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