ICICI Direct: United Breweries Sees Recovery In Q2 Volumes, Normalisation Still Awaited
Cans of Kingfisher Beer, made by United Breweries Ltd., are stacked in a liquor store in New Delhi, India. (Photographer: Adam Ferguson/Bloomberg News) 

ICICI Direct: United Breweries Sees Recovery In Q2 Volumes, Normalisation Still Awaited

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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 Breweries reported an uptick in volume growth (76% QoQ growth, yet 48% YoY de-growth).

Volumes of strong beer recovered faster than mild beer.

The recovery in volumes was further accompanied by a better state mix and certain cost control measures (lower other expenses), which led to better-than-expected Ebitda margins (4.5% versus 4% estimated and a loss in Q1 FY21) and led to absolute Ebitda in line with estimates (Rs 40 crore).

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ICICI Direct United Breweries Q2FY21 Result Update.pdf

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