United Spirits - Recovery Evident, Longer-Term Prospects Remain Attractive: Motilal Oswal
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Motilal Oswal Report
We interacted with the management of United Spirits Ltd. for an update on overall market conditions. Here are the key takeaways:
recovery has been strong in recent months, with on-trade re-opening and off trade demand remaining healthy. Especially heading into Q3 FY22 (a historically important quarter for spirit consumption), the recovery is encouraging.
the ‘strategy refresh’ to be highlighted by the new chief executive officer in its Q2 FY22 result could entail positives on topline growth, an area where United Spirits has lagged expectations, even as it has done a commendable job on margin expansion and deleveraging.
activation of the Scotch portfolio in ~2,000 outlets across India, resulted in better availability and wider range in these outlets.
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