Nirmal Bang

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

A Relationship Beyond Broking

External broker reports(aggregated public sources), Nirmal Bang

External broker reports(aggregated public sources)

Equity Bottom-Up

<div><div><div><div><ul><li>4QFY22 headline performance: Standalone net sales grew by 9.5% YoY to Rs24.4bn (v/s est. Rs25bn).</li></ul><div><div><div><div><ul><li>FY22 performance: Revenue and EBITDA grew by 18.9% (led by ~12% volume growth) and &gt;50%, respectively.</li></ul><div><div><div><div><ul><li>Other highlights: (1) ENA and Glass are ~2/3rd of the company’s raw material basket and both the commodities are under inflationary pressure, witnessing inflation in double digits. (2) Recently received price increases from Assam, Rajasthan and Madhya Pradesh. (3) UNSP maintained its guidance to deliver mid to high teen operating margin.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><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></p>

4QFY22 headline performance: Standalone net sales grew by 9.5% YoY to Rs24.4bn (v/s est. Rs25bn).FY22 performance: Revenue and EBITDA grew by 18.9% (led by ~12% volume growth) and &gt;50%, respectively.Other highlights: (1) ENA and Glass are ~2/3rd of the company’s raw material basket and both the commodities are under inflationary pressure, witnessing inflation in double digits. (2) Recently received price increases from Assam, Rajasthan and Madhya Pradesh. (3) UNSP maintained its guidance to deliver mid to high teen operating margin.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.

United Spirits - Robust Operating Performance; Strategic Review a Positive for Medium-Term