
Macquarie has reiterated its ‘Underperform’ rating on United Spirits Ltd. (USL) with a target price of ₹1,175 following the announcement of a leadership change. Hina Nagarajan, the current CEO, will step down effective March 31, 2025, to take up a new role within Diageo. She will be succeeded by Praveen Someshwar, a seasoned leader with extensive experience across industries.
Praveen brings a strong leadership track record, having served as CEO of HT Media for the past five years, where he oversaw multiple digital, print, and radio outlets. Before that, he held leadership roles at PepsiCo, including a stint as CEO of India Foods (2012–14), where he managed finance and strategy across India and the Asia-Pacific region.
Macquarie highlighted the importance of a smooth leadership transition, particularly given the strategic realignment USL is undertaking in a competitive market. The brokerage remains cautious about the near-term impact of the change on USL’s performance.