United Spirits Q4 Review - Strong Operational Performance Amid Tough Scenario: ICICI Direct
Bottles of Smirnoff vodka produced by United Spirits Ltd., a distiller partly owned by Diageo Plc, sit on display at a roadside liquor store in Gurgaon, Haryana, India. (Photographer: Udit Kulshrestha/Bloomberg)

United Spirits Q4 Review - Strong Operational Performance Amid Tough Scenario: ICICI Direct


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ICICI Direct Report

United Spirits Ltd. continued its strong momentum in Q4, reporting 8% YoY growth in volumes mainly led by resilience in off-trade channels and strong performance of prestige and above segment.

Net revenue grew 12% YoY to Rs 2,224 crore (our estimate: Rs 1,991 crore) in spite of softer on-trade channel.

Prestige and above segment volumes grew 19% YoY to 10 million cases while popular segment reported largely flat volumes at 9.7 million cases.

Ebitda margins expanded 490 basis points YoY to 18.5% and came in above our estimate of 16%, due to better product mix and improved productivity (gross margins were at 43.9% versus 42.2% in Q4 FY20).

Click on the attachment to read the full report:

ICICI Direct United Spiritis Q4FY21 Result Update.pdf


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