{"id":135265,"date":"2022-10-31T04:38:39","date_gmt":"2022-10-31T08:38:39","guid":{"rendered":"https:\/\/44.250.171.167\/?p=135265"},"modified":"2022-10-31T04:38:41","modified_gmt":"2022-10-31T08:38:41","slug":"united-spirits-limited-q2-fy23-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/united-spirits-limited-q2-fy23-earnings-conference-call-insights\/","title":{"rendered":"United Spirits Limited Q2 FY23 Earnings Conference Call Insights"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"United Spirits Limited Q2 FY23 Earnings Concall\" width=\"500\" height=\"375\" src=\"https:\/\/www.youtube.com\/embed\/uq73CEmHpm0?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><strong>Key highlights from United Spirits Limited (<a href=\"https:\/\/44.250.171.167\/symbol\/MCDOWELL-N\/\">MCDOWELL-N<\/a>) Q2 FY23 Earnings Concall<\/strong><\/p>\n<p><strong>Q&amp;A Highlights:<\/strong><\/p>\n<ul>\n<li>[00:11:21] Abneesh Roy from Nuvama asked about demand, premium and luxury growing faster than the overall P&amp;A. Hina Nagarajan MD answered that in luxury and premium, MCDOWELL-N continues to see the double digit growth. On the prestige side also the company is seeing healthy growth. Overall MCDOWELL feels very confident about the demand scenario in the industry.<\/li>\n<\/ul>\n<ul>\n<li>[00:11:38] Abneesh Roy of Nuvama enquired that if the company\u2019s specific channels, pubs, bars, and larger events etc. are back to pre-COVID levels. Hina Nagarajan MD replied that the channels are back to pre-COVID levels. MCDOWELL-N is seeing larger marriages which is good for demand forecast.<\/li>\n<\/ul>\n<ul>\n<li>[00:15:03] Abneesh Roy with Nuvama asked if the corrective action in Royal Challengers has led to any retaliation from other player and Delhi market update. Pradeep Jain CFO answered that Royal Challengers was a bit overpriced in some critical markets, but now it\u2019s competitive on pricing. On Delhi, the company said its strategy is falling in place as expected.<\/li>\n<\/ul>\n<ul>\n<li>[00:16:35] Harit Kapoor from Investec enquired about scotch price discussions with some states and if it\u2019s done with and the impact of it. Hina Nagarajan MD answered that in some of the sates the company has concluded discussions and supplies will be normalized in 3Q23. Also, the pending ones are expected to close in 3Q23.<\/li>\n<\/ul>\n<ul>\n<li>[00:22:04] Palak Shah of Infina Finance asked about the number of working capital being released post the deal closure. Pradeep Jain CFO replied that it will come in two phases and the number is about INR420 crores, with INR280-285 crores being part of the slump sales and the balance 11 brands being franchised leading to a relief of about INR140 crores.<\/li>\n<\/ul>\n<ul>\n<li>[00:22:55] Palak Shah with Infina Finance asked about GM contracting despite some premiumization and other measure. Pradeep Jain CFO answered that inflation is impacting GM and it is expected to continue. But the company is confident that pricing will also ramp up in coming quarters. So currently GM will remain under pressure.<\/li>\n<\/ul>\n<ul>\n<li>[00:26:48] Latika Chopra from J.P. Morgan enquired if GM has bottomed out as scotch pricing discussions got concluded and some more might come in. Pradeep Jain CFO replied that company would like to believe it\u2019s bottomed out. However, the commodity environment remains a little volatile.<\/li>\n<\/ul>\n<ul>\n<li>[00:29:02] Latika Chopra from J.P. Morgan asked about the growth MCDOWELL is seeing in the non-whisky portfolio. Hina Nagarajan MD said that gin and vodka are the categories that are growing well because they are highly mixable drinks. Cocktails have picked up during and post pandemic, driven by millennial.<\/li>\n<\/ul>\n<ul>\n<li>[00:31:09] Prakash Kapadia of Anived asked about the proportion of Delhi contribution to the annual sales. Pradeep Jain CFO answered that it will be about 6-7% of the company\u2019s national P&amp;A business and it\u2019s on the revived ramped up volumes.<\/li>\n<\/ul>\n<ul>\n<li>[00:40:39] Chetan Shah with Jeet Capital enquired about backward integration possibility in future in the context of hyperinflation. Pradeep Jain CFO answered that nothing is off the table. However, MCDOWELL believes it can get the same level of efficiency and benefit through aligned partnerships.<\/li>\n<\/ul>\n<ul>\n<li>[00:44:10] Manish Poddar of Motilal Oswal asked bout ad spend in 2Q23, how much of it is for BII and BIO. Pradeep Jain CFO replied that the company doesn\u2019t share a breakup of that. However, the company added that it is committed to deliver the mid to-high teen margin guidance on a sustained basis.<\/li>\n<\/ul>\n<ul>\n<li>[00:49:00] Manish Poddar from Motilal Oswal asked about price negotiations that\u2019s already done and if it\u2019s inflation protected. Hina Nagarajan MD answered that it\u2019s not inflation protected and the company does have to go back annually and negotiate the price increase again every year.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from United Spirits Limited (MCDOWELL-N) Q2 FY23 Earnings Concall Q&amp;A Highlights: [00:11:21] Abneesh Roy from Nuvama asked about demand, premium and luxury growing faster than the overall P&amp;A. Hina Nagarajan MD answered that in luxury and premium, MCDOWELL-N continues to see the double digit growth. On the prestige side also the company is [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":125416,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"United Spirits Limited Q2 FY23 Earnings Conference Call Insights #MCDOWELLN #MCDOWELL #Q2 #FY23 #Earnings #Stocks","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,392,12],"tags":[8208],"class_list":["post-135265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-other-industries","tag-brewers-distillers"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":139338,"url":"https:\/\/alphastreet.com\/india\/united-spirits-limited-q3-fy23-earnings-conference-call-insights\/","url_meta":{"origin":135265,"position":0},"title":"United Spirits Limited Q3 FY23 Earnings Conference Call Insights","author":"Praveen","date":"January 26, 2023","format":false,"excerpt":"Key highlights from United Spirits Limited (MCDOWELL-N) Q3 FY23 Earnings Concall Q&A Highlights: [00:19:22] Jaykumar Doshi of Kotak asked about the nature of the program supply chain cost. \u00a0Pradeep Jain CFO said MCDOWELL wanted to provide a detailed overview of its multiyear program to accelerate its in-state manufacturing footprint. The\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":166609,"url":"https:\/\/alphastreet.com\/india\/unitdspr-q3-2024-2025-call-highlights-leadership-shift-premium-growth-market-optimism\/","url_meta":{"origin":135265,"position":1},"title":"UNITDSPR Q3 2024-2025 Call Highlights: Leadership Shift, Premium Growth &#038; Market Optimism!","author":"Praveen","date":"January 28, 2025","format":false,"excerpt":"United Spirits Ltd., a leading Indian alcoholic beverage company and a subsidiary of Diageo, in its Q3 earnings call highlighted CEO Hina Nagarajan\u2019s successful tenure and the new CEO Praveen Someshwar\u2019s transition, with key achievements including making India the third-largest market for Johnnie Walker and improving gender diversity in leadership.\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/07\/CC_Image_8.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/07\/CC_Image_8.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/07\/CC_Image_8.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/07\/CC_Image_8.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":135424,"url":"https:\/\/alphastreet.com\/india\/united-spirits-limited-mcdowell-n-q2-fy23-earnings-concall-transcript\/","url_meta":{"origin":135265,"position":2},"title":"United Spirits Limited (MCDOWELL-N) Q2 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"October 25, 2022","format":false,"excerpt":"United Spirits Limited (NSE:MCDOWELL-N) Q2 FY23 Earnings Concall Oct. 25, 2022 Corporate Participants: Hina Nagarajan\u00a0--\u00a0Managing Director and Chief Executive Officer Pradeep Jain\u00a0--\u00a0Chief Financial Officer Analysts: Abneesh Roy\u00a0--\u00a0Nuvama Institutional Equities -- Analyst Harit Kapoor\u00a0--\u00a0Investec -- Analyst Palak Shah\u00a0--\u00a0Infina Finance -- Analyst Latika Chopra\u00a0--\u00a0J.P. Morgan -- Analyst Prakash Kapadia\u00a0--\u00a0Anived Portfolio Managers --\u2026","rel":"","context":"In &quot;Earnings Call Transcripts&quot;","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":130756,"url":"https:\/\/alphastreet.com\/india\/united-spirits-limited-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":135265,"position":3},"title":"United Spirits Limited Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"June 23, 2022","format":false,"excerpt":"https:\/\/youtu.be\/Vvcm7ol3-Ew Key highlights from United Spirits Limited (MCDOWELL-N) Q4 FY22 Earnings Concall \u00a0 Management Update: MCDOWELL-N expects volatility, temporary import supply constraint and inflationary headwinds to remain in short term, putting pressure on its growth and margins. \u00a0 Q&A Highlights: Avi Mehta - Macquarie Group - Analyst EBITDA and working\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":135070,"url":"https:\/\/alphastreet.com\/india\/asian-paints-limited-q2-fy23-earnings-conference-call-insights\/","url_meta":{"origin":135265,"position":4},"title":"Asian Paints Limited Q2 FY23 Earnings Conference Call Insights","author":"Praveen","date":"October 24, 2022","format":false,"excerpt":"Key highlights from Asian Paints Limited (ASIANPAINT) Q2 FY23 Earnings Concall Management Update: [00:05:07] ASIANPAINT said that it was able to grow much better in the T3, T4 centers in 2Q23, indicating the rural demand being much better for the company vs. the T1 and T2 centers. 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