ICICI Securities: United Spirits’ Faster-Than-Expected Recovery Shows Resilience Of Off-Trade Channel
Bottles of Royal Challenge whiskey produced by United Spirits Ltd. sit on display at a roadside liquor store in Gurgaon, Haryana, India. (Photographer: Udit Kulshrestha/Bloomberg)  

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.

Click on the attachment to read the full report:

ICICI Securities United Spirits Q2FY21 Results Update.pdf

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