Nirmal Bang

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.

A Relationship Beyond Broking

External broker reports(aggregated public sources), Nirmal Bang

External broker reports(aggregated public sources)

Equity Bottom-Up

<div><div><div><div><ul><li>4QFY22 standalone performance: UBL’s 4QFY22 revenue grew by 10.6% YoY to Rs17.1bn (vs est. Rs17.5bn).</li></ul><div><div><div><div><ul><li>FY22 performance: Sales, EBITDA and APAT grew by 37.5%, 81.6% and 182.2% YoY, respectively.</li></ul><div><div><div><div><ul><li>Other key highlights: (i) New crop of barley is significantly up (~70% YoY) due to a lot of market speculation, high demand, high temperatures impacting the quality of barley, making it not useful for beer making.</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 standalone performance: UBL’s 4QFY22 revenue grew by 10.6% YoY to Rs17.1bn (vs est. Rs17.5bn).FY22 performance: Sales, EBITDA and APAT grew by 37.5%, 81.6% and 182.2% YoY, respectively.Other key highlights: (i) New crop of barley is significantly up (~70% YoY) due to a lot of market speculation, high demand, high temperatures impacting the quality of barley, making it not useful for beer making.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 Breweries - Strong Margin Delivery; Obtaining Pricing from States Key in near Term