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 ₹ 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
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
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
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% |
Documents
Announcements
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 19h
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Announcement under Regulation 30 (LODR)-Newspaper Publication
2d - Copies of the newspaper advertisement regarding Postal Ballot Notice, published today in 'Business Standard' and 'Prajavani' are enclosed.
- Shareholder Meeting / Postal Ballot-Notice of Postal Ballot 21 Mar
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 17 Mar
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 16 Mar
Annual reports
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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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Financial Year 2010
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Financial Year 2010
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Concalls
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Feb 2023TranscriptNotesPPT
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May 2022TranscriptNotesPPT
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Oct 2021TranscriptNotesPPT
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Oct 2018TranscriptPPT
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May 2018Transcript PPT
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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]