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
Led by resilient off-trade sales, United Spirits Ltd. delivered a significant beat on our forecasts.
Even as sales bounced back by 57% on a weak base of Q1 FY21, the sales decline of ~27% over Q1 FY20 was highly creditable as:
the on-trade traditionally contributes ~25% of sales and was severely affected for most of the quarter as bars, restaurants, and pubs were shut; and
home delivery was not permitted across all states.
With off-trade sales near pre-Covid-19 levels at the end of Q1 FY22 and on-trade slowly recovering, United Spirits' outlook is getting better, especially heading into the seasonally important Q3 FY22.
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