United Spirits Ltd
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]
- Market Cap ₹ 87,297 Cr.
- Current Price ₹ 1,199
- High / Low ₹ 1,219 / 764
- Stock P/E 77.2
- Book Value ₹ 89.6
- Dividend Yield 0.33 %
- 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 13.4 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.
Peer comparison
Sector: Alcoholic Beverages Industry: Breweries & Distilleries
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
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: | 8% |
5 Years: | 17% |
3 Years: | 32% |
1 Year: | 56% |
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% |
Documents
Announcements
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 1h
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 2d
- Announcement Under Reg 30 Of SEBI LODR - Changes In SMP 23 Apr
- Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 23 Apr
- Announcement Under Regulation 30 20 Apr
Annual reports
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2012
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Financial Year 2011
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Financial Year 2011
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Concalls
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Feb 2024TranscriptPPTREC
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Nov 2023TranscriptPPTREC
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Jul 2023TranscriptPPT
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May 2023Transcript PPT
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Feb 2023Transcript PPT
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Oct 2022TranscriptPPT
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May 2022TranscriptNotesPPT
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Oct 2021TranscriptNotesPPT
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Oct 2021TranscriptNotesPPT
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Jun 2021Transcript PPT
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Nov 2020TranscriptPPT
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Jun 2020Transcript PPT
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Jan 2020TranscriptPPT
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Oct 2019TranscriptPPT
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Jul 2019TranscriptPPT
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Jun 2019TranscriptNotesPPT
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Apr 2019TranscriptPPT
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Oct 2018TranscriptPPT
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May 2018Transcript PPT
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Jan 2018TranscriptPPT
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Jun 2017TranscriptNotesPPT
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May 2017Transcript PPT
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Jan 2016TranscriptPPT
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]