Piccadily outperformed both of them by a good margin when only the alcohol businesses are compared -
YoY Sales
United Spirits +8% (Sports business excluded)
Radico +9%
Piccadily +13% (Sugar business excluded)
YoY Profit before tax
United Spirits +19%
Radico +20%
Piccadily +70%
The results are very deceptive, the company should de-merge the sugar business as there is already a listed sugar business that posted the worst-ever numbers recently.
Source -
United spirits - https://www.bseindia.com/xml-data/corpfiling/AttachHis/a38638de-a5da-4051-b458-13ce6c55736a.pdf
Radico - https://www.bseindia.com/xml-data/corpfiling/AttachHis/b679bf61-9da1-4d4d-b7d7-b9b3daf08d7c.pdf
Piccadily - https://www.bseindia.com/xml-data/corpfiling/AttachLive/842d616f-52f2-4248-a404-b375d4b3c644.pdf
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