Latest news with #Someshwar
Mint
3 days ago
- Business
- Mint
United Spirits hikes liquor prices 30-35% in Maharashtra after excise duty surge
NEW DELHI: United Spirits Ltd (USL), the Indian arm of global liquor major Diageo Plc, has hiked liquor prices in Maharashtra by 30-35%, following the state government's decision to raise excise duties. Praveen Someshwar, CEO & MD of United Spirits, said the alcohol sector remained resilient compared with other fast moving consumer goods (FMCG) categories, but policy headwinds were affecting prices. "The most notable and recent one being from the state of Maharashtra, significant hikes in excise duties impacting IMFL or Indian-Made Foreign Liquor has led to spikes in the consumer maximum retail price (MRP), almost in the range of 30 to 40%. This is despite the company making some decisive and bold moves of not passing the complete burden to the consumer,' Someshwar said during the company's post-earnings call on Thursday. In June, Maharashtra raised excise duty on IMFL by over 50%, with duties on country liquor and imported premium spirits also climbing, pushing retail prices up by roughly 14% and over 25%, respectively. The government also introduced a new category—Maharashtra-made liquor (MML)—to promote local spirits, which will be exempt from the hike. On the introduction of MML, Someshwar said the steps were 'extreme' and could affect the consumer value proposition. 'Maharashtra as a consumer market is significant for us, our national value salience in the state hovers in the mid-to-high teens. However, at this stage, it is too early for us to assess the complete impact of the announcement, as there are many moving parts around the MML entry,' he said. Someshwar said that the company's early assessment indicated the IMFL market would likely contract due to steep price hikes, but added that consumption habits in the segment were relatively stable, so the decline was expected to be smaller than the scale of the price increases. He noted that early signs point to mid-teen growth in consumer spending. 'Early indicators, and I say very early indicators, suggest that the consumer spend is seeing mid-teen growth, which is very, very encouraging.' The company has taken a staggered approach to the price increase across different segments. 'I don't think there was a one-size fits-all, it was different brands priced differently and it was nicely laddered. If you see the middle—prestige level, we have absorbed significant sums of money. At lower prestige, there is marginal absorption, that's not very big absorption in terms of absolute duties. At the popular (segment), we passed on everything…So it's been done differently across brands and across categories,' he added. The popular segment consists of the company's lower-priced portfolio of spirits. Someshwar remains "cautiously optimistic" about the state's impact on the company's liquor portfolio in India in the current fiscal. 'Our mid-range, mid-term guidance is very simple, which is double-digit growth in 'prestige and above' I think we are completely committed towards it, and we don't see any of this changing it in the short term at all,' he added. In Q1FY26, USL's net sales value rose 9.4% to ₹ 3,021 crore, while consolidated profit after tax reached ₹ 417 crore. The Prestige and Above segment accounted for 88.3% of net sales, with the popular segment contributing 9.8%. On the India-UK free trade agreement, which is expected to offer reduced duty benefits, CFO Pradeep Jain said these could materialize between April and June of the next fiscal year. '(T)hese products have a long pipeline, at any point of time between the high seas and the stocks that we have for across the country et cetera. There is a long inventory pipeline so we believe that will happen sometime between April and June,' Jain said.
Time of India
3 days ago
- Business
- Time of India
Alcohol segment resilient unlike other FMCG categories which are more price sensitive: Diageo India MD
Alcohol demand in India remains resilient despite steep excise duty hikes, Diageo India 's managing director said, underlining strong consumer spending even as other fast-moving consumer goods (FMCG) face demand pressure due to price sensitivity. Independence Day 2025 Before Trump, British used tariffs to kill Indian textile Bank of Azad Hind: When Netaji gave India its own currency Swadeshi 2.0: India is no longer just a market, it's a maker Speaking to investors on Thursday, Someshwar said consumer spending on alcoholic beverages in Maharashtra recorded strong double-digit growth, even after the state raised excise duties by nearly 50% last month. 'Early indicators suggest consumer spend is seeing mid-teen growth,' Someshwar said. 'However, we need to get to 30%–35% growth in consumer spending to be revenue-neutral. What gives me comfort is that there is strong double-digit growth, although we still have a long way to bridge.' Maharashtra have sharply raised excise duties on Indian-made foreign liquor (IMFL) by over 50%, a move that substantially pushed up retail prices for consumers. Duties on country liquor and imported premium spirits were also raised, while the excise duty on beer and wine remains unchanged. India's second-most populous state is one of the country's largest markets for alcoholic beverages. Someshwar added that Maharashtra continues to contribute a double-digit share to Diageo India's overall sales, and the company has implemented a 30%–35% price increase in the state following the duty hike. Sales of spirits, including whiskey, rum, brandy and vodka, have slowed in recent months across several states due to distribution changes, increased taxation and pressure on discretionary spending, with many consumers cutting back on alcohol consumption. United Spirits , the Indian subsidiary of global liquor giant Diageo Plc, reported a 9.4% rise in net sales value (NSV) for the quarter ended June, driven largely by strong performance in its premium portfolio. Prestige and above (P&A) brands accounted for 88.3 percent of total volumes during the period, the company said in its earnings statement. "We genuinely believe there are early signs of recovery, and things can improve further in rural markets,' added Someshwar during the post-earnings call on Thursday. 'Monsoons were pretty healthy and will help, and it's already showing up across other FMCG businesses.' As per the India-UK free trade agreement (FTA) announced last month, tariffs on UK-made whisky and gin will be halved to 75% initially, eventually dropping to 40% over a ten-year period. The company behind Royal Challenge, McDowell's No. 1, and Smirnoff, said the impact of the tariff reduction would likely begin to reflect in the April–June quarter of the next fiscal year as there is a long pipeline of imported products already in transit or in stock, so the effect will be visible with a lag. India is one of the world's largest markets for whisky, though high import duties have historically limited access to premium international brands.
News18
28-07-2025
- General
- News18
Crowds witnessed at Nashik temples on first Monday of Shravan
Nashik, Jul 28 (PTI) Devotees thronged temples in Nashik to mark the first Monday of the Hindu month of Shravan. The temples that saw heavy crowds included Kapaleshwar temple in Panchavati, Someshwar temple at Gangapur road and the one at Trimbakeshwar, with devotees offering 'bel' leaves and flowers and also taking holy dips in Ramkund, Godavari and Teerthraj Kushavarta, officials said. Devotees were also seen in large numbers at temples in Baneshwar, Naroshankar, Ardhanarinateswhar, Sarveshwar Mahadev, Mankameshwar Mahadev, Nashik Road, Cidco, Indiranagar, Satpur and Ambad. A sizable number of police personnel were deployed across the city to manage the crowds, they added. At Trimbakeshwar, the Maharashtra State Road Transport Corporation (MSRTC) deployed extra buses due to the crowds, the officials said. PTI COR BNM Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
02-07-2025
- Entertainment
- Time of India
Chakravarti Samrat Prithviraj Chauhan: Ronit Roy gets emotional as the character of King Someshwar comes to an end; says 'I'm walking away with a lot of memories, lessons, and love'
It's an emotional moment for actor Ronit Bose Roy and fans of Chakravarti Samrat Prithviraj Chauhan, as the story progresses and we bid farewell to the powerful and dignified character, King Someshwar played by Ronit Bose Roy. Known for his commanding screen presence and nuanced performances, Ronit brought depth, grace, and gravitas to the role of the noble king, winning hearts across generations. Ronit's portrayal of King Someshwar, a ruler torn between duty, destiny, and the love for his son, Prithviraj has left an indelible mark on the show. As the story progresses, King Someshwar faces an untimely death, and a new chapter will unfold in this epic saga. Ronit opened about the experience of playing King Someshwar, 'Portraying King Someshwar has been one of the most fulfilling experiences of my career, it's not just about the costume or the crown, it's about carrying the weight of a father, a ruler, and a man torn between duty and emotion. I poured my heart into every scene, and I am looking forward to what comes ahead in the story. I'm walking away with a lot of memories, lessons, and love. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 3.5, 4.5 BHK Homes starting at ₹4.89 Cr.* Hero Homes Learn More Undo I wish the entire team continued success and hope the show reaches even greater heights in the times to come." Chakravarti Samrat Prithviraj Chauhan stars Basant Kumar, Padmini Kolhapure, Anuja Sathe, Ronit Roy, Rumi Khan and Urva Savaliya, who plays the young Prithviraj Chauhan. He showcases the early life and journey to becoming a legendary warrior king. In conversation with Ronit Roy
Hans India
02-07-2025
- Entertainment
- Hans India
Ronit Bose Roy bids adieu to his ‘Chakravarti Samrat Prithviraj Chauhan' character
Mumbai: Actor Ronit Bose Roy, who has been a television star and is known for his work in films like 'Udaan', '2 States', 'Ugly' and several others, is getting emotional as the track of his character of King Someshwar approaches the end in the show 'Chakravarti Samrat Prithviraj Chauhan'. As the story progresses, the viewers bid farewell to the powerful and dignified character of King Someshwar. Ronit is known for his commanding screen presence and nuanced performances, Ronit brought depth, grace, and gravitas to the role of the noble king, winning hearts across generations. His portrayal of King Someshwar, a ruler torn between duty, destiny, and the love for his son, Prithviraj has left an indelible mark on the show. As the story progresses, King Someshwar faces an untimely death, and a new chapter will unfold in this epic saga. Talking about the experience of playing King Someshwar, the actor said in a statement, 'Portraying King Someshwar has been one of the most fulfilling experiences of my career, it's not just about the costume or the crown, it's about carrying the weight of a father, a ruler, and a man torn between duty and emotion'. He further mentioned, 'I poured my heart into every scene, and I am looking forward to what comes ahead in the story. I'm walking away with a lot of memories, lessons, and love. I wish the entire team continued success and hope the show reaches even greater heights in the times to come'. 'Chakravati Samrat Prithviraj Chauhan' airs Monday to Friday on Sony Entertainment Television and Sony LIV. Earlier, the actor had shared a cryptic message on his social media. The note came across as more of a personal update as the actor seemed to be betrayed by someone close to him.
