{"id":139338,"date":"2023-01-26T06:40:30","date_gmt":"2023-01-26T11:40:30","guid":{"rendered":"https:\/\/44.250.171.167\/?p=139338"},"modified":"2023-01-26T06:40:31","modified_gmt":"2023-01-26T11:40:31","slug":"united-spirits-limited-q3-fy23-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/united-spirits-limited-q3-fy23-earnings-conference-call-insights\/","title":{"rendered":"United Spirits Limited Q3 FY23 Earnings Conference Call Insights"},"content":{"rendered":"<p><strong>Key highlights from United Spirits Limited (<a href=\"https:\/\/44.250.171.167\/symbol\/MCDOWELL-N\/\">MCDOWELL-N<\/a>) Q3 FY23 Earnings Concall<\/strong><\/p>\n<p><strong>Q&amp;A Highlights:<\/strong><\/p>\n<ul>\n<li>[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 costs of this program largely stem from severance pay and write-down of asset values.<\/li>\n<\/ul>\n<ul>\n<li>[00:20:55] Jaykumar Doshi of Kotak enquired about the inflationary trends of ENA and Glass Bottle and outlook on GM. Pradeep Jain CFO replied that RMPM still continue to remain inflationary. On GM, MCDOWELL is very similar to last quarter sequentially. It seems to be bottoming out and as the pricing and productivity run rates ramp up, the trend might reverse.<\/li>\n<\/ul>\n<ul>\n<li>[00:22:52] Abneesh Roy from Nuvama asked about the medium to long term impact of winning women\u2019s IPL team on MCDOWELL\u2019s brand and revenue. Pradeep Jain CFO answered that the profitability of the women&#8217;s IPL is yet to be seen, but it is expected to grow by leaps and bounds. It is seen as a long-term investment for MCDOWELL.<\/li>\n<\/ul>\n<ul>\n<li>[00:25:59] Abneesh Roy from Nuvama enquired about premiumization and packaging, if it will be impacted by job losses. Hina Nagarajan MD said that the premiumization story remained very strong and is seeing robust growth that is expected to continue. MCDOWELL is seeing little slowdown in the lower end of Prestige.<\/li>\n<\/ul>\n<ul>\n<li>[00:41:31] Percy Panthaki from IIFL asked about the P&amp;A sales, what caused the sudden drop in P&amp;A sales growth and is 10% a good indicator of future growth. Pradeep Jain CFO said Delhi was adding 4-5 points of growth to the national portfolio before October-December 2022, but then reversed and became a negative 1-2. West Bengal also changed their RTM after industry advocacy from 45-50% consumer price increases, which contributed 2-3 points of growth. BIO sales were not fully normalized in this quarter compared to last year, which explains the 23% growth coming down to 12.30%.<\/li>\n<\/ul>\n<ul>\n<li>[00:47:39] Percy Panthaki from IIFL asked that taking 14.2% as a starting point, over the next 3-4 quarters, what margin tailwinds is MCDOWELL seeing. Pradeep Jain CFO said it\u2019s difficult to call out. MCDOWELL is pleased with the pricing and expect it to ramp up. MCD is also focusing on productivity improvements and inflation is difficult to predict. Goal is to get back to 15% margin. The supply agility program may not have a significant impact for the first 12-18 months.<\/li>\n<\/ul>\n<ul>\n<li>[01:04:29] Alok Shah from Ambit Capital asked about the supply agility program, apart from factory closure or severances, if any other program is happening. Pradeep Jain CFO said that there will be a few other programs, but said doesn\u2019t want to give the minute details.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from United Spirits Limited (MCDOWELL-N) Q3 FY23 Earnings Concall Q&amp;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 costs of this program largely [&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 Q3 FY23 Earnings Conference Call Insights #MCDOWELL-N #Q3 #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":[8208,10169],"class_list":["post-139338","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-other-industries","tag-brewers-distillers","tag-earnings"],"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":135265,"url":"https:\/\/alphastreet.com\/india\/united-spirits-limited-q2-fy23-earnings-conference-call-insights\/","url_meta":{"origin":139338,"position":0},"title":"United Spirits Limited Q2 FY23 Earnings Conference Call Insights","author":"Praveen","date":"October 31, 2022","format":false,"excerpt":"https:\/\/youtu.be\/uq73CEmHpm0 Key highlights from United Spirits Limited (MCDOWELL-N) Q2 FY23 Earnings Concall Q&A Highlights: [00:11:21] Abneesh Roy from Nuvama asked about demand, premium and luxury growing faster than the overall P&A. Hina Nagarajan MD answered that in luxury and premium, MCDOWELL-N continues to see the double digit growth. On 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":130756,"url":"https:\/\/alphastreet.com\/india\/united-spirits-limited-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":139338,"position":1},"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":138848,"url":"https:\/\/alphastreet.com\/india\/asian-paints-limited-q3-fy23-earnings-conference-call-insights\/","url_meta":{"origin":139338,"position":2},"title":"Asian Paints Limited Q3 FY23 Earnings Conference Call Insights","author":"Praveen","date":"January 20, 2023","format":false,"excerpt":"Key highlights from Asian Paints Limited (ASIANPAINT) Q3 FY23 Earnings Concall Management Update: [00:01:31] ASIANPAINTS said the overall volumes were a little muted at a value growth of about 1%, driven by hefty price increases in Nov. and Dec. 2022 and prolonged monsoon. [00:06:59] ASIANPAINT also said that the projects\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":142843,"url":"https:\/\/alphastreet.com\/india\/black-box-ltd-q3-fy23-earnings-conference-call-insights\/","url_meta":{"origin":139338,"position":3},"title":"Black Box Ltd Q3 FY23 Earnings Conference Call Insights","author":"Praveen","date":"February 27, 2023","format":false,"excerpt":"Key highlights from Black Box Ltd (BBOX) Q3 FY23 Earnings Concall Management Update: [00:05:10] BBOX said that by FY24, it expects the revenue to cross INR7,000 crore and achieve EBITDA margins in the range of 9-10%. Q&A Highlights: [00:09:07] Ashay Jain of Jain Capital asked about the demand environment and\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":132647,"url":"https:\/\/alphastreet.com\/india\/united-spirits-limited-mcdowell-n-q1-fy23-earnings-concall-transcript\/","url_meta":{"origin":139338,"position":4},"title":"United Spirits Limited (MCDOWELL-N) Q1 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"July 27, 2022","format":false,"excerpt":"United Spirits Limited\u00a0(NSE:MCDOWELL-N) Q1 FY23 Earnings Concall dated Jul. 27, 2022 Corporate Participants: Hina Nagarajan -- Managing Director and Chief Executive Officer Pradeep Jain -- Chief Financial Officer Analysts: Jaykumar Doshi -- Kotak Securities -- Analyst Percy Panthaki -- IIFL Securities -- Analyst Avi Mehta -- Macquarie Group Limited --\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":"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":136392,"url":"https:\/\/alphastreet.com\/india\/jubilant-foodworks-limited-q2-fy23-earnings-conference-call-insights\/","url_meta":{"origin":139338,"position":5},"title":"Jubilant FoodWorks Limited Q2 FY23 Earnings Conference Call Insights","author":"Praveen","date":"November 10, 2022","format":false,"excerpt":"https:\/\/youtu.be\/eQd73udCwH8 Key highlights from Jubilant FoodWorks Limited (JUBLFOOD) Q2 FY23 Earnings Concall Management Update: [00:03:56] JUBLFOOD added 76 new stores and entered 22 new cities in India. Overall, the company opened 134 new Domino's stores in the first half and said it is well on track to achieve the store\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":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/139338","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/1767"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=139338"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/139338\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/125416"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=139338"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=139338"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=139338"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}