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Dolat Capital Report
United Spirits Ltd.’s Q4 FY21 was ahead of our expectation.
Revenue/Ebitda/adjusted profit after tax were up 16/63/172% YoY.
This was led by healthy 19/26% volume/revenue growth in prestige and above and modest employee and advertising and promotion spends.
The company’s net debt reduction by Rs 15.3 billion (led by working capital efficiencies) was noteworthy.
The company’s story is attractive as a long-term consumption play in industry with high barriers to entry.
Management work on costs is appreciable.
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