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Motilal Oswal Report
Led by resilient off-trade sales, United Spirits Ltd. delivered a significant beat on our forecasts.
Even as sales bounced back by 57% on a weak base of Q1 FY21, the sales decline of ~27% over Q1 FY20 was highly creditable as:
the on-trade traditionally contributes ~25% of sales and was severely affected for most of the quarter as bars, restaurants, and pubs were shut; and
home delivery was not permitted across all states.
With off-trade sales near pre-Covid-19 levels at the end of Q1 FY22 and on-trade slowly recovering, United Spirits' outlook is getting better, especially heading into the seasonally important Q3 FY22.
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