Dolat Capital: United Spirits Q2 Review - Healthy Revenue Recovery, Robust Cash Flows, Sustainability Key
Bottles of United Spirits Ltd.’s Jura, left, and Dalmore Scotch whiskies are arranged for a photograph. (Photographer: Kuni Takahashi/Bloomberg)

Dolat Capital: United Spirits Q2 Review - Healthy Revenue Recovery, Robust Cash Flows, Sustainability Key

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.

Dolat Capital Report

United Spirits Ltd.’s Q2 FY21 was healthy on operating front led by sharp recovery in volumes down 3.8% YoY, up 102% QoQ.

This considering the discretionary nature of Alcobev category, closure of on-trade operations and increase in taxes on account of Covid-19.

The strong volume growth was partly off-set by sharp increase in expenses across line-items leading to in-line Ebitda/adjusted profit after tax.

Despite weak operating performance in H1 FY21, the company reduced its net debt by Rs 7.8 billion led by better working capital management – a key positive.

Click on the attachment to read the full report:

Dolat Capital United Spirits Q2FY21 Result Update.pdf

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