External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<div><div><div><ul><li>P&amp;A continues its growth momentum: Net revenue was up by 9% YoY (+12% in Q4FY21 and +16% in Q3FY22) vs. HSIE’s 13%.</li></ul><div><div><div><ul><li>Total volume was up by 5% to 20.7mn cases (+8% in Q4FY21, +4% in Q3FY22) vs. HSIE 20.6mn cases. P&amp;A revenue up by 15% YoY (+26% in Q4FY21, +20% in Q3FY22, HSIE 17%).</li></ul><div><div><div><ul><li>P&amp;A realisation was up 6% YoY (+5% in Q4FY21 and +11% in Q3FY22) to INR 1,617/case.</li></ul></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

P&amp;A continues its growth momentum: Net revenue was up by 9% YoY (+12% in Q4FY21 and +16% in Q3FY22) vs. HSIE’s 13%.Total volume was up by 5% to 20.7mn cases (+8% in Q4FY21, +4% in Q3FY22) vs. HSIE 20.6mn cases. P&amp;A revenue up by 15% YoY (+26% in Q4FY21, +20% in Q3FY22, HSIE 17%).P&amp;A realisation was up 6% YoY (+5% in Q4FY21 and +11% in Q3FY22) to INR 1,617/case.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Spirits (4QFY22): Uptrend Story Continues; Uninspiring Brand Sale. Maintain ADD

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/united-spirits-ltd" target="_blank" data-smartkarma-citation="entities:5146:1" rel="noopener">United Spirits (UNSP IN)</a> Q4F22 results have shown some good improvement.</li>
<li>There is all round progress witnessed, including debt reduction, focus on gaining market share, better scope of working capital management. There is an intent of supporting premiumization as well.</li>
<li>The results and strategic decision making reinforces our bullish stance on United Spirits; the cherry on top is that there is further room for improvement in the short-mid term.</li>
</ul>



United Spirits (UNSP IN) Q4F22 results have shown some good improvement.
There is all round progress witnessed, including debt reduction, focus on gaining market share, better scope of working capital management. There is an intent of supporting premiumization as well.
The results and strategic decision making reinforces our bullish stance on United Spirits; the cherry on top is that there is further room for improvement in the short-mid term.


United Spirits Update: All Round Progress

<p>Nippon Life India Asset Management: NAM printed core revenue, in line with our estimates. However, revenue yields, in line with industry trends, continued to shrink. Market share in the high-margin equity segment moderated further (-13bps QoQ) and continues to remain a concern in medium- to long-term. We expect NAM to focus on improving its performance to recoup its lost market share. We trim our FY22E/23E/24E revenue estimates by 1.4/2.8/3.3% to build in the impact of a sharp correction in capital markets and lower admin expenses in FY22E.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Nippon Life India Asset Management: NAM printed core revenue, in line with our estimates. However, revenue yields, in line with industry trends, continued to shrink. Market share in the high-margin equity segment moderated further (-13bps QoQ) and continues to remain a concern in medium- to long-term. We expect NAM to focus on improving its performance to recoup its lost market share. We trim our FY22E/23E/24E revenue estimates by 1.4/2.8/3.3% to build in the impact of a sharp correction in capital markets and lower admin expenses in FY22E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: United Spirits, Colgate Palmolive, Deepak Nitrite, Nippon Life India Asset...

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>United Spirits (USL) is India’s leading alcoholic beverage company and subsidiary of global leader Diageo plc</li><li>. It manufactures, sells premium liquor brands such as Johnnie Walker, Black Dog, Black &amp; White, Vat 69, Antiquity, Signature, Royal Challenge, McDowell’s No 1, Smirnoff and Captain Morgan.</li><li>Target Price and Valuation: We value USL at Rs 1050 i.e. 52x P/E on FY24E EPS</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

United Spirits (USL) is India’s leading alcoholic beverage company and subsidiary of global leader Diageo plc. It manufactures, sells premium liquor brands such as Johnnie Walker, Black Dog, Black &amp; White, Vat 69, Antiquity, Signature, Royal Challenge, McDowell’s No 1, Smirnoff and Captain Morgan.Target Price and Valuation: We value USL at Rs 1050 i.e. 52x P/E on FY24E EPSContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Spirits: QoQ Recovery Further Pushes Premiumisation

<p><a href="https://www.smartkarma.com/entities/united-spirits-ltd" target="_blank" data-smartkarma-citation="entities:5146:1" rel="noopener">United Spirits (UNSP IN)</a> was undergoing process of balance sheet cleansing and cleaning since last 3-4 years as we discussed in few of our previous insights <a href="https://www.smartkarma.com/insights/usl-dream-run-has-just-begun" target="_blank" data-smartkarma-citation="insights:36137" rel="noopener">USL: Dream Run Has Just Begun</a> and post that the company was focused on reduction of debts, effective working capital management, product portfolio realignment etc. </p><p>Ms. Hina Nagarajan has taken over the position of chief executive officer (CEO) from April 1, 2021. During this quarter the strategies implemented by her has started showing fruits and first time she has presented the detailed strategy "Strategy Refresh" a future way for the company.  </p>

United Spirits (UNSP IN) was undergoing process of balance sheet cleansing and cleaning since last 3-4 years as we discussed in few of our previous insights USL: Dream Run Has Just Begun and post that the company was focused on reduction of debts, effective working capital management, product portfolio realignment etc. Ms. Hina Nagarajan has taken over the position of chief executive officer (CEO) from April 1, 2021. During this quarter the strategies implemented by her has started showing fruits and first time she has presented the detailed strategy "Strategy Refresh" a future way for the company.  

India

United Spirits Ltd. manufactures and distributes alcoholic beverages. The Company provides a variety of alcohols and spirits, including whiskey, brandy, and rum. United Spirits also manufactures indian-made foreign liquor brands. United Spirits serves customers worldwide.

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United Spirits (UNITDSPR IN)

United Spirits (4QFY22): Uptrend Story Continues; Uninspiring Brand Sale. Maintain ADD

UNSP's net revenue was slightly below our estimate at 9.5% YoY (HSIE 13%), with three-year CAGR at 3%. P&A revenue sustained a healthy trend and...

HDFC Securities

United Spirits Update: All Round Progress

The results and strategic decision making reinforces our bullish stance on United Spirits; the cherry on top is that there is further room for...

Nitin Mangal

HSIE Results Daily: United Spirits, Colgate Palmolive, Deepak Nitrite, Nippon Life India Asset...

Nippon Life India Asset Management: NAM printed core revenue, in line with our estimates. However, revenue yields, in line with industry trends,...

HDFC Securities

United Spirits: QoQ Recovery Further Pushes Premiumisation

We remain positive on the long term growth prospects of the stock and maintain our BUY recommendation Target Price and Valuation: We value USL at...

ICICI Securities Limited

United Spirits: Strategy Refresh

With strong brand franchisee, restoration of strong financial statement, alogwith new management team, the company has huge opportunity to grow.

Nitin Mangal

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