JEFFERIES ON UNITED SPIRITS ; HOLD | TP ₹1,560

• Q2 Performance: Growth remains underwhelming, with weak volume momentum. • Prestige & Above Segment: Volumes DOWN 1% YoY. • Gross Margin: Expands 88 bps, indicating improved profitability at the gross level. • EBITDA Margin: Higher advertising expenditure weighs on operating margins. • Maharashtra Business: Persistent market headwinds continue to impact growth. • Cash Flow: Strong cash flow generation provides financial comfort. • Impact: Mixed 🟡

UNITED SPIRITS LIMITED

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