United Breweries Limited (UBL), a prominent player in the Indian beer market, has announced a significant corporate governance move. The company has issued a postal ballot notice to its shareholders, seeking approval for the appointment of a new statutory auditor through remote e-voting.

Key Details of the Postal Ballot

• Voting Period: The e-voting window will be open from August 20, 2025, to September 18, 2025.
• Cut-off Date: Shareholders on record as of August 14, 2025, will be eligible to participate in the voting process.
• Resolution Type: Ordinary Resolution
• Proposed Auditor: Messrs. B S R & Co. LLP, Chartered Accountants (Firm Registration No. 101248W/W-100022)

Reason for Change

The need for this appointment arises from the resignation of the current auditors, Messrs. Deloitte Haskins & Sells, following the 26th Annual General Meeting (AGM) held on August 07, 2025. UBL cites alignment with its ultimate holding company, HEINEKEN, as the primary reason for this change. HEINEKEN appointed KPMG as their statutory auditors effective January 1, 2025.

Proposed Tenure and Fees

If approved, B S R & Co. LLP will serve as UBL's statutory auditors from August 8, 2025, until the conclusion of the 27th AGM in 2026. The proposed fees for their services are set at ₹26.60 million, excluding additional costs such as technology and telecommunication expenses, out-of-pocket expenses, and applicable taxes.

Company's Rationale

UBL believes that aligning its auditors with those from the same network as HEINEKEN's will enhance coordination with the group auditors and improve efficiency in the audit process. This decision takes into account UBL's relative materiality within the HEINEKEN Group.

Auditor's Profile

B S R & Co. LLP is a member of B S R & Affiliates, a network registered with the Institute of Chartered Accountants of India. With over 4,000 staff and 140+ partners across 14 locations in India, the firm brings extensive experience in auditing companies listed on Indian stock exchanges, including those in the consumer markets sector.

Voting Process

Eligible shareholders can cast their votes electronically through the remote e-voting system provided by Central Depository Services (India) Limited (CDSL). The company has emphasized the importance of this process in ensuring transparency and good corporate governance.

United Breweries Limited's move to appoint new auditors reflects its commitment to maintaining high standards of financial reporting and aligning with global best practices. Shareholders are encouraged to participate in the voting process to have their say in this important corporate decision.

Heineken, the global brewing giant, has delivered impressive financial results for the first half of 2025, exceeding market expectations and reaffirming its full-year growth forecast. The company's performance demonstrates resilience and operational strength across its business segments.

Financial Highlights

• Adjusted Operating Profit: €2.03 billion, surpassing the expected €2.01 billion
• Organic Net Revenue Growth: 2.1%
• Full-Year Profit Growth Forecast: Confirmed at 4-8%

Operational Performance

Heineken's solid results reflect strong operational execution across its various business segments. The company's ability to deliver growth in a challenging market environment underscores its strategic initiatives and brand strength.

Revenue and Profit Analysis

To provide context for Heineken's global performance, let's examine the financial data of its Indian subsidiary, United Breweries Limited (UBL):

United Breweries Limited has shown remarkable growth in the first quarter of the 2025-26 financial year compared to the previous quarter. The company's revenue increased by 23.35% year-over-year, while its EBITDA saw a significant jump of 65.38%. Net profit nearly doubled with an 88.14% increase, and earnings per share (EPS) grew by 88.35%.

Market Outlook

Heineken's confirmation of its full-year profit growth forecast of 4-8% signals confidence in its business model and market position. This outlook suggests that the company expects to maintain its growth trajectory despite potential market challenges.

The strong performance of both Heineken globally and its Indian subsidiary, United Breweries Limited, indicates a robust recovery in the beer market and effective execution of business strategies across different regions.

As Heineken continues to navigate the global beverage market, investors and industry observers will be keen to see if the company can maintain this momentum in the second half of 2025.