United Spirits 4QFY21 result and investor call takeaways – Not Rated – YES Securities
[ad_1] Overall performance – Revenue grew 11.6% YoY in Q4FY21 and 16.1% adjusted for prior year one-off sale of bulk scotch. Gross margin up by 178bps to 43.9% helped by benign commodities, superior mix and improved productivity. EBITDA margin up by robust 491bps driven by gross margin, lower A&P spends. PAT escalated from Rs239mn to…
