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Motilal Oswal Report
United Breweries Ltd. reported Ebitda in line with expectations. While sales were lower than expected, cost savings-led Ebitda margin beat estimates, even as gross margin pressures remained extremely high (500 basis points decline YoY).
The management mentioned the likelihood of continuing pressures on margins in the near term.
Industry volume performance has been flattish over a three-year period in H1 FY23 and United Breweries' volumes are up by 3%, significantly lower than the performance of other discretionary categories over this period.
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