United Spirits Ltd

diageoindia.com BSE: 532432 NSE : MCDOWELL-N
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United Spirits is engaged in the business of manufacture, purchase and sale of beverage alcohol and other allied spirits, including through tie-up manufacturing units and through strategic franchising of some of its brands.

Website BSE NSE
  • Market Cap ₹ 40,463 Cr.
  • Current Price ₹ 557
  • High / Low ₹ 662 / 443
  • Stock P/E 150
  • Book Value ₹ 49.8
  • Dividend Yield 0.00 %
  • ROCE 20.8 %
  • ROE 17.4 %
  • Face Value ₹ 2.00
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Pros

  • Company has reduced debt.
  • Company has delivered good profit growth of 21.19% CAGR over last 5 years

Cons

  • Stock is trading at 11.19 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of 0.15% over past five years.
  • Company's cost of borrowing seems high

Peer comparison

Sector: Alcoholic Beverages Industry: Breweries & Distilleries

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2012 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
2,434 2,271 2,238 2,514 2,318 2,433 2,314 2,588 1,990 1,032 2,196 2,673
2,183 1,948 1,810 2,158 2,033 1,943 1,907 2,163 1,744 1,124 1,906 2,216
Operating Profit 251 322 429 357 284 490 407 425 247 -92 290 457
OPM % 10% 14% 19% 14% 12% 20% 18% 16% 12% -9% 13% 17%
Other Income 50 4 11 47 10 4 5 6 74 -70 11 39
Interest 213 62 48 62 65 58 50 51 53 56 56 43
Depreciation 50 58 50 51 56 63 71 66 85 74 69 79
Profit before tax 38 206 342 290 174 372 290 314 184 -292 176 374
Tax % 202% 30% 35% 31% 33% 51% 46% 26% 73% 15% 29% 25%
Net Profit -39 147 226 204 123 202 163 235 58 -242 129 287
EPS in Rs -0.60 2.03 3.11 2.81 1.69 2.78 2.24 3.24 0.80 -3.32 1.78 3.95
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
5,412 6,282 7,280 9,139 10,378 10,508 9,254 8,495 8,818 8,591 9,341 9,325 7,891
5,024 5,566 6,137 8,027 9,287 13,876 9,619 8,162 7,863 7,446 7,949 7,785 6,989
Operating Profit 388 716 1,144 1,111 1,091 -3,368 -366 333 955 1,145 1,391 1,541 902
OPM % 7% 11% 16% 12% 11% -32% -4% 4% 11% 13% 15% 17% 11%
Other Income 124 167 248 247 146 681 -360 648 -228 236 72 117 55
Interest 738 619 456 876 985 1,323 687 457 375 278 237 212 207
Depreciation 93 95 102 147 178 203 223 157 189 192 215 285 307
Profit before tax -318 169 834 335 73 -4,213 -1,635 366 163 912 1,012 1,160 442
Tax % -28% 114% 32% 44% 244% -7% -3% 61% 43% 28% 32% 47%
Net Profit -408 -23 570 188 -101 -4,489 -1,688 138 100 634 700 659 233
EPS in Rs -8.16 -0.36 8.71 2.87 -1.55 -61.78 -23.23 1.90 1.38 8.72 9.64 9.07 3.21
Dividend Payout % -5% -138% 6% 17% -31% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years:4%
5 Years:0%
3 Years:2%
TTM:-18%
Compounded Profit Growth
10 Years:48%
5 Years:21%
3 Years:25%
TTM:-63%
Stock Price CAGR
10 Years:10%
5 Years:3%
3 Years:-2%
1 Year:-14%
Return on Equity
10 Years:-8%
5 Years:20%
3 Years:22%
Last Year:17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions
Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
103 121 126 126 126 145 145 145 145 145 145 145 145
Reserves 2,283 3,653 4,053 4,536 4,661 2,887 514 1,489 1,640 2,394 3,065 3,702 3,470
Borrowings 7,804 5,850 6,711 8,164 8,242 8,307 4,987 4,242 4,144 3,421 2,883 2,570 1,004
1,655 1,773 2,020 3,031 3,453 3,518 2,242 2,452 2,967 2,966 3,016 2,426 4,349
Total Liabilities 11,842 11,397 12,909 15,857 16,483 14,858 7,889 8,329 8,896 8,926 9,109 8,844 8,968
6,101 5,970 6,372 7,881 7,869 5,700 1,921 1,887 1,917 1,791 1,841 1,956 1,935
CWIP 29 94 103 108 131 110 114 282 199 102 118 121 118
Investments 950 127 154 236 218 238 216 77 0 0 25 22 21
4,762 5,207 6,280 7,632 8,265 8,810 5,637 6,084 6,780 7,033 7,124 6,745 6,894
Total Assets 11,842 11,397 12,909 15,857 16,483 14,858 7,889 8,329 8,896 8,926 9,109 8,844 8,968

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
235 1,591 -116 756 1,969 -552 -196 283 647 925 948 783
86 -372 -319 -1,070 -1,121 -252 3,855 733 -227 104 -66 -194
-417 -900 278 22 -992 1,235 -4,002 -1,155 -475 -966 -808 -740
Net Cash Flow -95 320 -157 -292 -145 431 -343 -139 -56 63 74 -150

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 4% 7% 12% 10% 8% -24% -3% 15% 15% 18% 20% 21%
Debtor Days 60 78 70 71 85 79 69 99 122 115 99 89
Inventory Turnover 1.02 1.18 1.23 1.34 1.44 2.16 2.24 2.58 1.62 1.40 1.57 1.84

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
58.48 56.76 56.76 56.76 56.76 56.76 56.76 56.76 56.76 56.76 56.76 56.76
23.29 23.16 23.01 23.11 22.55 22.34 22.44 22.43 20.54 19.68 18.83 18.98
4.29 4.36 4.49 4.86 5.21 5.48 6.16 5.99 7.46 7.68 7.48 8.06
0.01 1.73 1.73 1.73 1.73 1.73 1.73 1.73 1.73 1.73 1.73 1.73
13.94 14.00 14.01 13.55 13.76 13.70 12.92 13.09 13.51 14.16 15.21 14.47

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