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 

Bookmark

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

DISCLAIMER

This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.