P&A sales growth has significantly outpaced peers such as United Spirits, Allied Blenders and Tilaknagar, driven by sustained momentum in Magic Moments and its luxury portfolio, JM Financial Institutional Securities said in a note following Radico Khaitan’s post-earnings call. Margin, too, delivered a positive surprise with gross margin improving quarter-on-quarter despite raw material inflation (against peers suffering compression), driven by better product mix and benign ENA (Extra Neutral Alcohol) prices, the report said.
