External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Radico Khaitan: Radico posted a strong set of numbers with beat in revenue and an in-line EBITDA margin. Revenue grew 18.7% YoY despite a firm base (+15% in 4QFY20) vs HSIE 10%. IMFL volume grew by 8% to 6.3mn cases, P&amp;A volume was up by a robust 16% to 1.8mn cases, while regular volume grew by 5% to 4.5mn cases. Premiumisation (P&amp;A volume mix at 28% vs. 26% YoY) and market share gains continued. Gross margin was down by 143/240bps on YoY/QoQ to 48.4%, but FY21 margin was healthy (up 170bps to 50%).</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Radico Khaitan: Radico posted a strong set of numbers with beat in revenue and an in-line EBITDA margin. Revenue grew 18.7% YoY despite a firm base (+15% in 4QFY20) vs HSIE 10%. IMFL volume grew by 8% to 6.3mn cases, P&amp;A volume was up by a robust 16% to 1.8mn cases, while regular volume grew by 5% to 4.5mn cases. Premiumisation (P&amp;A volume mix at 28% vs. 26% YoY) and market share gains continued. Gross margin was down by 143/240bps on YoY/QoQ to 48.4%, but FY21 margin was healthy (up 170bps to 50%).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Narayana Health, Radico Khaitan