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Dolat Capital Report
United Breweries Ltd.'s Q3 FY22 operating performance was in-line and healthy with volumes back to pre-Covid level (Q2 FY22 was down 22%).
The company registered 19/10% YoY/QoQ volume growth and 23% YoY revenue growth. Gross margin declined sharply 380/180 basis points YoY/QoQ.
Post healthy operating performance over FY17-19, United Breweries' performance had been muted for the last ten quarters. That said, with-
favorable base,
costs rationalisation,
opening of on-trade,
reduction in excise duties in key states (West Bengal, Uttar Pradesh, Rajasthan etc.) and
key beer season ahead.
United Breweries is well-posed to register a robust volume growth and earnings recovery. Costs inflation especially in packaging due to increase in energy prices, aluminum cans etc. and freight costs pose risks to margin.
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