Religare Retail Research report on United Spirits
United Spirits’ net revenue from operations declined by 1% YoY/12.9% QoQ to Rs 2,172 Cr. Within divisions, its premium category Prestige & Above (P&A) segment revenue stood at Rs 1,876, up by 21.2% YoY while it declined by 13.7% sequentially on the account of high base of previous quarter. Its Popular and Other segment declined significantly by 54.3% YoY and 7.5% sequentially to Rs 296 Cr.
Outlook
We estimate its revenue/EBITDA/PAT to grow at 18%/26.2%/21.3% CAGR over FY23-25E. We recommend a Buy on the stock with a revised target price of Rs. 1,205.
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