United Spirits Ltd

United Spirits Ltd

₹ 1,311 0.99%
22 Jul 1:16 p.m.
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]

  • Market Cap 95,330 Cr.
  • Current Price 1,311
  • High / Low 1,335 / 973
  • Stock P/E 69.3
  • Book Value 97.9
  • Dividend Yield 0.69 %
  • ROCE 27.9 %
  • ROE 21.0 %
  • Face Value 2.00

Pros

  • Company is almost debt free.

Cons

  • Stock is trading at 13.3 times its book value
  • The company has delivered a poor sales growth of 3.92% 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
2,230 1,722 2,508 2,947 2,536 2,419 2,911 2,779 2,503 2,668 2,867 3,002 2,783
1,834 1,533 2,038 2,429 2,104 2,047 2,474 2,407 2,268 1,955 2,401 2,516 2,449
Operating Profit 396 188 469 519 432 372 437 372 235 713 466 486 334
OPM % 18% 11% 19% 18% 17% 15% 15% 13% 9% 27% 16% 16% 12%
-5 -38 4 0 -97 -12 389 -127 0 5 71 52 80
Interest 33 25 7 39 16 22 21 24 36 4 26 16 29
Depreciation 77 74 76 76 77 83 66 65 69 74 65 63 73
Profit before tax 281 51 390 404 241 254 739 155 130 639 446 459 312
Tax % 28% 2% 27% 27% 26% -3% 26% -38% 21% 25% 24% 24% 23%
203 50 286 295 179 261 548 214 103 477 339 350 241
EPS in Rs 2.87 0.76 4.02 4.12 2.50 3.66 7.61 2.95 1.41 6.55 4.66 4.81 3.31
Raw PDF
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
10,378 10,508 9,254 8,495 8,818 8,591 9,341 9,325 8,131 9,712 10,612 11,321
9,287 13,876 9,619 8,162 7,826 7,381 7,947 7,756 7,080 8,117 9,195 9,321
Operating Profit 1,091 -3,368 -366 333 991 1,209 1,394 1,569 1,051 1,595 1,417 2,000
OPM % 11% -32% -4% 4% 11% 14% 15% 17% 13% 16% 13% 18%
146 681 -360 648 -265 172 70 89 -25 -117 249 208
Interest 985 1,323 687 457 375 278 237 212 188 88 104 76
Depreciation 178 203 223 157 189 192 215 285 299 304 283 275
Profit before tax 73 -4,213 -1,635 366 163 912 1,012 1,160 540 1,087 1,279 1,857
Tax % 244% 7% 3% 61% 43% 28% 32% 47% 33% 25% 12% 24%
-105 -4,489 -1,687 143 93 652 684 621 362 811 1,126 1,408
EPS in Rs -1.55 -61.78 -23.23 1.90 1.38 8.72 9.64 9.07 5.28 11.40 15.63 19.36
Dividend Payout % -31% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 46%
Compounded Sales Growth
10 Years: 1%
5 Years: 4%
3 Years: 12%
TTM: 7%
Compounded Profit Growth
10 Years: 9%
5 Years: 16%
3 Years: 52%
TTM: 43%
Stock Price CAGR
10 Years: 10%
5 Years: 18%
3 Years: 24%
1 Year: 25%
Return on Equity
10 Years: 15%
5 Years: 18%
3 Years: 20%
Last Year: 21%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 126 145 145 145 145 145 145 145 145 145 145 145
Reserves 4,661 2,887 514 1,489 1,640 2,274 2,945 3,583 3,974 4,808 5,854 6,976
8,242 8,307 4,987 4,242 4,144 3,421 2,883 2,570 1,037 605 183 265
3,453 3,518 2,242 2,452 2,967 3,086 3,135 2,546 3,354 3,304 3,534 3,790
Total Liabilities 16,483 14,858 7,889 8,329 8,896 8,926 9,109 8,844 8,511 8,863 9,716 11,176
7,869 5,700 1,921 1,887 1,917 1,791 1,841 1,956 1,893 1,855 1,534 1,560
CWIP 131 110 114 282 199 102 118 121 97 96 83 37
Investments 218 238 216 77 0 0 25 22 0 222 286 645
8,265 8,810 5,637 6,084 6,780 7,033 7,124 6,745 6,521 6,690 7,813 8,934
Total Assets 16,483 14,858 7,889 8,329 8,896 8,926 9,109 8,844 8,511 8,863 9,716 11,176

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
1,969 -552 -196 283 647 925 948 783 1,818 977 615 1,118
-1,121 -252 3,855 733 -227 104 -66 -194 -99 -313 -55 226
-992 1,235 -4,002 -1,155 -475 -966 -808 -740 -1,707 -688 -500 -407
Net Cash Flow -145 431 -343 -139 -56 63 74 -150 12 -23 60 937

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 85 79 69 99 122 115 99 89 98 89 84 99
Inventory Days 247 185 123 150 226 263 235 199 254 229 193 186
Days Payable 186 115 56 78 144 195 171 124 176 168 154 176
Cash Conversion Cycle 146 148 136 171 205 183 163 165 177 150 122 108
Working Capital Days 55 96 83 99 98 86 74 58 59 57 54 56
ROCE % 8% -24% -3% 15% 15% 18% 20% 21% 14% 25% 20% 28%

Shareholding Pattern

Numbers in percentages

Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024
56.73% 56.73% 56.73% 56.73% 56.74% 56.74% 56.68% 56.68% 56.68% 56.68% 56.68% 56.68%
19.08% 17.94% 17.73% 16.76% 16.07% 15.98% 15.38% 15.92% 16.51% 16.23% 16.68% 15.09%
9.65% 10.41% 10.41% 10.85% 11.61% 12.08% 12.70% 12.64% 12.32% 12.49% 12.27% 14.00%
0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
14.53% 14.92% 15.12% 15.65% 15.58% 15.20% 15.24% 14.77% 14.49% 14.60% 14.37% 14.22%
No. of Shareholders 1,91,6992,34,9262,41,1112,52,2642,74,3072,58,1892,68,9932,49,3952,49,7412,64,5832,51,0952,52,121

* 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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Documents

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