#UnitedSpirits (UNSP)
4QFY21 Result - First Cut from #GoldmanSachs
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@dmuthuk (1/n)
4QFY21 Result - First Cut from #GoldmanSachs
Time for thread ππ»ππ»ππ»
@dmuthuk (1/n)
UNSP reported 4QFY21 of 12% y/y revenue growth
Reported EBITDA growth of 52% y/y due to lower ad spend and lower employee cost
2/n
Reported EBITDA growth of 52% y/y due to lower ad spend and lower employee cost
2/n
Prestige & Above segment reported a volume growth of 9% y/y. Growth was driven by off trade channel and strong demand for scotch.
3/n
3/n
Popular segment volumes were down 2%y/y. Decline in volume was due to steep hike in taxes in West Bengal. Revenue declined by 3%.
4/n
4/n
Gross Margin at 43.9% expanded 178 bps y/y due to benign input costs and better product mix.
5/n
5/n
EBITDA margin of 18.5% expanded by 90 bps y/y due to lower adspend and lower employee cost. Quarterly EBITDA margins was amongst the highest in recent quarters despite significantly lower gross margin.
6/n
6/n
CFO in FY21 at βΉ17.2 bn was significantly higher compared βΉ6.7 bn in FY20 largely driven by cash release from other liabilities and a significant increase in trade payables.
Strategic review of selected popular brands remain on track.
7/n
Strategic review of selected popular brands remain on track.
7/n
Reported PAT βΉ1.6 bn was negatively impacted by exceptional cost and loss allowance on loans to subsidiary.
8/n
8/n
GS remains Buy with an unchanged price target of 676.
9/9
9/9
β’ β’ β’
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