GOLDMAN SACHS ON UNITED SPIRITS ; BUY | TP ₹1,575

• Goldman Sachs maintains Buy rating on United Spirits with a target price of ₹1,575. • Q2 revenue grew 2.9% YoY, below estimates, while Prestige segment volumes declined 1.2%. • EBITDA declined 5% YoY but exceeded estimates, supported by better gross margins. • Improved gross margins helped offset some of the pressure on operating profitability. • Higher advertising expenditure and Maharashtra tax changes weighed on overall business performance.

UNITED SPIRITS LIMITED

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