Emkay’s in its note on alcohol companies said that channel checks and volume trends from six states reflects sharp normalisation. Volumes of Indian Made Foreign Liquor (IMFL) are up 7 percent year-on-year (YoY) and the beer volumes have reached 80 percent of pre-COVID levels in the month of October-November.
This could translate into an earnings recovery as well, Emkay feels.
For the second half of the year, they expect a 50 percent earnings recovery versus a 100 percent decline in earnings in the first half of FY21.
CNBC-TV18’s Nimesh Shah gets more details in the special segment ‘Standout Brokerage Report’.
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(Edited by : Santosh Nair)