Motilal Oswal: United Breweries Posts Weak Q2; Recovery Gradual, Unlike Peers
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Motilal Oswal Report
United Breweries Ltd.’s Q2 results were weak – with 48%/42.9% YoY volume/sales decline and 79%/96.5% YoY Ebitda/profit after tax decline – although better than our expectations.
These numbers are also starkly below approximately 3%/6% volume/sales decline reported by Alcobev peer United Spirits Ltd. last week.
This once again highlights that the more in-home consumption dominates, spirits consumption would do better.
This trend is likely to continue over the next few quarters as well.
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