Shares of beer and non-alcoholic beverages maker United Breweries Ltd fell more than five percent in morning trade on Friday after its results for the quarter ending December 31, 2022, failed to meet the Street’s estimates. United Breweries stock dropped to a low of Rs 1,465 per share on BSE, down 5.75 percent over the previous close, as trading volume spurted more than four times on the bourse.

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The Dutch multinational brewing company Heineken NV-controlled firm reported a loss of Rs 2.13 crore for the December quarter as against CNBC-TV18 poll estimate of a Rs 118 crore profit for the quarter.

The company had reported a consolidated net profit of Rs 91.02 crore in the December quarter of FY22. The profit was Rs 142.66 crore in the September quarter of FY23.

Revenue from operations rose to Rs 3,700 crore in Q3FY23 from Rs 3,511.85 crore a year ago and Rs 3,670 crore in the September quarter. Other income stood at Rs 12.97 crore in the third quarter of the current fiscal compared to Rs 6.04 crore a year ago.

Expenses were higher at Rs 3,675 crore in the December quarter against Rs 3,394 crore a year ago.

The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at Rs 76.7 crore, missing the CNBC TV18 poll estimates of Rs 204 crore.

Margins were down by 750 basis points at Rs 4.8 percent as against the poll estimates of 12.3 percent.

Shares of the company were trading lower by 4.81 percent at Rs 1,474.85 apiece on BSE at 11.25 am.