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Ideas for Profit | United Spirits: Q3 margins on a high, but valuations are sobering

February 04, 2020 / 03:54 PM IST
Ideas for Profit | United Spirits: Q3 margins on a high, but valuations are sobering

The Kerala government raised the legal drinking age from 21 to 23 years in December, 2017.

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

United Spirits’s (USL) quarterly performance was buoyed by a strong beat on the margin front. Sales improved because of the push given to premium liquor volumes. The management is hopeful of sustaining revenue growth and operating margin improvement in the coming quarters. Quarterly earnings highlights (image) USL’s sales for Q3 FY20 increased by 3 percent to Rs 2,518 crores. Premium segment (Prestige & above) drove sales growth with a volume growth of 3 percent on a high base. However, overall...

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