United Spirits Ltd

Dear Shareholders,

As I reflect on the past year, I?m pleased with the progress made by your Company in executing its growth strategy with a strong focus on delivering value-added offerings, driving commercial excellence, empowering its people and supporting the communities while ensuring doing business the right way in accordance with Diageo?s Values and Code of Business Conduct. These efforts underpin our conviction in delivering sustainable long-term value for all stakeholders.

The operating landscape presented several challenges, characterised by inflationary pressures on consumers and subdued demand as the year progressed. Against this backdrop, your Company has delivered a resilient performance, reaffirming the effectiveness and success of its strategy. The steadfast focus on continuous improvement and productivity enhancements further contributed to its achievements.

Your Company continued to build on the strong foundation to deliver sustained double-digit growth by focussing on reshaping its portfolio, building an organisation for the future and accelerating the ESG agenda.

Placing the consumers at the forefront, your Company continued to introduce innovations and renovations into the market. McDowell?s & Co Distiller?s Batch Indian Single Malt is a tribute to the rich legacy of one of India?s most loved brands. Our Company?s Make in India offering, Godawan, has received numerous international awards, a testament to its commitment to creating world-class spirits that embody luxury and craftsmanship. Your Company introduced its global offering Don Julio in India and acquired a minority stake in Inspired Hospitality

Private Limited (owners of Brand Pistola), a premium agave brand in line with its strategy.

During the year, your Company sustained its efforts to build an organisation of the future by investing in its talent, accelerating its digital journey, and deriving greater efficiency and effectiveness from its investments. Your Company introduced various industry leading initiatives to support growth and development, and further drive inclusion and diversity across all levels.

Your Company has made good progress in its Society 2030 goals. Initiatives like the removal of mono cartons, increasing the use of recycled content in packaging, launching a micro-enterprise initiative to support women farmers in Nashik and training 100 Persons with Disability for roles in the hospitality sector underscore our commitment to sustainability and championing inclusion and diversity. During the year, your Company returned to dividend distribution after nearly a decade enabled by the successful turnaround of the Company to sustained earnings growth and profitability. I?m happy to share that the Board of Directors approved an interim dividend of Rs4 per share. Further, the Board recommended a final dividend of Rs5 per share subject to Shareholders? approval for the financial year 2023-24. We would like to extend our gratitude to our steadfast investors for their continued support.

At Diageo India, we are proud of everything we do, from the progressive brands we build to the culture we foster, to being responsive to consumer, community and societal needs. Your Company continues to remain deeply committed to building a stronger and future-focussed organisation. Going forward, your Company?s priority remains to sustain its growth momentum by increasing investment in its brands, capitalising on evolving market trends, exploring new engines of growth and unlocking efficiency across the value chain. Despite facing short-term challenges like inflationary pressures and subdued demand, we are optimistic about the mid-to-long-term growth prospects, driven by favourable macros like India?s robust economic growth, rise in premiumisation and increasing aspiration for new celebratory and socialising experiences. In closing, I want to express my sincere appreciation to my fellow board members for their invaluable guidance. I would also like to extend my gratitude to our shareholders for their continued confidence in our Company. With your support, Diageo India is well-positioned to continue its growth journey.

Warm Regards,