Diageo's global market leadership (17/40% share in spirits/scotch) and its dominance in premium segment drives our confidence on UNSP. India is a critical market for Diageo, given the scale (largest Whisky market), leadership position and opportunity to premiumise. UNSP's premiumisation journey is on track (P&A revenue mix up 800bps vs. FY17) supported by aggressive A&P spend and de-focus on popular brands (franchise model). Restructuring drive, richer product mix, WC efficiencies (80 days vs. 120 days in FY17) have led to strong FCF generation over the last 3 years (cumulative Rs 32bn). Thereby, co has been able to deleverage balance sheet (net debt is at Rs 25bn vs. 40bn in FY17). We expect more of the same over FY19-21E (Rs 21bn FCF generation and Rs 12bn debt repayment). UNSPs performance was stellar despite impact of general elections. Restructuring drive and control on A&P; spends during elections drove beat in EBITDA. We believe UNSP will continue to tighten the screws on overheads and benefit from premiumisation. This drives our 21% EBITDA growth over FY19-21E (vs. 21% CAGR over FY16-19). We value at 40x FY21E EPS with TP of Rs 650. Maintain BUY.