United Breweries zoomed nearly 6% intraday on the BSE on Thursday after the alcoholic beverages maker announced the appointment of Vivek Gupta as the new managing director and chief executive officer of the company.
The appointment comes six months after former head Rishi Pardal quit in the middle of February. Gupta, who was chief business officer at B2B platform Udaan before his latest appointment, will begin his five-year tenure at United Breweries from September 25, the company told exchanges on Thursday.
“Gupta will be responsible for driving sustainable growth for United Breweries. He will lead the premiumisation of the company’s portfolio, including strengthening the iconicity of Kingfisher,” the firm said.
An alumnus of IIM-Ahmedabad, Gupta previously worked with Procter and Gamble in various capacities for nearly two decades. He was the managing director of its businesses in Australia and New Zealand before joining Udaan.
“I feel privileged to be entrusted with one of India’s most iconic brands, the Kingfisher beer and the world’s most international brand, Heineken,” Gupta said.
In its results for Q1FY24, United Breweries reported a 6.72% year-on-year (y-o-y) decline in revenue from operations to `2,275 crore. Net profit fell 16.04% y-o-y to `136 crore. Operating profit margins contracted by 100 basis points y-o-y to 10%.
United Breweries, a Heineken-group company, brews and distributes alcoholic and non-alcoholic beverages. Its product portfolio includes a wide range of beers and non-alcoholic beverages.