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HDFC Securities Institutional Equities
United Spirits Ltd. - United Spirits posted a beat on our estimates, led by strong performance in prestige and above segment. Net revenue was up 18% YoY (9% on three year compound annual growth rate), led by P&A, which was up 23% YoY (15% three-year CAGR; a much-improved CAGR than seen in recent years). P&A volume, at 13 million cases, was up 14% YoY (6% three-year CAGR) versus our estimate of 11.2 million cases. Strong demand for premium P&A, festive demand, and United Spirits' own initiatives led to better-than-industry demand for it. Both off-trade and on-trade sustained rebounding trends.
Multi Commodity Exchange of India Ltd. - MCX reported better than-expected revenue and margin performances, led by options. The options average daily trading volume has witnessed strong growth of up 61% QoQ in the quarter and is up ~ five times YoY. There is no sign of weakness, October-22 options ADTV is at Rs 347 billion, and it is trending above the Q2 level.
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