Neutral United Breweries Ltd For Target Rs. 2,000 by Motilal Oswal Financial Services Ltd

* We expect 3% revenue growth and 3% volume growth YoY, impacted by a weak summer and extended monsoon.
* UBBL continues to gain market share in premium segment; this should aid realization.
* GM will improve 10bp YoY to 44.0% on stable RM prices.
* EBITDA margin expected to contract 90bp YoY to 9.8%. UBBL continues to undertake various cost-saving initiatives, though weak demand to lead to operating deleverage.
* The outlook on state mix and realization growth remains a key monitorable.
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