Reiterate BUY with TP of Rs 484 (32x Jun-20E EPS) vs. 40x for United Spirits (UNSP). Radico Khaitan (RDCK) reported healthy 1QFY19. Revenue/EBITDA/PAT grew by 26%/47%/87% YoY. IMFL volume growth of 19% YoY (30% in premium segment) is the key highlight. RDCK's presence in faster growing niche segment of Vodka and Super Premium brandy, abolition of monopolistic distribution in UP and low base effect owing to highway ban in 1QFY18 led to outstanding growth.