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Nirmal Bang Report
United Spirits Ltd. delivered a decent Q4 FY22 operating performance, but the focus was on the outcome of the strategic review of select Popular brands.
Overall volume in Q4 FY22 grew by 5% YoY to 20.7 million cases (versus estimate of 20.6 million cases). Prestige and Above volume grew by 8.8% YoY (versus estimate of 9.5% YoY growth), with value growth of 15.3% YoY.
Popular volume was up 1% YoY (versus est. of 1% YoY decline), leading to 1.1% YoY value growth.
Topline miss on our estimate largely came from the ‘others portfolio', which declined by 86% YoY to Rs 50 million.
On the margin front, even while gross margin at 41.7% came in lower than our estimate, savings on key operating costs meant that United Spirits was still able to deliver Ebitda margin of 17.5% for the quarter.
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