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Anand Rathi Report
After the challenging operating environment of the last three to four years, the industry context for the alcoholic beverage sector is turning favourable, aided by supply-chain normalisation, stable to soft input costs and likely less irrational taxation.
We expect normal operations in FY22-23 and factor in a steep volume recovery.
This, and easier input costs, leverage benefits and debt reduction would drive healthy, 12-22%, earnings growth over FY20-23.
With the greater revenue assurance, we expect valuations to be buoyant.
Risks: Adverse regulatory change in key markets.
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