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 return to the premiumisation path (P&A revenue mix up 1180bps vs. FY17) aided by a deprioritisation of Popular. We remain believers in the co's ability to deliver consistent growth and benefit from the category expansion happening in the premium segments. UNSP posted healthy 8/3% rev/vol growth in P&A; in 3Q despite industry growth remaining sluggish (vol growth of 1.5/2.5% in 3Q/9M). Price hike and product mix has led to P&A; realisation growth of 5% (3% in 3QFY19 and -3% in 2QFY20). RM pressure continued and led to GM contraction of 421bps YoY to 44.4% (>400bps avg. dip in the last 4 qtrs). Co's sharp cost control initiatives continue to support EBITDA margin. We value UNSP on Dec-21E EPS, arriving at a TP of Rs 759. Maintain BUY.