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
Sharp excise increases were seen over April–May 2020 amid the Covid-19 outbreak, leading to the expectation of a nosedive in sales and volumes.
However, in a positive surprise, United Spirits Ltd. witnessed a strong recovery in Q2 FY21, driven by robust in-home consumption.
With various occasions of indulgence restricted (outdoor social activity, cinemas, and travel and tourism), spirits offered a convenient alternative for in-home consumption.
Accordingly, after a 49% volume decline YoY in the lockdown impacted Q1 FY21, volume decline was arrested to just 3.9% in the Q2 FY21. Hence, we expect volume growth in the positive territory in Q3 FY21.
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