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.
ICICI Direct Report
United Spirits Ltd. continued its strong momentum in Q4, reporting 8% YoY growth in volumes mainly led by resilience in off-trade channels and strong performance of prestige and above segment.
Net revenue grew 12% YoY to Rs 2,224 crore (our estimate: Rs 1,991 crore) in spite of softer on-trade channel.
Prestige and above segment volumes grew 19% YoY to 10 million cases while popular segment reported largely flat volumes at 9.7 million cases.
Ebitda margins expanded 490 basis points YoY to 18.5% and came in above our estimate of 16%, due to better product mix and improved productivity (gross margins were at 43.9% versus 42.2% in Q4 FY20).
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