United Spirits Q1 Review – Decent Performance Amid The Constraint: ICICI Securities

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United Spirits Ltd.’s revenue growth print was decent (broadly in-line with our estimate) at up 57% y-o-y and down 27% q-o-q.

Post third week of April, off-trade restrictions impacted demand in most parts of the country.

Strong popular segment and a resilient off-trade channel aided volume print of 61% in Q1 FY22.

Favourable gross margins, costs controls, controlled ad spends and operating leverage helped United Spirits deliver a superior margin performance (double-digit margin despite the disruption).

New distribution model (online ordering and home delivery), if sustained, can be a structural positive for the industry.

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ICICI Securities United Spirits Q1FY22 Results Update.pdf


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