United Spirits Q4 Review - Ends FY21 On A High Note; Sustainability Key: Dolat Capital
Bottles of Royal Challenge whiskey produced by United Spirits Ltd. sit on display at a roadside liquor store in Gurgaon, Haryana, India. (Photographer: Udit Kulshrestha/Bloomberg)  

United Spirits Q4 Review - Ends FY21 On A High Note; Sustainability Key: Dolat Capital

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.

Dolat Capital Report

United Spirits Ltd.’s Q4 FY21 was ahead of our expectation.

Revenue/Ebitda/adjusted profit after tax were up 16/63/172% YoY.

This was led by healthy 19/26% volume/revenue growth in prestige and above and modest employee and advertising and promotion spends.

The company’s net debt reduction by Rs 15.3 billion (led by working capital efficiencies) was noteworthy.

The company’s story is attractive as a long-term consumption play in industry with high barriers to entry.

Management work on costs is appreciable.

Click on the attachment to read the full report:

Dolat Capital United Spirits Q4FY21 Result Update.pdf

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