BQ Blue's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
United Spirits Ltd.'s revenue growth print was decent (broadly in-line with our estimate) at up 57% y-o-y and down 27% q-o-q.
Post third week of April, off-trade restrictions impacted demand in most parts of the country.
Strong popular segment and a resilient off-trade channel aided volume print of 61% in Q1 FY22.
Favourable gross margins, costs controls, controlled ad spends and operating leverage helped United Spirits deliver a superior margin performance (double-digit margin despite the disruption).
New distribution model (online ordering and home delivery), if sustained, can be a structural positive for the industry.
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