United Spirits Ltd

United Spirits Ltd

₹ 1,147 -1.65%
26 Feb - close price
About

Diageo India incorporated in India as United Spirits Ltd.(USL) is the country’s leading beverage alcohol company and a subsidiary of global leader Diageo PLC. The company manufactures, sells, and distributes a wide portfolio of premium brands such as Johnnie Walker, Black Dog, Black & White, VAT 69, Antiquity, Signature, Royal Challenge, McDowell’s No.1, Smirnoff and Captain Morgan. [1]

Key Points

Brand Portfolio
USL has a comprehensive brand portfolio with more than 80 brands of Scotch whisky, IMFL whisky, brandy, rum, vodka, and gin. Out of these, 9 brands that sell more than a million cases each year, of which 1 brands sells over more than 25 million cases each annually [1]

  • Market Cap 83,413 Cr.
  • Current Price 1,147
  • High / Low 1,180 / 731
  • Stock P/E 73.8
  • Book Value 89.6
  • Dividend Yield 0.35 %
  • ROCE 20.4 %
  • ROE 16.4 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Stock is trading at 12.8 times its book value
  • The company has delivered a poor sales growth of 4.89% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Loading peers table ...

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
2,489 2,224 1,615 2,447 2,880 2,501 2,195 2,904 2,781 2,494 2,172 2,865 2,989
2,105 1,813 1,447 2,021 2,390 2,072 1,924 2,462 2,413 2,156 1,787 2,395 2,498
Operating Profit 384 412 168 426 490 429 270 442 368 338 385 470 491
OPM % 15% 19% 10% 17% 17% 17% 12% 15% 13% 14% 18% 16% 16%
19 -70 -26 4 2 -104 -13 380 -128 6 4 70 46
Interest 38 28 20 -1 40 19 23 21 24 36 4 26 16
Depreciation 61 67 55 66 74 75 74 64 64 68 65 65 63
Profit before tax 304 247 67 366 378 231 161 737 152 239 320 448 458
Tax % 24% 32% -4% 25% 18% 18% -21% 26% 27% 15% 25% 24% 24%
230 167 69 273 311 190 195 542 110 204 238 341 348
EPS in Rs 3.16 2.30 0.95 3.76 4.28 2.62 2.68 7.46 1.52 2.80 3.27 4.69 4.79
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
7,475 8,263 8,409 7,968 8,248 8,548 8,170 8,981 9,091 7,889 9,424 10,374 10,520
6,488 7,138 8,566 7,482 8,370 7,577 7,142 7,693 7,585 6,902 7,926 8,967 8,835
Operating Profit 987 1,125 -157 486 -121 971 1,028 1,287 1,506 988 1,498 1,407 1,685
OPM % 13% 14% -2% 6% -1% 11% 13% 14% 17% 13% 16% 14% 16%
172 87 -4,173 -1,712 985 -215 215 68 47 -104 -109 257 125
Interest 594 656 613 593 447 369 268 220 191 166 88 104 83
Depreciation 61 72 86 110 102 132 135 144 228 249 289 271 262
Profit before tax 504 484 -5,028 -1,928 316 255 840 991 1,135 469 1,012 1,289 1,465
Tax % 32% 34% -1% -1% 61% 33% 33% 34% 38% 34% 16% 18%
343 321 -5,103 -1,956 122 170 562 659 705 310 851 1,052 1,132
EPS in Rs 5.24 4.91 -70.23 -26.93 1.68 2.34 7.73 9.06 9.70 4.27 11.71 14.46 15.55
Dividend Payout % 10% 10% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 2%
5 Years: 5%
3 Years: 5%
TTM: 1%
Compounded Profit Growth
10 Years: 10%
5 Years: 13%
3 Years: 8%
TTM: 13%
Stock Price CAGR
10 Years: 9%
5 Years: 16%
3 Years: 29%
1 Year: 54%
Return on Equity
10 Years: 10%
5 Years: 18%
3 Years: 16%
Last Year: 16%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 131 131 145 145 145 145 145 145 145 145 146 146 146
Reserves 5,748 6,261 3,669 1,797 1,569 1,792 2,358 2,986 3,664 3,982 4,747 5,799 6,374
4,281 4,382 4,901 5,324 4,204 4,041 3,250 2,582 2,270 713 605 183 203
1,942 2,376 2,115 1,752 2,274 2,818 2,887 2,948 2,475 3,301 3,225 3,444 3,827
Total Liabilities 12,102 13,150 10,830 9,018 8,192 8,796 8,641 8,662 8,554 8,141 8,723 9,571 10,549
1,126 1,157 1,188 1,069 1,076 1,187 1,002 1,128 1,335 1,301 1,487 1,207 1,246
CWIP 57 34 50 65 245 85 98 117 119 86 96 83 60
Investments 1,629 1,602 930 551 992 324 278 298 253 202 439 462 1,351
9,290 10,356 8,663 7,333 5,879 7,200 7,263 7,119 6,848 6,552 6,701 7,820 7,891
Total Assets 12,102 13,150 10,830 9,018 8,192 8,796 8,641 8,662 8,554 8,141 8,723 9,571 10,549

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
391 1,066 -384 97 227 673 946 858 667 1,728 911 577
-353 -600 -782 -109 705 -89 155 -7 26 13 -246 -21
60 -581 1,488 -200 -1,109 -545 -1,033 -912 -717 -1,720 -688 -501
Net Cash Flow 97 -114 322 -212 -177 39 68 -61 -24 22 -22 54

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 63 78 74 80 102 126 121 102 92 100 89 84
Inventory Days 190 157 111 119 143 218 260 228 190 244 230 192
Days Payable 182 158 85 55 76 139 194 163 121 170 163 150
Cash Conversion Cycle 71 77 101 144 170 206 187 168 160 174 157 126
Working Capital Days 43 24 94 113 105 107 94 79 61 67 67 59
ROCE % 12% 11% -1% 7% 8% 15% 17% 21% 22% 14% 24% 20%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
56.76% 56.76% 56.73% 56.73% 56.73% 56.73% 56.74% 56.74% 56.68% 56.68% 56.68% 56.68%
18.88% 18.98% 19.08% 17.94% 17.73% 16.76% 16.07% 15.98% 15.38% 15.92% 16.51% 16.23%
7.98% 8.21% 9.65% 10.41% 10.41% 10.85% 11.61% 12.08% 12.70% 12.64% 12.32% 12.49%
1.73% 1.73% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
14.66% 14.33% 14.53% 14.92% 15.12% 15.65% 15.58% 15.20% 15.24% 14.77% 14.49% 14.60%
No. of Shareholders 1,87,1391,83,4111,91,6992,34,9262,41,1112,52,2642,74,3072,58,1892,68,9932,49,3952,49,7412,64,583

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

Documents

Concalls