United Spirits Ltd

United Spirits Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

United Spirits Ltd

₹ 764 -0.65%
24 Mar - close price
diageoindia.com BSE: 532432 NSE : MCDOWELL-N
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]

Website BSE NSE
  • Market Cap ₹ 55,551 Cr.
  • Current Price ₹ 764
  • High / Low ₹ 952 / 712
  • Stock P/E 46.8
  • Book Value ₹ 79.4
  • Dividend Yield 0.00 %
  • ROCE 24.8 %
  • ROE 20.3 %
  • Face Value ₹ 2.00
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Pros

  • Company has reduced debt.

Cons

  • Stock is trading at 9.62 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 1.95% 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

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
2,588 1,990 1,032 2,196 2,673 2,230 1,722 2,508 2,947 2,536 2,419 2,911 2,779
2,163 1,744 1,124 1,906 2,216 1,834 1,533 2,038 2,429 2,104 2,047 2,474 2,407
Operating Profit 425 247 -92 290 457 396 188 469 519 432 372 437 372
OPM % 16% 12% -9% 13% 17% 18% 11% 19% 18% 17% 15% 15% 13%
6 74 -70 11 39 -5 -38 4 0 -97 -12 389 -127
Interest 51 53 56 56 43 33 25 7 39 16 22 21 24
Depreciation 66 85 74 69 79 77 74 76 76 77 83 66 65
Profit before tax 314 184 -292 176 374 281 51 390 404 241 254 739 155
Tax % 26% 73% 15% 29% 25% 28% 2% 27% 27% 26% -3% 26% -38%
Net Profit 232 49 -247 125 280 203 50 286 295 179 261 548 214
EPS in Rs 3.24 0.80 -3.32 1.78 3.95 2.87 0.76 4.02 4.12 2.50 3.66 7.61 2.95
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
7,280 9,139 10,378 10,508 9,254 8,495 8,818 8,591 9,341 9,325 8,131 9,712 10,644
6,137 8,021 9,287 13,876 9,619 8,162 7,826 7,381 7,947 7,756 7,080 8,104 9,032
Operating Profit 1,144 1,118 1,091 -3,368 -366 333 991 1,209 1,394 1,569 1,051 1,608 1,612
OPM % 16% 12% 11% -32% -4% 4% 11% 14% 15% 17% 13% 17% 15%
248 240 146 681 -360 648 -265 172 70 89 -25 -130 153
Interest 456 876 985 1,323 687 457 375 278 237 212 188 88 84
Depreciation 102 147 178 203 223 157 189 192 215 285 299 304 291
Profit before tax 834 335 73 -4,213 -1,635 366 163 912 1,012 1,160 540 1,087 1,390
Tax % 32% 44% 244% -7% -3% 61% 43% 28% 32% 47% 33% 25%
Net Profit 567 187 -105 -4,489 -1,687 143 93 652 684 621 362 811 1,202
EPS in Rs 8.71 2.87 -1.55 -61.78 -23.23 1.90 1.38 8.72 9.64 9.07 5.28 11.40 16.72
Dividend Payout % 6% 17% -31% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 1%
5 Years: 2%
3 Years: 1%
TTM: 13%
Compounded Profit Growth
10 Years: 17%
5 Years: 26%
3 Years: 12%
TTM: 34%
Stock Price CAGR
10 Years: 7%
5 Years: 4%
3 Years: 18%
1 Year: -14%
Return on Equity
10 Years: -7%
5 Years: 19%
3 Years: 16%
Last Year: 20%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
126 126 126 145 145 145 145 145 145 145 145 145 145
Reserves 4,053 4,536 4,661 2,887 514 1,489 1,640 2,274 2,945 3,583 3,974 4,808 5,626
6,711 8,164 8,242 8,307 4,987 4,242 4,144 3,421 2,883 2,570 1,037 605 557
2,020 3,031 3,453 3,518 2,242 2,452 2,967 3,086 3,135 2,546 3,354 3,304 3,792
Total Liabilities 12,909 15,857 16,483 14,858 7,889 8,329 8,896 8,926 9,109 8,844 8,511 8,863 10,121
6,372 7,881 7,869 5,700 1,921 1,887 1,917 1,791 1,841 1,956 1,893 1,855 1,708
CWIP 103 108 131 110 114 282 199 102 118 121 97 96 92
Investments 154 236 218 238 216 77 0 0 25 22 0 222 534
6,280 7,632 8,265 8,810 5,637 6,084 6,780 7,033 7,124 6,745 6,521 6,690 7,786
Total Assets 12,909 15,857 16,483 14,858 7,889 8,329 8,896 8,926 9,109 8,844 8,511 8,863 10,121

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
-116 756 1,969 -552 -196 283 647 925 948 783 1,818 977
-319 -1,070 -1,121 -252 3,855 733 -227 104 -66 -194 -99 -313
278 22 -992 1,235 -4,002 -1,155 -475 -966 -808 -740 -1,707 -688
Net Cash Flow -157 -292 -145 431 -343 -139 -56 63 74 -150 12 -23

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 70 71 85 79 69 99 122 115 99 89 98 89
Inventory Days 334 315 247 185 123 150 226 263 235 199 254 229
Days Payable 222 228 186 115 56 78 144 195 171 124 176 168
Cash Conversion Cycle 181 158 146 148 136 171 205 183 163 165 177 150
Working Capital Days -31 89 55 96 83 99 98 86 74 58 59 57
ROCE % 12% 10% 8% -24% -3% 15% 15% 18% 21% 21% 14% 25%

Shareholding Pattern

Numbers in percentages

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
56.76 56.76 56.76 56.76 56.76 56.76 56.73 56.73 56.73 56.73 56.74 56.74
20.54 19.68 18.83 18.98 18.88 18.98 19.08 17.94 17.73 16.76 16.07 15.98
7.46 7.68 7.48 8.06 7.98 8.21 9.65 10.41 10.41 10.85 11.61 12.08
1.73 1.73 1.73 1.73 1.73 1.73 0.01 0.01 0.01 0.01 0.01 0.01
13.51 14.16 15.21 14.47 14.66 14.33 14.53 14.92 15.12 15.65 15.58 15.20

* 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.

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