Healthy volume growth; GM recovery below expectation

09 May 2024
5 Min read 
  • United Breweries (UBBL) 4QFY24 results update
  •  Healthy volume growth, GM recovery below expectation
  •  Volume-driven sales growth, strong performance in premium portfolio
  •  Margin expansion lower than expected, EBITDA margin at 6.7%
  •  Challenges due to extensive interstate exports, high taxation, pricing controls
  •  Valuation at ~62x FY26E EPS, maintain Sell rating with TP of INR1,650
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