UNITDSPR

** Shares of liquor company United Spirits UNSP.NS climb 3.1% to 1,420.05 rupees

** Citi Research upgrades stock to "buy" rating from "hold"

** Retains 1,650 rupees target price, implying an upside of about 20%

** Says risk-reward has turned favourable for UNSP due to sharp fall in share price so far in 2025, scale-up in Andhra Pradesh, stable growth trends, policy tailwinds in Uttar Pradesh, premiumization shift

** UNSP is likely to see double-digit revenue growth over fiscal years 2024-2027 due to its positioning in organized liquor market, rising disposable incomes - Citi

** Stock down about 15% YTD, underperforming 7% fall in consumer index .NIFTYFMCG - exchange data

** The average rating of 20 analysts tracking UNSP is "buy"; median target price is at 1,634 rupees - data compiled by LSEG

(Reporting by Bharath Rajeswaran in Bengaluru)

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Feb 5 (Reuters) - United Spirits Ltd UNSP.NS:

• UNITED SPIRITS LTD - TO CLOSE HYDERABAD FACTORY OPERATIONS

• UNITED SPIRITS LTD - UNIT CLOSURE PART OF SUPPLY CHAIN AGILITY PROGRAM APPROVED IN JAN 2023

• UNITED SPIRITS LTD - ESTIMATED CLOSURE OF FACTORY OPERATIONS AT UNIT IS JULY 31, 2025

Source text: ID:nNSE4VNd6S

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Feb 4 (Reuters) - United Spirits Ltd UNSP.NS:

• RECEIVES TAX ASSESSMENT ORDER FOR FY 2014-15

• REVISED ORDER INCREASES TAX DEMAND BY 1.47 BILLION RUPEES

Source text: ID:nNSE7SgdwW

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Jan 23 (Reuters) - United Spirits Ltd UNSP.NS:

• Q3 PROFIT 4.73 BILLION RUPEES; IBES EST. 4.05 BILLION RUPEES

• Q3 REVENUE FROM OPERATIONS 77.31 BILLION RUPEES

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** United Spirits UNSP.NS, British alcohol maker Diageo's Indian arm, falls 4.77% to 1,412.90 rupees; set for biggest one-day pct drop in 14 months

** Hina Nagarajan resigns as CEO to take another role in Diageo; HT Media HTML.NS boss Praveen Someshwar to replace Nagarajan

** Macquarie maintains "underperform" post CEO change; says smooth transition key to ensure no hurdles in "growth journey"

** UNSP climbed ~160% since April 2021, when Nagarajan took the top job, with premium-end alcohol growth booming in her tenure

** Stock extends 12-month loss to ~13%

(Reporting by Ananta Agarwal in Bengaluru)

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Jan 13 (Reuters) - United Spirits Ltd UNSP.NS:

• HINA NAGARAJAN TO RESIGN AS CEO, MD OF UNITED SPIRITS EFFECTIVE MARCH 31, 2025

• PRAVEEN SOMESHWAR APPOINTED CEO-DESIGNATE OF UNITED SPIRITS EFFECTIVE MARCH 1, 2025

• PRAVEEN SOMESHWAR TO BECOME MD & CEO OF UNITED SPIRITS EFFECTIVE APRIL 1, 2025

Source text: ID:nNSE8LKWrl

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By Arpan Chaturvedi

NEW DELHI, Jan 10 (Reuters) - India's federal investigating agency has accused liquor giant Diageo DGE.L and Sequoia Capital of making suspicious payments to a politician's firm to seek favourable government decisions, it said in a document Reuters reviewed on Friday.

In the document, the Central Bureau of Investigation (CBI) says Diageo Scotland made a suspicious fund transfer to Indian politician Karti Chidambaram's firm after a 2005 ban on sale of its duty-free products hit sales of its Johnnie Walker whisky.

In the case document on its website, the agency said an investigation showed a payment of $15,000 to the firm was intended to influence public servants to lift the ban on Diageo, rather than for consultancy work as it had been described.

"In order to lift the ban, Diageo Scotland approached Karti P Chidambaram," the agency said in the document, part of its formal case registered against Diageo and Sequoia, after an investigation launched in 2018 into investment approvals.

It did not say when the alleged payment by Diageo was made.

The agency said Diageo suffered a huge loss from the 2005 embargo on its products by the India Tourism Development Corp, a firm majority-owned by the government that had a monopoly on sales of imported duty-free liquor.

Telephone calls to seek comment from Karti Chidambaram, the son of former finance minister P Chidambaram, went unanswered. A member of India's main opposition Congress party, he is a lower house MP.

A spokesperson for Diageo's India unit, United Spirits, in which the British giant owns a stake of about 56%, declined to comment. Diageo's British unit did not immediately respond to a request for a comment on the development.

The case presents a new challenge for Diageo after anti-graft police launched an investigation last year into billing and discount practices in the capital, New Delhi.

The company has said it is cooperating with that agency.

Separately, the CBI case document accused the Mauritius unit of Sequoia Capital of suspicious transactions with the firm of Karti Chidambaram, who was in a position to influence public servants to secure approval for an Indian investment in 2008.

Sequoia's proposal, the CBI said, was approved in November by Karti's father, P Chidambaram, who was finance minister at the time. In response to a text message from Reuters, P Chidambaram, also a Congress politician, said he had no comment.

The CBI case document does not name the former finance minister as one of those accused in the case.

Sequoia did not immediately respond to a Reuters request for comment on the accusations.

A detailed investigation will look for any violations of India's criminal law, including its anti-graft law that sets penalties for bribes to public servants, the CBI added in the document.

Punishments can be jail terms of up to seven years, and unspecified fines.

(Reporting by Arpan Chaturvedi; Editing by Aditya Kalra and Clarence Fernandez)

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Jan 8 (Reuters) - United Spirits Ltd UNSP.NS:

• UNITED SPIRITS - GOT TOTAL DEMAND TAX ORDER FOR 11.3 MILLION RUPEES

Source text: ID:nBSE1m1M30

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Nov 14 (Reuters) - United Spirits Ltd UNSP.NS:

• UNITED SPIRITS - TAX ORDER FOR PENALTY AT 319.2 MILLION RUPEES IS DELETED

Source text: ID:nNSE4Wwn4J

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Oct 23 (Reuters) - United Spirits Ltd UNSP.NS:

• UNITED SPIRITS Q2 PROFIT 3.35 BILLION RUPEES; IBES EST. 3.39 BILLION RUPEES

• UNITED SPIRITS Q2 REVENUE FROM OPERATIONS 66.71 BILLION RUPEES

Source text for Eikon: ID:nnAZN2HQK6L

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Oct 1 (Reuters) - United Spirits Ltd UNSP.NS:

• UNITED SPIRITS - GOT ORDER DEMANDING DIFFERENTIAL DUTY 6% ON IMPORT OF CORRUGATED BOXES

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By Aditya Kalra

NEW DELHI, Aug 18 (Reuters) - Spirits group Diageo's DGE.L Indian unit has submitted financial documents sought by New Delhi anti-corruption police in an investigation related to billing and discount practices involving city agencies, a source familiar with the matter said.

Hina Nagarajan, the CEO of Diageo's Indian unit, United Spirits UNSP.NS, was summoned to appear before New Delhi police on July 26 in the case that relates to company's supply of liquor to government agencies running alcohol shops and payments received from the city between 2017 and 2020.

Nagarajan, who is also a member of Diageo's global executive committee, was asked to appear in person or through company representatives and to provide several documents related to company sales.

Nagarajan did not appear before police but after the July notice, Diageo through company representatives submitted many documents that were sought from the three-year period, said the source, who declined to be named due to a lack of authority to speak to media.

The documents submitted included certain bank statements, records of financial dealings with the Delhi city agencies to which liquor was supplied and some agreements signed with them, the source added.

Diageo India and Delhi anti-corruption police did not respond to repeated requests for comments from Reuters.

The company has previously called the Delhi case a "routine information and fact-finding exercise" and said it was cooperating with the authorities. The company added it believed police notices may have been sent to other manufacturers.

The Delhi investigation concerns how companies like Diageo India supplied liquor to government-run shops, and how those agencies sometimes offered early payments to suppliers that offered discounts, Reuters reported last month.

Police are investigating whether there was any wrongdoing in this process and if discounts given by companies were in line with liquor laws. Police had called the Diageo India CEO as a witness in the matter.

New Delhi city rules mandate all liquor retail shops to be run only by government agencies.

The Indian capital is a major market for premium liquor brands, more so for Diageo as its main rival, France's Pernod Ricard PERP.PA, has been unable to retail its products since late 2022 due to allegations of wrongdoing it faces in another investigation.

Euromonitor estimates Diageo, the world's biggest spirits maker which sells Johnnie Walker scotch whisky and Smirnoff vodka, is also India's largest with a 19% market share by volume in the $35 billion market.

(Reporting by Aditya Kalra; Editing by Jamie Freed)

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United Spirits Ltd UNSP.NS:

• UNITED SPIRITS- CO'S TAX DEMAND REDUCED TO 397.8 MILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: UNSP.NS

Repeats Thursday's story without changes

By Aditya Kalra, Arpan Chaturvedi

NEW DELHI, July 25 (Reuters) - The CEO of Diageo's Indian business has been summoned by New Delhi anti-corruption police investigating billing and discount practices involving government agencies running liquor retail shops between 2017 and 2020, according to a source and a police notice seen by Reuters.

Hina Nagarajan, the CEO of United Spirits UNSP.NS, has been asked to appear before police on Friday and provide several documents related to company sales, according to a confidential July 4 police notice to the CEO seen by Reuters.

"You are hereby directed to appear in person or through a company representative ... for joining (the) investigation," said the notice.

Nagarajan, who is also a member of United Spirits majority-owner Diageo's DGE.L global executive committee, did not respond to Reuters requests for comment. Diageo owns about 56% of United Spirits which is also known as Diageo India.

A spokesperson for Diageo India confirmed receiving the Delhi police notice and said the company would fully cooperate and was "in the process of providing the information sought".

"We are in the process of sending in an authorised representative, as sought in the notice," the spokesperson added, saying the company could not comment further as the investigation was ongoing.

A liquor industry source with direct knowledge of the matter said the Delhi investigation concerned how companies like Diageo India supplied liquor to government agencies which ran retail shops, and how those agencies sometimes offered early payments to suppliers who offered discounts.

The police is investigating whether there was any wrongdoing in this process and has called the United Spirits CEO as a witness, the source added.

The July 4 police notice asked Nagarajan to explain "whether the discount given to the corporations (government agencies) was in accordance with excise policy", the document shows.

Delhi city police and the chief minister's office did not respond to Reuters queries. A senior police source said the investigation was ongoing.

The Indian capital remains a major market for premium liquor brands given its appeal to tourists.

Euromonitor estimates Diageo, the world's biggest spirits maker which sells the Johnnie Walker scotch whisky, is also India's largest with a 19% market share by volume in the $35 billion market.

It competes with Pernod Ricard PERP.PA, though the French company has been unable since late 2020 to sell alcohol in New Delhi - which accounted for 5% of its Indian sales - after authorities rejected its attempt to obtain a licence.

The nine-point July 4 police notice also sought invoice details from United Spirits in respect of sales and payments received from Delhi city agencies during April 2017 and March 2020, and the name of the company employee who collected payments.

Police also asked the company for bank statements of that period, it shows.

(Reporting by Aditya Kalra and Arpan Chaturvedi; Additional reporting by Chris Thomas; Editing by Emelia Sithole-Matarise)

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** Shares of United Spirits UNSP.NS rise as much as 4.2% to a record high of 1,442 rupees

** UNSP has gained over 8% since beating Q1 profit estimates on Tuesday

** Nuvama Institutional Equities upgrades stock to "buy" from "hold"; sets Street-high TP of 1,630 rupees

** See UNSP benefitting from huge headroom in new premium categories, including tequila and craft spirits, alongside upcoming wedding and festive season

** Also expects Andhra Pradesh state to cut taxes, benefiting large alcohol players like UNSP

** Trading vol 2x the 30-day avg but under half of Wed's vol

** Stock up 30% so far this year

(Reporting by Ashna Teresa Britto in Bengaluru)

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** Shares of United Spirits UNSP.NS up 5.7% to a record high of 1,407.5 rupees; top percentage gainer on Nifty FMCG index .NIFTYFMCG, which is down 0.5%

** Co reported Q1 profit above estimates on Tuesday, helped by strong demand for its premium alcohol brands

** UNSP eyes busiest trading session since late-May, with over 4.3 mln shares traded

** Analysts' avg rating on stock is "Hold", in-line with United Breweries UBBW.NS, while Radico Khaitan RADC.NS is rated "Buy" - LSEG data

** Including session's gains, UNSP is up ~26% YTD vs ~14% rise in UBBW and 4% jump in RADC

(Reporting by Manvi Pant in Bengaluru)

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July 23 (Reuters) - United Spirits Ltd UNSP.NS:

• APPROVED INVESTMENT IN V9 BEVERAGES FOR 22.9 MILLION RUPEES

• APPROVED INVESTMENT IN INDIE BREWS AND SPIRITS FOR 50 MILLION RUPEES

Source text for Eikon: ID:nNSE8V4XNv

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By Kashish Tandon

BENGALURU, June 27 (Reuters) - Indian whisky maker Allied Blenders and Distillers' ALLE.NS $180-million IPO was oversubscribed on Thursday but fell short of the blowout demand for recent issues amid concerns about its growth prospects in an increasingly competitive liquor market.

The IPO, the first by an alcohol company since Sula Vineyards' SULA.NS in 2022, received bids for 924.9 million shares, worth up to $3.12 billion and about 23 times the 39.4 million shares on offer, exchange data showed.

In contrast, all the four previous IPOs on the main exchange this month, including engineering firm DEE Development Engineers DEEV.NS, were oversubscribed by around hundred times.

Most of the bids came in the final hours of bidding on Thursday, with institutional buyers bidding for 50 times the shares allotted, while retail investors bid for about four times the allotment.

Allied Blenders, which sells 'Officer's Choice' and 'Sterling Reserve' whisky, is going public in a booming Indian IPO market.

A total of 129 companies have raised $4.32 billion in IPOs so far this year, more than double the amount raised by this time last year, per LSEG data, with the domestic equity market at an all-time high on the prospect of healthy economic growth.

Allied Blenders faces stiff competition in India's $33 billion spirits market, including from Radico Khaitan's RADC.NS 'Rampur Whisky' and Diageo-owned United Spirits' UNSP.NS 'Johnnie Walker' and 'Black Dog'.

The company's share of the premium portfolio is relatively lower than its peers, meaning its growth rates may not be that strong, said Karan Taurani, an analyst at Elara Capital.

Taurani does not expect the stock to rise much when it makes its market debut.

Allied Blenders ranked third in terms of whisky sales in India in fiscal 2023, according to its prospectus, trailing United Spirits and 'Chivas Regal'-maker Pernod Ricard PERP.PA.

Its core profit (EBITDA) margin is also less peers', Taurani noted.

Anchor investors, including domestic mutual funds, had already subscribed to shares worth 4.5 billion rupees.

The offer included a fresh issue worth 10 billion rupees, while co-chairperson Bina Chhabria and vice chairperson Resham Chhabria Hemdev were seeking to up to 5 billion rupees in stock.

($1 = 83.5850 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru; Editing by Savio D'Souza)

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June 7 (Reuters) - United Spirits Ltd UNSP.NS:

• JOINT COMMISSIONER OF STATE TAX REDUCES DEMAND FROM 25.3 MILLION RUPEES TO 980 RUPEES

• JOINT COMMISSIONER OF STATE TAX GRANTED A REFUND OF PRE-DEPOSIT AMOUNT OF 1.3 MILLION RUPEES

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May 24 (Reuters) - United Spirits Ltd UNSP.NS:

• UNITED SPIRITS Q4 PROFIT 3.84 BILLION RUPEES; LSEG IBES EST 2.48 BILLION RUPEES

• UNITED SPIRITS Q4 REVENUE FROM OPERATIONS 63.94 BILLION RUPEES

• UNITED SPIRITS YEAR AGO Q4 PROFIT 2.04 BILLION RUPEES, REVENUE 57.83 BILLION RUPEES

• UNITED SPIRITS LTD - DIVIDEND 5 RUPEES PER SHARE

Source text for Eikon: ID:nBSE3T9Jj8

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May 21 (Reuters) - United Spirits Ltd UNSP.NS:

• UNITED SPIRITS LTD - WATER RESOURCES DEPARTMENT ISSUED NOTICE CALLING ON CO TO PAY WATER CHARGE ARREARS TOTALLING TO 3.45 BILLION RUPEES

Source text for Eikon: ID:nNSE7smHy8

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April 2 (Reuters) - United Spirits Ltd UNSP.NS:

• UNITED SPIRITS - GETS TAX DEMAND NOTICE FOR 55.1 MILLION RUPEES

Source text for Eikon: [ID:]

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BENGALURU, Feb 8 (Reuters) - India's United Breweries UBBW.NS reported a profit in the third quarter on Thursday, as improved demand helped mitigate the impact of higher costs.

The company, partly owned by Dutch brewer Heineken NV HEIN.AS, has been grappling with elevated costs due to rising raw material prices, including glass and extra neutral alcohol (ENA), a primary raw material for alcoholic beverages, which have incrementally risen each quarter.

The Kingfisher beer maker reported a standalone profit of 848.5 million rupees (nearly $10 million) for the quarter ended Dec. 31, compared with a loss of 21.4 million rupees a year earlier.

Revenue from operations rose 12.3% to 41.53 billion rupees.

However, total expenses also grew at a similar pace to 40.61 billion rupees, dragged by a 14% rise in raw material costs.

United Breweries' revenue growth has also been decelerating, dropping from 96% in June 2022, when beer sales surged during the summer months, to 14.1% in September 2023, as consumers reduced spending amid persistent inflation.

Profit has declined in the last three quarters since swinging to a loss in the December quarter of fiscal 2023.

Meanwhile, rivals Radico Khaitan RADC.NS, known for 'Magic Moments' vodka, and 'Smirnoff' vodka maker United Spirits UNSP.NS reported an increase in third-quarter profits, both benefitting from strong sales of their premium liquor brands.

($1 = 82.9620 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru; Editing by Dhanya Ann Thoppil)

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BENGALURU, Feb 6 (Reuters) - India's 'Magic Moments' vodka maker Radico Khaitan RADC.NS on Tuesday reported a third-quarter profit, which grew at its fastest pace in more than two years, fuelled by sustained demand for its premium brands.

Consolidated net profit rose 23% to 751.5 million rupees ($9 million) in the three months to Dec. 31, the biggest rise since June 2021.

Radico has for around two years focused on growing its premium segment, which counts a mostly affluent population as its consumer group. The segment includes brands like 'Rampur' whisky and 'Magic Moments' vodka.

The premium segment's sales volume was up 20% at 3.1 million cases, fuelling a 29% rise in the segment's revenue.

That drove a 47% rise in net revenue to 11.61 billion rupees in the quarter. Radico's net revenue is the overall revenue minus excise duty on sales.

Meanwhile, price hikes hurt demand in the regular segment - that includes 8PM whisky - dragging sales volume down 12% to 3.1 million cases. The segment's revenue fell 11%.

"While the demand for the regular category brands was muted, premium brands growth remained robust," Chairman and Managing Director Lalit Khaitan said.

"With continued government spending and a favorable consumer sentiment, we believe that consumption should see an uptrend in the future."

Last month, larger rival United Spirits UNSP.NS also reported a higher profit on strong demand for its premium brands.

Radico Khaitan's shares closed 0.6% lower ahead of results.

($1 = 83.0240 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Eileen Soreng)

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Corrects paragraph 5 to say "sales volume", not "sales"

BENGALURU, Jan 23 (Reuters) - India's United Spirits UNSP.NS, which makes Smirnoff vodka, reported a rise in third-quarter profit on Tuesday, buoyed by strong demand for its premium brands of alcohol.

A greater number of affluent Indians are choosing more expensive cars and consuming pricier food and liquor, unaffected by inflation.

This boosted the Diageo PLC DGE.L-owned company's profit before exceptional items and taxes by 51% to 4.59 billion rupees ($55.22 million) in the quarter ending Dec. 31 from a year earlier.

Last year, the company had made a provision of 1.48 billion rupees as an exceptional item for costs related to a revamp of its supply chain.

Sales volume in United Spirits' premium segment, which includes brands such as Johnnie Walker, Signature and Antiquity and accounts for roughly 80% of its sales volume, rose 4.6% in the quarter.

Meanwhile, inflation and increased competition curbed sales of the lesser-priced 'popular' segment, which includes McDowell's No. 1, Vat 69 and Royal Challenger brands. Sales in the segment fell nearly 23% in the quarter.

Revenue rose around 5% to 69.49 billion rupees. Revenue had fallen in each of the earlier four quarters.

The company benefited from softer input costs for glass, packing materials, and barley, reducing raw material costs by 7%.

However, expenses for extra neutral alcohol, a key ingredient, remain a millstone around liquor makers' necks, analysts have said.

Rival Radico Khaitan RADC.NS, which makes Magic Moments vodka, will report its third-quarter results next month.

($1 = 83.1250 Indian rupees)

(Reporting by Varun Vyas in Bengaluru; Editing by Mrigank Dhaniwala)

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Jan 19 (Reuters) - United Spirits Ltd UNSP.NS:

• GOT ORDER IMPOSING FINE OF 4.8 MILLION RUPEES

• COMPANY INTENDS TO CHALLENGE ORDER

Source text for Eikon: ID:nNSE3LGNKQ

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Dec 29 (Reuters) - United Spirits Ltd UNSP.NS:

• ORDER FOR PENALTY OF 4.67 BILLION RUPEES

• GOT ORDER FROM OFFICE OF PRINCIPAL COMMISSIONER, CGST AND CENTRAL EXCISE, KOLKATA NORTH COMMISSIONERATE

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Dec 15 (Reuters) - United Spirits Ltd UNSP.NS:

• RECEIVED A CLAIM AMOUNTING TO 3.65 BILLION RUPEES FROM ONE OF ITS EXISTING NATIONAL INSTITUTIONAL CUSTOMERS

• CLAIM IS IN RELATION TO A PREVIOUSLY CONCLUDED SETTLEMENT WITH CUSTOMER

• NOT IN A POSITION TO DETERMINE FINANCIAL IMPLICATION OF THIS CLAIM

Source text for Eikon: ID:nBSEbkcBnD

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Nov 8 (Reuters) - United Spirits Ltd UNSP.NS:

• INDIA'S UNITED SPIRITS Q2 PROFIT 3.41 BILLION RUPEES; LSEG IBES PROFIT EST 2.91 BILLION RUPEES

• UNITED SPIRITS Q2 REVENUE FROM OPERATIONS 67.34 BILLION RUPEES

• UNITED SPIRITS YEAR AGO Q2 PROFIT 5.42 BILLION RUPEES, REVENUE 82.76 BILLION RUPEES

Source text for Eikon: ID:nBSEbcxZhJ

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Nov 7 (Reuters) - United Spirits Ltd UNSP.NS:

• WRIT PETITION FILED BEFORE HIGH COURT OF MADHYA PRADESH AGAINST VAT & CST ORDER

• QUANTUM OF CLAIM AT VAT DEMAND OF 9.85 MILLION RUPEES, CST DEMAND OF 59.94 MILLION RUPEES

• CO DOES NOT EXPECT ANY MATERIAL FINANCIAL IMPLICATIONS

Source text for Eikon: ID:nBSEbnQ6M7

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