#UnitedSpirit

Please find below key highlights of United Spirit - UNSP Q1FY22 results:

Source : Haitong and Emkay
Time for thread 👇🏻👇🏻👇🏻

@dmuthuk

(1/n)

UNSP delivered a strong beat on consensus estimates. Topline was 1.7% below estimates while EBITDA/NP were 6.3%/75.6% above consensus.

2/n

Standalone revenues/NP grew by 56.8%/247.9% YoY with Gross/EBITDA margin expansion of 296/1186bps YoY to 44.6%/10.7% respectively driven by stable input costs for the quarter, continued management focus on productivity and cost efficiencies.

3/n

Prestige & Above (71% of FY21 Sales): Revenues grew by 55.1% YoY driven by volume growth of 60.0% YoY (on a base of -51.5% YoY) on the back of adverse price mix due to COVID related impact seen in North on scotch portfolio.

4/n

Popular (29% of FY21 Sales): Revenues grew by 60.2% YoY driven by volume growth of 62.5% YoY (on a base of -46.7% YoY) of which priority states grew 50%.

5/n