previous year, Prestige & Above segment NSV was broadly flat (0.3% growth year-on-year).
  • EBITDA at Rs 507 crore., a growth of 7.9% YoY, with a margin of 17.8%

Consolidated Financial Highlights:

  • Net sales value (NSV) at Rs 2,844 crore.; EBITDA at Rs 502 crore.
  • Overall NSV registered a marginal decline of 0.8% year-on-year, while EBITDA grew 7.4% YoY.

Hina Nagarajan, CEO & Managing Director, United Spirits, said: “It’s a muted quarter amidst a softer than expected demand environment. We remain buoyant entering the festive season on the back of structural tailwinds including the reopening of the business in the state of Andhra Pradesh after a near 5-year gap. This reinforces our faith in the overall health and long-term fundamentals of the spirits industry & business in India. Our key focus remains on executional excellence to deliver sustained profitable growth, while maintaining the long-term competitiveness of our portfolio.”

Result PDF

Breweries & Distilleries company United Spirits announced Q1FY25 results:

Consolidated:

  • Consolidated net sales at Rs 2,761 crore, grew by 3.5%. The growth in standalone business was offset by the timing of men’s IPL matches.
  • Consolidated EBITDA was at Rs 713 crore almost flat from prior year comparators.
  • Q1FY25 consolidated Profit after tax was at Rs 485 crore 

Standalone:

  • Net sales at Rs 2,352 crore increased 8.3% year on year, driven by improved footprint & saliency of our innovation and renovation offerings and revenue growth management interventions. Within the above, Prestige & Above segment grew 10.1%.
  • Net sales for the Popular segment fell 2.4% YoY, as inflation continues to impact the price sensitive consumer of this segment.
  • Gross margin was 44.5%, up 85 bps versus last year. Excluding the one-off benefit of Rs 13 crore driven by a write-back in the base quarter, gross margin expanded 145 bps over the previous year on the back of sustained revenue growth management interventions and productivity flow-through.
  • A&P re-investment rate was 7.4% of sales reflecting the seasonally low quarter for the business; however, higher than the prior year comparator.
  • EBITDA at Rs 458 crore, an increase of 18.9% over same period last year.
  • EBITDA margin was 19.5%, up 174 bps versus last year. Excluding the one-offs from the prior year comparatives, EBITDA margin expanded 234 bps year-on-year. This was largely driven by gross margin expansion, partly off-set by the higher A&P spends and fixed cost operating leverage.
  • Interest cost at Rs 22 crore Excluding the one-off reversal benefit of Rs 15 crore in the base quarter, interest cost was up 12.8% versus same period previous year.
  • Profit after tax was Rs 299 crore with net profit margin at 12.7%.

Hina Nagarajan, CEO & Managing Director, commenting on the Q1FY25 performance, said: “We have commenced fiscal 2025 with a steady performance in the first quarter. Our renovation and innovation offerings are rolling out progressively with an encouraging response.

Looking ahead, we remain focused on enhancing the long-term competitiveness of our portfolio, and to sustainably deliver in a soft demand environment and harness every opportunity to create long-term value for all our stakeholders.”

Result PDF

Brewries & Distilleries company United Spirits announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

Consolidated:

  • Q4FY24 Consolidated net sales value (NSV) was at Rs 2,783 crore, up 11.2% versus same period prior year. This was driven by the growth in the standalone business as well as income from the Indian Premier League.
  • Q4FY24 Consolidated EBITDA was at Rs 334, crore, a growth of 41.6% versus prior year driven by the earlier start of the Indian Premier League 2024.
  • Q4FY24 Consolidated Profit after tax was at Rs 241 crore

Standalone:

  • Total NSV at Rs 2,666 crore increased 6.9% YoY driven by competitive performance of our renovation and innovation offerings and  resilient consumer demand. Within the above, Prestige & Above segment grew 6.6%.
  • NSV for the Popular segment grew 3.3% as the trademarks performed competitively in the salient states on the back of interventions.
  • Gross margin at 43.3% was a contraction of 205 bps YoY on reported basis. After adjusting for a oneoff credit of Rs 69 crore on  account of reversal of indirect tax provisions in Q4FY23, underlying gross margin expanded by 73bps YoY.
  • A&P re-investment rate was 12.2% of sales, reflecting the spends on renovation and innovation as well as ongoing investment behind the brands.
  • EBITDA at Rs 361 crore, an increase of 6.9% YoY. The EBITDA margin was 13.6%, in-line with prior year reported margin, though an expansion of 278 bps on an underlying basis.
  • Interest cost at Rs 29 crore, was down 19.2%. After adjusting a one-off benefit of Rs 16 crore from the prior year comparator, interest cost was down 44.2%. The interest cost is on account of the customary non-debt related items.
  • Exceptional charge of Rs 31 crore is on account of the ongoing supply agility programme.
  • Profit after tax was Rs 384 crore with a net profit margin of 14.4%.

FY24 Financial Highlights:

Consolidated:

  • Consolidated net sales value (NSV) at Rs 11,321 crore, up 14.2% YoY, in-line with growth in the standalone business.
  • Consolidated EBITDA was at Rs 2,001 crore, growth of 53.5% YoY.
  • FY24 consolidated profit after tax was at Rs 1,408 crore

Standalone:

  • Total NSV at Rs 10,692 crore increased 10.5% YoY, driven by continued premiumisation and choiceful consumption with increased brand loyalty. While the consumer is rationalising social occasions, we are not witnessing meaningful downtrading. Within the above, Prestige & Above segment grew 11.9%.
  • NSV for the Popular segment declined 2.5% compared to same period last year. This was primarily due to steep consumer price increases in a high demand elastic segment, driven by both higher excise duties in the segment’s salient state as well as price increases taken by the industry after a prolonged period of time.
  • Gross margin was 43.4%, up 129 bps like-for-like versus last year. Underlying gross margin stood at 43.3%, after excluding the one-off benefit of Rs 13 crore driven by a write-back. This was an expansion
  • of 189 bps on an underlying basis versus the prior year. The one-off credit in the previous year was on account of reversal of indirect tax provisions. The expansion was driven by headline pricing realisation flow-through, revenue growth management and cogs productivity initiatives partially offset by ENA inflation.
  • A&P re-investment rate was 9.7% of sales as we continue to invest behind the brands.
  • EBITDA at Rs 1,708 crore, an increase of 30.9% YoY. The reported EBITDA margin was 16.0%, up 249 bps versus prior year comparator. This was largely driven by gross margin expansion and productivity across the value chain. Underlying EBITDA margin stood at 15.9%, an expansion of 282 bps versus prior year comparator.
  • Interest cost at Rs 76 crore, is down 26.9%. Underlying interest cost was at Rs 91 crore after excluding the one-off reversal benefit of Rs 15 crore This was a decrease of 24.0% versus prior year comparator. The one-off credit in the previous year was amounting to Rs 16 crore Interest cost is on account of customary non-debt related items.
  • Exceptional charge of Rs 17 crore is on account of Rs 31 crore income from the prior year slump sale transaction recognised as income in Q2FY24 after completion of customary post-transaction closure obligations offset by a charge of Rs 48 crore related to the ongoing supply agility programme.
  • Profit after tax was Rs 1,312 crore with a net profit margin of 12.3%.

Hina Nagarajan, CEO & Managing Director, commenting on the FY24 performance, said: “We have ended fiscal year 2023-24 delivering our double-digit growth guidance and returned to mid teen margins amidst challenging external environment. The year witnessed sequentially moderating demand on the back of sustained consumer inflation and post pandemic consumption normalisation. We have continued our premiumisation intent through innovation and renovation to secure future growth. Our most iconic trademark is being renovated and stretched upwards under the new “House of McDowell’s” umbrella that will see it reach new consumers in different sub segments and formats. In recognition of our commitment to sustainable, modern Made in India Luxury, Godawan 100 was recently crowned “Single Malt Whisky of the Year” at the London Spirits Competition, a premier event in the Global Beverage Alcohol industry. This sets the stage for us to enter the new fiscal year with even more confidence in our strategy.

We are immensely proud of the Royal Challengers Bengaluru Women’s Premier League (WPL) team, which is owned by our 100% subsidiary, Royal Challengers Sports Private Limited (RCSPL), winning the 2 nd edition of the WPL in March 2024.

The Board of Directors have recommended a final dividend of Rs 5.0 per share for the financial year 2023-24, subject to Shareholder’s approval. Looking ahead, our focus is to sustain the momentum established in the last three years and stay committed to our consumer-focused future-back strategy, while creating long term value for all our stakeholders.”

Result PDF

Breweries & Distilleries company United Spirits announced Q3FY24 results:


Financial Performance - Consolidated

  • Net Sales Value (NSV): Rs 3,002 Crore, an increase of 8.0% YoY.
  • EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization): Rs 487 Crore, a 30.8% growth YoY.

Financial Performance - Standalone

  • Net Sales Value (NSV): Rs 2,989 Crore, Prestige & Above segment sales constituting 88% of NSV.
  • Total NSV Growth: 7.5% YoY.
  • Prestige & Above Segment NSV Growth: 10.0% YoY.
  • EBITDA: Rs 491 Crore, a 33.6% increase from the previous year, with an EBITDA margin of 16.4%.

Profitability

  • Consolidated Profit After Tax (PAT): Rs 350 Crore.
  • Standalone Profit After Tax (PAT): Rs 348 Crore, net profit margin standing at 11.6%.


Segment Performance

  • Prestige & Above: Strong growth, with segment net sales up 13.8% during 9MFY24.
  • Popular Segment: Net sales declined by 4.6% during 9MFY24.


Hina Nagarajan, CEO & Managing Director, commented on the quarter's performance: "We have delivered a resilient quarter in a challenging macro environment. While the sequential demand momentum was relatively muted, reassuringly, the premiumisation trend continues.

Our consumer engagement remained high with a slew of festivals, the cricket World Cup, and peak wedding season. The focus on continuous improvement and value chain productivity is reflected in the performance.

Looking ahead, we remain cautiously optimistic on growth on the back of sustained investments in our brands, belief in our innovation and renovation pipeline, and the long-term India consumer potential."

 

 

 

Result PDF

Breweries & Distilleries company United Spirits announced Q2FY24 & H1FY24 results:

  • Consolidated Q2FY24:

    • Net sales at Rs 2,867 crore, up 12.0% on rebased prior year comparators, in line with growth in the standalone business.
    • EBITDA was at Rs 467 crore, a growth of 21.4% on rebased prior year comparators.
    • Profit after tax was at Rs 339 crore
  • Consolidated H1FY24:
    • Net sales for H1FY24 were at Rs 5,535 crore, up 19.5% on rebased prior year comparators. This was led by the strong growth in the standalone business and the new five-year media rights cycle (2023-27) for the Indian Premier League starting from Q1FY24.
    • EBITDA for H1FY24 was at Rs 1,180 crore, a growth of 69.7% on rebased prior year comparators.
    • Profit after tax was at Rs 816 crore

Hina Nagarajan, CEO & Managing Director, commenting on the Q2FY24 performance, said, “We have maintained the growth and margin momentum in the second quarter of fiscal 2024 on the back of sustained investment in our brands and proven productivity muscle. Continuing our future-back consumer focus approach, we have now brought our global Tequila trademark Don Julio to India. This is in line with our strategy & commitment to bring the best from around the world to our aspiring Indian consumers. We are optimistic about the India potential of this opportunity in line with global trends.

I am also delighted to inform you that the Board of Directors has approved an interim dividend of Rs 4.0 per share. This is after a long hiatus, enabled by the successful turnaround of the Company to sustained profitability. We take the opportunity to thank our long-term investors for their patience and commitment.

Looking ahead, our priority is to sustain the growth momentum and realise the full potential of our portfolio offerings. While inflationary headwinds remain challenging, we remain focussed on revenue growth management & value chain productivity in our quest of long-term value creation for all our stakeholders.”

 

Result PDF

Breweries & Distilleries company United Spirits announced Q1FY24 results:

  • Consolidated Q1FY24:
    • Net sales at Rs 2,668 crore, grew by 28.6% on rebased prior year comparators. This was led by the strong growth in the standalone business and a significant increase in revenue, driven by the Indian Premier League’s new five-year media rights cycle (2023-27).
    • Reported EBITDA was at Rs 714 crore, growth of 129.4% on rebased prior year comparators.
    • Profit after tax was at Rs 477 crore
  • Standalone Q1FY24:
    • Net sales value (NSV) at Rs 2,172 crore, with Prestige & Above saliency of 86%
    • Reported Gross margin was 43.6%, up 139 bps versus last year
    • Total NSV grew 17.4%, Prestige & Above NSV grew 21.2%, both on rebased prior year comparators
    • Reported EBITDA at Rs 385 crore with margin of 17.7%
    • Profit after tax was Rs 238 crore with net profit margin at 11.0%.

Hina Nagarajan, CEO & Managing Director, commenting on the Q1FY24 performance, said: “We have commenced fiscal 2024 with a robust first quarter performance. While inflationary pressures remain, our strategy to reshape the portfolio combined with revenue growth management and focus on everyday efficiency is driving sustainable growth acroreoss the Prestige & Above segment.

I am happy to share that Royal Challengers Sports Private Limited (RCSPL)’s, our wholly-owned subsidiary, has stepped up its earnings, driven by revenues from the Indian Premier League new media rights cycle. This reinforces our longer-term confidence in the Women’s Premier League. Our Sports business aligns to our core purpose of celebration and is a vital component of our consolidated portfolio.

Further, we are progressing well on our Society 2030 goals through our holistic ESG focus and “Diageo in Society” initiatives. Looking ahead, our priority is to maintain the growth momentum and to deliver long-term value to all our stakeholders.”

 

 

Result PDF

Breweries & Distilleries company United Spirits announced Q4FY23 & FY23 results:

  • Q4FY23:
    • Rebased NSV increased 15.6% reflecting a strong quarter driven by continued momentum in the off-trade and on-trade along with the normalisation of BIO Supplies.
    • Prestige & Above segment net sales grew 23.2% with strong double-digit growth buoyed by continued momentum in our innovation & renovation offerings.
    • Rebased net sales for the popular segment shrunk by 6.3% as inflation continues to impact this price-sensitive consumer segment.
    • Underlying Gross margin, after adjusting for a one-off credit on account of the reversal of indirect tax provisions, stood at 42.6%, down 225 bps from last year but improved sequentially.
    • A&P re-investment rate during Q4FY23 was 13.8% of sales largely reflecting the high spending on the BIO portfolio that normalised on market supplies after three quarters.
    • Reported EBITDA at Rs 338 crore, with EBITDA margin at 13.6% is down 322 bps, primarily driven by the gross margin contraction, higher A&P partly offset by a one-off credit on account of reversal of indirect tax provisions.
    • Interest expense at Rs 36 crore for Q4FY23 was on account of the customary non-debt related items and a reassessed impact of an old tax litigation matter.
    • Profit after tax was Rs 204 crore with a net profit margin of 8.2%.
  • FY23:
    • Rebased net sales registered a growth of 19.5% & underlying NSV grew 20.1% (excluding the one-off Bulk Scotch sale impact from the prior year comparator) on the back of strong premiumisation trend, continued momentum in the off-trade, on-premise recovery, and sustained home consumption trends. Within the above, Prestige & Above segment grew by 22.8%.
    • Rebased net sales for the Popular segment were up 0.9% compared to FY22.
    • Gross margin at 42.1%, down 322 bps versus last year, weighed down by commodity inflation impacting Glass & ENA, partly offset by favourable mix and ramped-up pricing and productivity.
    • EBITDA was at Rs 1,305 crore, 4.0% increase versus last year. EBITDA margin at 13.5% is down 201 bps, primarily due to gross margin contraction offset by additional value chain productivity & growth leverage.
    • Interest cost at Rs 104 crore is up 18% primarily on account of the customary non-debt related items, reassessed impact of an old tax litigation matter, partly offset by the savings driven due to retirement of debt of the merged entity.
    • Exceptional income of Rs 171 crore primarily consists of gain from slump sale of strategically reviewed popular portfolio offset by charges related to supply agility program & legal entity closure expenses

Hina Nagarajan, CEO & Managing Director, commenting on the FY23 performance, said: “We have delivered a strong year once again with robust top-line growth & resilient operating margins in an extremely volatile and inflationary environment. As an organization, we have exhibited tenacity and focus amidst macroeconomic headwinds and regulatory challenges.

I am pleased with the growth momentum of our Innovation and renovation offerings. The stepped up contribution in growth from the upper and mid-prestige segments lends credence to our portfolio reshaping strategy. This comes on the back of the successful closure of the slump sale and franchising of the strategically reviewed popular portfolio during the year. The supply chain agility programme, announced last quarter, is progressing well, in line with our overall strategy.

I am delighted to share a few more achievements from the last quarter. Our Alwar distillery in Rajasthan is Asia’s first spirits distillery to be awarded the prestigious Alliance for Water Stewardship (AWS) certification. Our 100% subsidiary, Royal Challengers Sports Private Limited, has won the bid to own and run the Women Premiere League team for Bangalore. This is yet another step in taking forward our narrative of inclusion and diversity and is aligned to our purpose of celebration.

Looking ahead, our core focus remains on continuing the growth momentum, while being more agile as an organisation, with simplified supply chain & legal entity footprint. We continue to remain committed to our consumer-focused future-back strategy, to consistently deliver value to all our stakeholders.”

 

 

Result PDF

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