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.
Motilal Oswal Report
United Spirits Ltd.'s sales growth and margin were ahead of our expectation, leading to a comfortable beat on our Q2 FY22 forecasts.
Despite only a gradual re-opening of the on-trade channel (25-27% of annual sales prior to the Covid-19 outbreak), Q2 FY22 sales were 7% higher than Q2 FY20 levels.
This is good news for United Spirits heading into the high margin and on-trade dependent third quarter.
Commentary of the new chief executive officer on double-digit long-term topline growth targets is encouraging.
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