United Breweries - Sharp QoQ Recovery In Volumes: ICICI Direct
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ICICI Direct Report
United Breweries Ltd. continued its upward performance trajectory in Q3 FY21, leading to 85% normalisation in volumes (up 31% QoQ).
The recovery in volumes was further assisted by a better state mix and benign input costs, leading to better-than-expected Ebitda margins (13.4% versus 9% estimated and 4.5% in Q2 FY21).
Also, adjusting for the Rs 23 crore non-recurring provision created for doubtful debtors/potential expiry of stock, Ebitda margins reached 15.6% levels.
Subsequently, absolute Ebitda came in at Rs 174 crore (up 3.3 times QoQ but down 21% YoY).
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