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United Spirits, MCX Q2 Results Review


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BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. 

HDFC Securities Institutional Equities

United Spirits Ltd. – United Spirits posted a beat on our estimates, led by strong performance in prestige and above segment. Net revenue was up 18% YoY (9% on three year compound annual growth rate), led by P&A, which was up 23% YoY (15% three-year CAGR; a much-improved CAGR than seen in recent years). P&A volume, at 13 million cases, was up 14% YoY (6% three-year CAGR) versus our estimate of 11.2 million cases. Strong demand for premium P&A, festive demand, and United Spirits’ own initiatives led to better-than-industry demand for it. Both off-trade and on-trade sustained rebounding trends.

Multi Commodity Exchange of India Ltd. – MCX reported better than-expected revenue and margin performances, led by options. The options average daily trading volume has witnessed strong growth of up 61% QoQ in the quarter and is up ~ five times YoY. There is no sign of weakness, October-22 options ADTV is at Rs 347 billion, and it is trending above the Q2 level.

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