BSE Code: | NSE Code: | ISIN: | Sector:
Research Report Detail
|Report Date||Call||Price@Call||Target Price
|Current Status||Time Horizon|
|Target Hit|| Long (1Y)
Religare maintains sell on United Spirits
United Spirits' net sales grew by 9.7 per cent in Q1 compared to our estimates of 12.2 per cent. Overall volume growth of the company remained flat. Higher other expenses due to Bihar ban and marginal increase in staff cost resulted in margin contraction. We believe higher investments and ad spends would restrict EBITDA margin expansion in the near future.