Girish Pai

Nirmal Bang

Equity Bottom-Up

<p>4QFY21 Result Update</p>
<h2>United Spirits</h2>
<h3>Progressing well on margin improvement &amp; interest reduction</h3>
<p>United Spirits’ (UNSP) 4QFY21 operating performance was better than expected, supported by lower Advertisement &amp; sales promotion (A&amp;SP) spends as the company was unable to execute certain marketing activities during the quarter. There is an 8.9%/3.8% cut in our FY22E/FY23E EPS, largely due to the uncertain environment in the near term and lower other income going forward. Management believes that…</p>

Selected Reads

Smartkarma

<p><em>In this latest episode, we welcome back Insight Providers Pranav Bhavsar and Nitin Mangal who will discuss their deep-dive analysis on United Spirits (UNSP IN) and India's liquor market, and share their views about what's in store for the company in 2021. Pranav Bhavsar is the Founder of ASA Capital Management, focusing on research on consumer themes and companies operating in India or global companies that have significant exposure to India or the Indian economy. Follow his work at:</em>…</p>

<p>3QFY21 Result Update</p>
<h2>United Spirits</h2>
<h3>Margin beats our estimate; Debt level sees further reduction</h3>
<p>United Spirits’ (UNSP) standalone net sales declined by 3.6% YoY to Rs24.9bn (v/s our est. of 5.5% decline to Rs24.4b). Gross sales grew by 5.4% YoY (excise duty as a % of gross revenue was up 280bps YoY at 69.7%), driven by continued off-trade resilience, gradual on-trade recovery and renovation of core brands which was offset by the contraction of owned and franchise business in Andhra Pradesh (AP)…</p>

<p>2QFY21 Result Update</p>
<h2>United Spirits</h2>
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<h3>Strong performance; Seeing progressive improvement</h3>
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<p>United Spirits’ (UNSP) standalone net sales declined by 6.5% YoY to Rs21.46bn (v/s our est. of 13.6% decline to Rs19.8bn). Underlying net sales declined by 3.4% YoY after adjusting for the one-off benefit of bulk Scotch sales in the base quarter. The performance was negatively impacted by on-trade, which largely remained shut during the quarter and contraction of owned &amp; franchise business in Andhra…</p>
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<p>1QFY21 Result Update</p>
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<h2>United Spirits</h2>
<p><strong>Worst seems to be behind; We remain hopeful going forward</strong></p>
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<p>United Spirits’ (UNSP) net sales declined by 53.6% YoY to Rs10.3bn (v/s our est. of 49.1% decline to Rs11.3bn) primarily due to complete shutdown of business for more than a month during the quarter, and only gradual resumption thereafter. Underlying net sales, excluding the one-off sale of bulk Scotch in base, declined by 51% YoY. Reported overall volume declined by 49.2% YoY (v/s our est. of…</p>
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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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