- 27 Jan 2022
- ICICIdirect Research
UNITED SPIRITS Q3 PERFORMANCE BEAT ON ALL FRONTS
UNITDSPR - 1556 Change: 8.50 (0.55 %)News: USL announced its Q3FY22 results with net revenues up 16% YoY to Rs.2885 crore driven by resilience shown by the off-trade channel, continued premiumisation and gradual recovery seen in the on-trade channels. Reported EBITDA grew 28% to Rs.491 crore, led by 161 bps expansion in EBITDA margins to 17%. Subsequently, reported PAT grew 27% YoY Rs.292 crore, mainly due to strong operational performance.
Views: The company reported an all-time high P&A realisation of Rs.1724 per case (up 11% YoY, 20% QoQ). USL has also achieved a milestone of net debt-free as on December 31, 2021. Although the near term situation remains challenging (slowdown in recovery of volumes from on-trade channels), USL continues to showcase resilience via its diversified portfolio and a long term growth potential.
Impact: Positive