BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
United Breweries Ltd. reported strong results over a lockdown impacted Q4 FY21.
Nevertheless, they came in below our expectations on all fronts – as the pace of sequential recovery was slower than that seen in Q3 FY21. Considering:
Some impact from the lockdown in Maharashtra, Delhi, and Karnataka for a month during the key season for beer and
The possible write-offs of perishable raw materials, we have cut our FY22 earnings per share forecasts by ~20%.
However, we have not factored in any further risks from lockdown extensions, other states imposing lockdowns, and the possible impact of rising barley costs, all of which could have a significant impact – as Q1 contributes 35–45% to the company’s full-year Ebitda.
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