ICICI Securities: United Spirits’ Faster-Than-Expected Recovery Shows Resilience Of Off-Trade Channel
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ICICI Securities Report
United Spirits Ltd.’s Q2 underlying revenue and volume decline of just 3% is significantly better than consensus expectations.
Flat volumes in Prestige and Above segment despite ontrade channel being largely closed (high salience) is a significant outperformance.
Renovation of core brands—McDowell’s No.1 and Royal Challenge Whisky—and reopening of on-trade channels could potentially accelerate top-line recovery and drive growth.
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