Macquarie has reiterated its ‘Underperform’ rating on United Spirits, maintaining a target price of ₹1,100. The firm expects flat demand trends and muted volume growth for Q2, forecasting a 5% sales growth and a 6% EBITDA growth for the quarter.
Macquarie also notes that prestige segment volumes are likely to remain flat year-on-year, but continued strength in the luxury segment is expected to aid overall realisations. Despite this, the brokerage remains cautious on the company’s near-term growth prospects.
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