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Motilal Oswal Report
Sharp excise increases were seen over April–May 2020 amid the Covid-19 outbreak, leading to the expectation of a nosedive in sales and volumes.
However, in a positive surprise, United Spirits Ltd. witnessed a strong recovery in Q2 FY21, driven by robust in-home consumption.
With various occasions of indulgence restricted (outdoor social activity, cinemas, and travel and tourism), spirits offered a convenient alternative for in-home consumption.
Accordingly, after a 49% volume decline YoY in the lockdown impacted Q1 FY21, volume decline was arrested to just 3.9% in the Q2 FY21. Hence, we expect volume growth in the positive territory in Q3 FY21.
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