CLSA ON UNITED SPIRITS ; HOLD | TP ₹1,303

• CLSA maintains Hold rating on United Spirits with a target price of ₹1,303. • Q2 net sales grew 2.8% YoY, below estimates, while Prestige & Above (P&A) volumes declined 1.6%. • Gross margin expanded 88 bps, supported by improved profitability at the gross level. • Higher advertising expenditure weighed on EBITDA margins despite gross margin improvement. • Regulatory headwinds in Maharashtra and Karnataka continue to impact business growth and volume performance.

UNITED SPIRITS LIMITED

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