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ICICI Direct Report
United Breweries reported an uptick in volume growth (76% QoQ growth, yet 48% YoY de-growth).
Volumes of strong beer recovered faster than mild beer.
The recovery in volumes was further accompanied by a better state mix and certain cost control measures (lower other expenses), which led to better-than-expected Ebitda margins (4.5% versus 4% estimated and a loss in Q1 FY21) and led to absolute Ebitda in line with estimates (Rs 40 crore).
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