United Spirits Ltd

United Spirits is engaged in the business of manufacture, purchase and sale of beverage alcohol (spirits and wines), including through tie-up manufacturing and through strategic franchising of some of its brands.

Pros:
Cons:
Stock is trading at 13.94 times its book value
Though the company is reporting repeated profits, it is not paying out dividend
The company has delivered a poor growth of -2.33% over past five years.
Company might be capitalizing the interest cost

Peer Comparison Sector: Alcoholic Beverages // Industry: Breweries & Distilleries

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Jun 2010 Jun 2012 Jun 2018 Mar 2019 Jun 2019
1,620 2,434 2,271 2,318 2,433
1,324 2,183 1,948 2,033 1,943
Operating Profit 296 251 322 284 490
OPM % 18% 10% 14% 12% 20%
Other Income 25 50 4 10 4
Interest 138 213 62 65 58
Depreciation 15 50 58 56 63
Profit before tax 168 38 206 174 372
Tax % 36% 202% 30% 33% 51%
Net Profit 107 -39 147 123 202
EPS in Rs 1.70 0.60 2.08 1.74 2.85
Notes Notes Notes Notes Notes

Profit & Loss Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
4,555 5,412 6,282 7,280 9,139 10,378 10,508 9,254 8,495 8,818 8,591 9,341
3,592 5,024 5,566 6,137 8,027 9,287 13,876 9,619 8,162 7,863 7,446 7,949
Operating Profit 963 388 716 1,144 1,111 1,091 -3,368 -366 333 955 1,145 1,391
OPM % 21% 7% 11% 16% 12% 11% -32% -4% 4% 11% 13% 15%
Other Income 265 124 167 248 247 146 681 -360 648 -228 236 72
Interest 588 738 619 456 876 985 1,323 687 457 375 278 237
Depreciation 74 93 95 102 147 178 203 223 157 189 192 215
Profit before tax 566 -318 169 834 335 73 -4,213 -1,635 366 163 912 1,012
Tax % 47% -28% 114% 32% 44% 244% -7% -3% 61% 43% 28% 32%
Net Profit 272 -408 -23 570 188 -101 -4,489 -1,688 138 100 634 700
EPS in Rs 6.08 0.00 0.00 8.96 2.90 0.00 0.00 0.00 1.90 1.38 8.72 9.64
Dividend Payout % 5% -5% -138% 6% 17% -31% -0% -0% 0% 0% 0% 0%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:5.61%
5 Years:-2.33%
3 Years:3.21%
TTM:8.73%
Compounded Profit Growth
10 Years:13.78%
5 Years:16.56%
3 Years:66.81%
TTM:22.92%
Return on Equity
10 Years:-10.77%
5 Years:6.96%
3 Years:22.68%
Last Year:23.64%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
89 103 121 126 126 126 145 145 145 145 145 145
Reserves 1,989 2,283 3,653 4,053 4,536 4,661 2,887 514 1,489 1,640 2,394 3,065
Borrowings 6,604 7,804 5,850 6,711 8,164 8,242 8,307 4,987 4,242 4,144 3,421 2,883
1,563 1,734 1,885 2,165 3,123 3,571 3,625 2,302 2,534 3,062 3,160 3,198
Total Liabilities 10,244 11,920 11,508 13,054 15,948 16,601 14,965 7,949 8,411 8,991 9,120 9,292
6,389 6,101 5,970 6,372 7,881 7,869 5,700 1,921 1,887 1,917 1,791 1,841
CWIP 53 29 94 103 108 131 110 114 282 199 102 118
Investments 212 950 127 154 236 218 238 216 77 0 0 25
3,590 4,841 5,318 6,426 7,724 8,382 8,917 5,697 6,166 6,875 7,227 7,307
Total Assets 10,244 11,920 11,508 13,054 15,948 16,601 14,965 7,949 8,411 8,991 9,120 9,292

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
267 235 1,591 -116 756 1,969 -552 -196 283 647 925 948
-3,863 86 -372 -319 -1,070 -1,121 -252 3,855 733 -227 104 -66
3,561 -417 -900 278 22 -992 1,235 -4,002 -1,155 -475 -966 -808
Net Cash Flow -34 -95 320 -157 -292 -145 431 -343 -139 -56 63 74

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 20% 4% 7% 12% 10% 8% -24% -3% 15% 15% 18% 20%
Debtor Days 67 60 78 70 71 85 79 69 99 122 115 99
Inventory Turnover 4.95 3.35 3.60 3.77 3.75 3.94 3.86 3.94 4.58 4.55 4.47 4.85