United Breweries - Sharp QoQ Recovery In Volumes: ICICI Direct 
Bottles of Kingfisher Beer, made by United Breweries Ltd., are arranged for a photograph in a liquor store in New Delhi. (Photographer Adam Ferguson/Bloomberg News)

United Breweries - Sharp QoQ Recovery In Volumes: ICICI Direct 


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 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).

Click on the attachment to read the full report:

ICICI Direct United Breweries Q3FY21 Result Update.pdf


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