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ICICI Direct Report
United Spirits Ltd. continued its strong momentum in Q4, reporting 8% YoY growth in volumes mainly led by resilience in off-trade channels and strong performance of prestige and above segment.
Net revenue grew 12% YoY to Rs 2,224 crore (our estimate: Rs 1,991 crore) in spite of softer on-trade channel.
Prestige and above segment volumes grew 19% YoY to 10 million cases while popular segment reported largely flat volumes at 9.7 million cases.
Ebitda margins expanded 490 basis points YoY to 18.5% and came in above our estimate of 16%, due to better product mix and improved productivity (gross margins were at 43.9% versus 42.2% in Q4 FY20).
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