Neutral United Spirits Ltd for the Target Rs. 1,550 by Motilal Oswal Financial Services Ltd
* We model 2.5% volume growth and 7% revenue growth in the P&A segment. The growth was impacted due to the excise duty rise in Maharashtra and Andhra Pradesh’s policy change regarding anniversarization.
* We model 2% volume growth and 4% revenue growth in the popular segment.
* GM expected to expand 110bp YoY to 45.8% given stable input prices. EBITDA margin expected to inch up 70bp YoY, to 17.8%.
* The company guided double-digit revenue growth in the P&A segment, which is a key monitorable.

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