External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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.

Thematic (Sector/Industry)

<ul><li>Aggregate revenue/EBITDA to grow by 8/9%: Our FMCG coverage universe is expected to deliver growth of 8/9% YoY in revenue/EBITDA in Q4FY22 (vs 24/22% in Q4FY21 and 16/12% in Q3FY22)</li><li>Inflationary pressure continued to disrupt demand in both urban and rural India; however, rural volume growth was weaker than urban</li><li>Volume growth has been decelerating even on 2/3 year CAGR (demand pressure, grammage reduction); however, downtrading was not witnessed</li></ul><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>

Aggregate revenue/EBITDA to grow by 8/9%: Our FMCG coverage universe is expected to deliver growth of 8/9% YoY in revenue/EBITDA in Q4FY22 (vs 24/22% in Q4FY21 and 16/12% in Q3FY22)Inflationary pressure continued to disrupt demand in both urban and rural India; however, rural volume growth was weaker than urbanVolume growth has been decelerating even on 2/3 year CAGR (demand pressure, grammage reduction); however, downtrading was not witnessedContent 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.

FMCG & Alco Bev: Rural Demand Struggles; Margin Pressures Continue

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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.

Equity Bottom-Up

<ul><li>United Spirits (UNSP) reported revenue growth of 15% YoY (est. 13%) in 3QFY25, along with total volume growth of 10% (est. 8%).</li><li>The Prestige &amp; Above (P&amp;A) segment clocked volume and value growth of 11% and 16%. The Popular segment posted 6%/10% YoY volume/value growth.</li><li>Andhra Pradesh (AP) saw a quick ramp-up after the policy change and contributed 6% to the overall revenue in 3Q. </li></ul><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>

United Spirits (UNSP) reported revenue growth of 15% YoY (est. 13%) in 3QFY25, along with total volume growth of 10% (est. 8%).The Prestige &amp; Above (P&amp;A) segment clocked volume and value growth of 11% and 16%. The Popular segment posted 6%/10% YoY volume/value growth.Andhra Pradesh (AP) saw a quick ramp-up after the policy change and contributed 6% to the overall revenue in 3Q. 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 - Festive- & AP-Led Volume Surge; in Line Margin

<ul><li>UNSP’s 1QFY25 print was above our estimates; as mid-single-digit volume growth in the P&amp;A surprised us positively despite elections-related restrictions</li><li>UNSP is targeting low teen revenue growth in the P&amp;A segment in FY25, with a mix of 40/60% skewed towards volume/price respectively</li><li>We believe the low teen revenue growth in the P&amp;A segment might be difficult to come by in FY25, as the last three years have seen very good realisation growth (the P&amp;A segment saw a realisation CAGR of 8% over FY21-24) on the back of price increases given by state governments and increased salience of premium products</li></ul><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>

UNSP’s 1QFY25 print was above our estimates; as mid-single-digit volume growth in the P&amp;A surprised us positively despite elections-related restrictionsUNSP is targeting low teen revenue growth in the P&amp;A segment in FY25, with a mix of 40/60% skewed towards volume/price respectivelyWe believe the low teen revenue growth in the P&amp;A segment might be difficult to come by in FY25, as the last three years have seen very good realisation growth (the P&amp;A segment saw a realisation CAGR of 8% over FY21-24) on the back of price increases given by state governments and increased salience of premium productsContent 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 (Q1FY25 Results Review): Decent Operating Performance. Maintain ADD

<ul><li>UNSP 4QFY24 print was broadly in line with our estimates, however, volume growth in the regular segment surprised us positively</li><li>Volume growth in the Prestige and above segment remained in the low single digits for the third consecutive quarter, management attributed the below-par performance to an unfavourable base and economic slowdown</li><li>UNSP is targeting low teen revenue growth in the P&amp;A segment in FY25, with a mix of 40/60% skewed towards volume/price respectively</li></ul><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>

UNSP 4QFY24 print was broadly in line with our estimates, however, volume growth in the regular segment surprised us positivelyVolume growth in the Prestige and above segment remained in the low single digits for the third consecutive quarter, management attributed the below-par performance to an unfavourable base and economic slowdownUNSP is targeting low teen revenue growth in the P&amp;A segment in FY25, with a mix of 40/60% skewed towards volume/price respectivelyContent 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 (4QFY24): Moderating Growth Outlook. Maintain ADD

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>4QFY22 headline performance: Standalone net sales grew by 9.5% YoY to Rs24.4bn (v/s est. Rs25bn).</li></ul><div><div><div><div><ul><li>FY22 performance: Revenue and EBITDA grew by 18.9% (led by ~12% volume growth) and &gt;50%, respectively.</li></ul><div><div><div><div><ul><li>Other highlights: (1) ENA and Glass are ~2/3rd of the company’s raw material basket and both the commodities are under inflationary pressure, witnessing inflation in double digits. (2) Recently received price increases from Assam, Rajasthan and Madhya Pradesh. (3) UNSP maintained its guidance to deliver mid to high teen operating margin.</li></ul></div></div></div></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>

4QFY22 headline performance: Standalone net sales grew by 9.5% YoY to Rs24.4bn (v/s est. Rs25bn).FY22 performance: Revenue and EBITDA grew by 18.9% (led by ~12% volume growth) and &gt;50%, respectively.Other highlights: (1) ENA and Glass are ~2/3rd of the company’s raw material basket and both the commodities are under inflationary pressure, witnessing inflation in double digits. (2) Recently received price increases from Assam, Rajasthan and Madhya Pradesh. (3) UNSP maintained its guidance to deliver mid to high teen operating margin.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 - Robust Operating Performance; Strategic Review a Positive for Medium-Term

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)

FMCG & Alco Bev: Rural Demand Struggles; Margin Pressures Continue

Aggregate revenue/EBITDA to grow by 8/9%: Our FMCG coverage universe is expected to deliver growth of 8/9% YoY in revenue/EBITDA in Q4FY22...

HDFC Securities

United Spirits - Festive- & AP-Led Volume Surge; in Line Margin

United Spirits (UNSP) reported revenue growth of 15% YoY (est. 13%) in 3QFY25, along with total volume growth of 10% (est. 8%).

Motilal Oswal

United Spirits (Q1FY25 Results Review): Decent Operating Performance. Maintain ADD

UNSP’s 1QFY25 print was above our estimates; as mid-single-digit volume growth in the P&A surprised us positively despite elections-related...

HDFC Securities

United Spirits (4QFY24): Moderating Growth Outlook. Maintain ADD

UNSP 4QFY24 print was broadly in line with our estimates, however, volume growth in the regular segment surprised us positively

HDFC Securities

United Spirits - Robust Operating Performance; Strategic Review a Positive for Medium-Term

United Spirits’ (UNSP) delivered a decent 4QFY22 operating performance, but the focus was on the outcome of the strategic review of select Popular...

Nirmal Bang

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