Reiterate SELL, with a TP of Rs 2,440 (40x Sep-19E EPS). United Spirits (UNSP) reported upbeat numbers in 2QFY18. Adjusted for operating model changes, revenue grew 4% YoY, led by price increases and changes in the mix. EBITDA grew by 37% (426bps margin expansion to 14.2%), led by gross margin expansion despite GST headwinds and cost optimisation (employee cost down 22% YoY). PAT was up 79%.