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.

  • Market Cap: 42,007 Cr.
  • Current Price: 578.10
  • 52 weeks High / Low 675.00 / 496.80
  • Book Value: 47.17
  • Stock P/E: 60.87
  • Dividend Yield: 0.00 %
  • ROCE: 20.11 %
  • ROE: 23.64 %
  • Sales Growth (3Yrs): 3.21 %
  • Listed on BSE and NSE
  • Company Website
  • Face Value: 2.00
Pros:
Company has reduced debt.
Cons:
Stock is trading at 12.25 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 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
1,620 2,434 2,271 2,238 2,514 2,318 2,433 2,314
1,324 2,183 1,948 1,810 2,158 2,033 1,943 1,907
Operating Profit 296 251 322 429 357 284 490 407
OPM % 18% 10% 14% 19% 14% 12% 20% 18%
Other Income 25 50 4 11 47 10 4 5
Interest 138 213 62 48 62 65 58 50
Depreciation 15 50 58 50 51 56 63 71
Profit before tax 168 38 206 342 290 174 372 290
Tax % 36% 202% 30% 35% 31% 33% 51% 46%
Net Profit 107 -39 147 226 204 123 202 163
EPS in Rs 1.70 0.60 2.08 3.18 2.81 1.74 2.85 2.30
Notes Notes Notes 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 TTM
4,555 5,412 6,282 7,280 9,139 10,378 10,508 9,254 8,495 8,818 8,591 9,341 9,579
3,592 5,024 5,566 6,137 8,027 9,287 13,876 9,619 8,162 7,863 7,446 7,949 8,041
Operating Profit 963 388 716 1,144 1,111 1,091 -3,368 -366 333 955 1,145 1,391 1,538
OPM % 21% 7% 11% 16% 12% 11% -32% -4% 4% 11% 13% 15% 16%
Other Income 265 124 167 248 247 146 681 -360 648 -228 236 72 65
Interest 588 738 619 456 876 985 1,323 687 457 375 278 237 236
Depreciation 74 93 95 102 147 178 203 223 157 189 192 215 241
Profit before tax 566 -318 169 834 335 73 -4,213 -1,635 366 163 912 1,012 1,127
Tax % 47% -28% 114% 32% 44% 244% -7% -3% 61% 43% 28% 32%
Net Profit 272 -408 -23 570 188 -101 -4,489 -1,688 138 100 634 700 692
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 9.70
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%
Stock Price CAGR
10 Years:8.88%
5 Years:-3.56%
3 Years:8.38%
1 Year:4.19%
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 Sep 2019
89 103 121 126 126 126 145 145 145 145 145 145 145
Reserves 1,989 2,283 3,653 4,053 4,536 4,661 2,887 514 1,489 1,640 2,394 3,065 3,282
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 2,630
1,563 1,734 1,885 2,165 3,123 3,571 3,625 2,302 2,534 3,062 3,160 3,198 3,340
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 9,398
6,389 6,101 5,970 6,372 7,881 7,869 5,700 1,921 1,887 1,917 1,791 1,841 2,011
CWIP 53 29 94 103 108 131 110 114 282 199 102 118 97
Investments 212 950 127 154 236 218 238 216 77 0 0 25 24
3,590 4,841 5,318 6,426 7,724 8,382 8,917 5,697 6,166 6,875 7,227 7,307 7,266
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 9,398

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