>UNITED SPIRITS (INDIA INFOLINE)

■ UNSP Q4 standalone volume up 16% ypy; supported a 23% jump in revenues on a like to like basis

■ OPM declines 193bps on higher RM, advt expenses

■ Q4 profit impacted by 81% surge in intesrest cost

■ W&M FY10 revenues remained flat at GBP177mn while PBT dropped 8.5% due to restructuring cost

■ Margin improvement, healthy volumes key poitives but valuations no longer appear cheap at ~14x FY12 EV/E; downgrade to MO but maintain TP of Rs 1,384

To read the full report: UNITED SPIRITS