The alcoholic beverage (alcobev) segment outperformed its peer categories within the discretionary consumer market in the 2024-25 (FY25) July-September quarter. While demand slowed in sectors like quick-service restaurant (QSR), apparel, and footwear, listed alcobev makers delivered strong performances.
QSR players reported same-store sales declines of 2-10 per cent due to subdued demand, and footwear companies posted modest 4 per cent revenue growth. Retail and apparel companies also missed Street estimates, with revenue growth marking the lowest in six quarters.
In contrast, the top listed alcobev makers reported an average revenue growth of 11 per cent, with a notable 16 per cent growth when excluding United Spirits (USL). Elara Securities projects a resilient outlook for the second half of FY25, bolstered by the festival season, Christmas, New Year, and the ongoing wedding season.
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