United Spirits Q3 Review - P&A Volumes Continue To Strengthen: ICICI Direct 

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ICICI Direct Report

United Spirits Ltd. continued its strong momentum in Q3, reporting 7% QoQ improvement in volumes, led by resilience in the off-trade channels and slow pick-up in on-trade channels.

The recovery is also to be seen in the context of a strong YoY comparable quarter (reported flat volumes YoY).

The company also improved its gross margins during the quarter (better than both estimates and comparable QoQ, YoY), led by benign commodity costs and higher productivity.

Advertising and promotion expenses remained at higher levels due to continued marketing for greater on-home premises consumption and renovating core brands.

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