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

    Sachin Pal
    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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