Thread by @BullsforBears

#unitedspirits @DiageoIndia #Q3marketupdates
Q3fy21 highlights
Net sales down 3.6%, improved qoq driven by off-trade resilience,trade recovery offset by contraction of business in Andhra Pradesh
Prestige & Above - Net sales down 0.8%

Popular segment sales down 6.7%, led by decline 5.7% in priority states Increased consumer prices, unfav state mix contributed to decline
Gross margin 44.6%, up 24bps versus Q2fy20, driven by benign commodities and continued focus on productivity during Q3

EBITDA 384 Crs, down 9.5%
EBITDA margin 15.4%, down 100bps, driven by lower fixed cost absorption, increase in admin expenses
Interest costs 38 crs, down 17% driven by reduced debts and lower interest rates PAT 230 crs
PAT margin 9.2%

9mnths highlights: • Net sales down 20%; improved qoq Prestige & Above segment net sales down 15.7%
Popular segment net sales down 22.4% & priority states down 19.7%
Gross margin 43.1%, down 235bps yoy, due to contraction of owned & franchise business in AP,South India business

EBITDA 576 crs down 53.4%
EBITDA margin 10.2%, down 723bps due to negative impact of fixed cost de-leverage
After adjusting one-off impact bulk Scotch sale, restructuring costs, EBITDA down 50%
Interest costs 138 crs, down 3.1% yoy due to lower debt & interest rates
PAT 143 cr