United Spirits Ltd

About [ edit ]

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. #

Key Points [ edit ]
  • Market Cap 49,059 Cr.
  • Current Price 675
  • High / Low 684 / 494
  • Stock P/E 128
  • Book Value 56.7
  • Dividend Yield 0.00 %
  • ROCE 13.7 %
  • ROE 9.63 %
  • Face Value 2.00

Pros

  • Company has reduced debt.

Cons

  • Stock is trading at 11.91 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 -0.87% over past five years.
  • Company's cost of borrowing seems high
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
2,271 2,238 2,514 2,318 2,433 2,314 2,588 1,990 1,032 2,196 2,673 2,230
1,948 1,810 2,158 2,033 1,943 1,907 2,163 1,744 1,124 1,906 2,216 1,834
Operating Profit 322 429 357 284 490 407 425 247 -92 290 457 396
OPM % 14% 19% 14% 12% 20% 18% 16% 12% -9% 13% 17% 18%
Other Income 4 11 47 10 4 5 6 74 -70 11 39 -5
Interest 62 48 62 65 58 50 51 53 56 56 43 33
Depreciation 58 50 51 56 63 71 66 85 74 69 79 77
Profit before tax 206 342 290 174 372 290 314 184 -292 176 374 281
Tax % 30% 35% 31% 33% 51% 46% 26% 73% 15% 29% 25% 28%
Net Profit 147 226 204 123 202 163 235 58 -242 129 287 209
EPS in Rs 2.03 3.11 2.81 1.69 2.78 2.24 3.24 0.80 -3.32 1.78 3.95 2.87

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
6,282 7,280 9,139 10,378 10,508 9,254 8,495 8,818 8,591 9,341 9,325 8,131
5,566 6,137 8,027 9,287 13,876 9,619 8,162 7,863 7,446 7,949 7,785 7,080
Operating Profit 716 1,144 1,111 1,091 -3,368 -366 333 955 1,145 1,391 1,541 1,051
OPM % 11% 16% 12% 11% -32% -4% 4% 11% 13% 15% 17% 13%
Other Income 167 248 247 146 681 -360 648 -228 236 72 117 -25
Interest 619 456 876 985 1,323 687 457 375 278 237 212 188
Depreciation 95 102 147 178 203 223 157 189 192 215 285 299
Profit before tax 169 834 335 73 -4,213 -1,635 366 163 912 1,012 1,160 540
Tax % 114% 32% 44% 244% -7% -3% 61% 43% 28% 32% 47% 33%
Net Profit -23 570 188 -101 -4,489 -1,688 138 100 634 700 659 384
EPS in Rs -0.36 8.71 2.87 -1.55 -61.78 -23.23 1.90 1.38 8.72 9.64 9.07 5.28
Dividend Payout % -138% 6% 17% -31% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years:1%
5 Years:-1%
3 Years:-2%
TTM:-13%
Compounded Profit Growth
10 Years:-4%
5 Years:21%
3 Years:-12%
TTM:-42%
Stock Price CAGR
10 Years:14%
5 Years:7%
3 Years:0%
1 Year:11%
Return on Equity
10 Years:-12%
5 Years:17%
3 Years:17%
Last Year:10%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
121 126 126 126 145 145 145 145 145 145 145 145
Reserves 3,653 4,053 4,536 4,661 2,887 514 1,489 1,640 2,394 3,065 3,702 3,974
Borrowings 5,850 6,711 8,164 8,242 8,307 4,987 4,242 4,144 3,421 2,883 2,570 1,034
1,773 2,020 3,031 3,453 3,518 2,242 2,452 2,967 2,966 3,016 2,426 3,383
Total Liabilities 11,397 12,909 15,857 16,483 14,858 7,889 8,329 8,896 8,926 9,109 8,844 8,537
5,970 6,372 7,881 7,869 5,700 1,921 1,887 1,917 1,791 1,841 1,956 1,902
CWIP 94 103 108 131 110 114 282 199 102 118 121 88
Investments 127 154 236 218 238 216 77 0 0 25 22 0
5,207 6,280 7,632 8,265 8,810 5,637 6,084 6,780 7,033 7,124 6,745 6,547
Total Assets 11,397 12,909 15,857 16,483 14,858 7,889 8,329 8,896 8,926 9,109 8,844 8,537

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
1,591 -116 756 1,969 -552 -196 283 647 925 948 783 1,818
-372 -319 -1,070 -1,121 -252 3,855 733 -227 104 -66 -194 -99
-900 278 22 -992 1,235 -4,002 -1,155 -475 -966 -808 -740 -1,707
Net Cash Flow 320 -157 -292 -145 431 -343 -139 -56 63 74 -150 12

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
ROCE % 7% 12% 10% 8% -24% -3% 15% 15% 18% 20% 21% 14%
Debtor Days 78 70 71 85 79 69 99 122 115 99 89 98
Inventory Turnover 1.18 1.23 1.34 1.44 2.16 2.24 2.58 1.62 1.40 1.57 1.84 2.24

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
56.76 56.76 56.76 56.76 56.76 56.76 56.76 56.76 56.76 56.76 56.76 56.76
23.16 23.01 23.11 22.55 22.34 22.44 22.43 20.54 19.68 18.83 18.98 18.88
4.36 4.49 4.86 5.21 5.48 6.16 5.99 7.46 7.68 7.48 8.06 7.98
1.73 1.73 1.73 1.73 1.73 1.73 1.73 1.73 1.73 1.73 1.73 1.73
14.00 14.01 13.55 13.76 13.70 12.92 13.09 13.51 14.16 15.21 14.47 14.66

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