United Spirits

₹1502 -14 | 0.9%

WEBSITE BSE:532432 NSE : UNITDSPR 09 Dec, 13:19

Market Cap ₹109248 Cr.

Stock P/E 77.6

P/B 14.3

Current Price ₹1502

Book Value ₹ 104.9

Face Value 2

52W High ₹1648.4

Dividend Yield 0.6%

52W Low ₹ 1032.8

Edit Ratio

United Spirits Research see more...

Overview Inc. Year: 1999Industry: Breweries & Distilleries

United Spirits Limited is an India-based organization, which is engaged within the business of manufacture, buy and sale of beverage alcohol and other allied spirits, thru tie-up production devices and through strategic franchising of its manufacturers in certain states. The Company manufacture, promote and distribute a group of manufacturers, along with Johnnie Walker, Black Dog, Black & White, Vat sixty nine, Antiquity, Signature, Royal Challenge, McDowell's No1, Smirnoff, and Captain Morgan.

United Spirits Share Price

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Price

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Quarterly Price

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Peer Comparison

United Spirits Quarterly Results

#(Fig in Cr.)	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
Net Sales	7131	8283	6610	5792	5808	6737	6962	6511	6238	6672
Other Income	26	8	21	18	22	40	52	111	35	54
Total Income	7158	8290	6631	5810	5830	6777	7014	6622	6273	6726
Total Expenditure	6759	7845	6238	5557	5095	6269	6476	6177	5525	6170
Operating Profit	399	445	393	253	735	508	539	445	748	556
Interest	23	21	24	36	4	27	16	29	22	25
Depreciation	83	66	65	69	74	66	63	73	72	69
Exceptional Income / Expenses	-38	382	-149	-18	-17	31	0	-31	0	0
Profit Before Tax	255	740	155	130	640	446	459	312	654	462
Provision for Tax	-7	191	-59	28	162	107	109	71	168	119
Profit After Tax	261	548	214	102	478	339	350	241	486	343
Adjustments	5	5	-0	0	-1	0	-0	0	-1	-2
Profit After Adjustments	266	553	214	102	477	339	350	241	485	341
Adjusted Earnings Per Share	3.7	7.6	2.9	1.4	6.6	4.7	4.8	3.3	6.7	4.7

United Spirits Profit & Loss

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Net Sales	8819	8463	8495	8818	8591	9341	9325	8131	9712	10612	11321	26383
Other Income	637	54	44	105	219	69	79	40	48	73	225	252
Total Income	9456	8516	8539	8923	8810	9410	9404	8171	9761	10685	11546	26635
Total Expenditure	9145	8436	7530	7828	7383	7947	7810	7079	8117	9195	9320	24348
Operating Profit	311	81	1008	1095	1426	1463	1594	1092	1644	1490	2226	2288
Interest	1343	687	457	375	278	237	212	188	88	104	76	92
Depreciation	134	194	157	189	192	215	285	299	304	282	275	277
Exceptional Income / Expenses	0	-1081	-27	-368	-45	3	67	-64	-165	176	-17	-31
Profit Before Tax	-1166	-1881	366	163	912	1012	1160	540	1087	1279	1857	1887
Provision for Tax	275	49	223	70	260	328	540	178	276	153	449	467
Profit After Tax	-1441	-1929	143	93	652	684	621	362	811	1126	1408	1420
Adjustments	-3048	242	-5	7	-18	17	38	22	18	11	0	-3
Profit After Adjustments	-4489	-1688	138	100	634	700	659	384	829	1137	1408	1417
Adjusted Earnings Per Share	-61.8	-23.2	1.9	1.4	8.7	9.6	9.1	5.3	11.4	15.7	19.4	19.5

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	7%	12%	4%	3%
Operating Profit CAGR	49%	27%	9%	22%
PAT CAGR	25%	57%	16%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	43%	17%	21%	10%
ROE Average	21%	20%	17%	2%
ROCE Average	29%	26%	23%	15%

United Spirits Balance Sheet

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Shareholder's Funds	3032	660	1635	1786	2419	3090	3728	4120	4954	6001	7121
Minority's Interest	1	1	6	-3	14	-3	-41	-61	-79	0	0
Borrowings	997	1117	731	870	763	780	15	2	1	0	0
Other Non-Current Liabilities	305	100	-83	-134	-119	-237	-3	-33	50	-20	48
Total Current Liabilities	10426	5923	5838	6182	5818	6144	4994	5365	3838	3623	3903
Total Liabilities	14761	7801	8139	8718	8894	9775	8692	9393	8764	9604	11072
Fixed Assets	5700	1921	1887	1917	1791	1841	1956	1886	1855	1509	1421
Other Non-Current Assets	2074	1017	965	1052	1301	1714	1866	1677	1745	1861	2274
Total Current Assets	6987	4863	5258	5625	5660	6220	4870	5830	5163	6234	7377
Total Assets	14761	7801	8139	8718	8894	9775	8692	9393	8764	9604	11072

United Spirits Cash Flow

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Opening Cash & Cash Equivalents	175	606	268	129	79	142	216	66	78	55	115
Cash Flow from Operating Activities	-552	-196	283	647	925	948	783	1818	977	615	1118
Cash Flow from Investing Activities	-252	3877	751	-227	104	-66	-194	-99	-313	-55	226
Cash Flow from Financing Activities	1235	-4002	-1160	-470	-966	-808	-740	-1707	-688	-500	-407
Net Cash Inflow / Outflow	431	-321	-126	-50	63	75	-150	12	-23	60	937
Closing Cash & Cash Equivalent	606	263	129	79	142	216	66	78	55	115	1052

United Spirits Ratios

#	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Earnings Per Share (Rs)	-61.78	-23.23	1.9	1.38	8.72	9.64	9.07	5.28	11.41	15.68	19.42
CEPS(Rs)	-17.98	-23.89	4.14	3.88	11.62	12.36	12.47	9.1	15.34	19.42	23.21
DPS(Rs)	0	0	0	0	0	0	0	0	0	0	9
Book NAV/Share(Rs)	41.73	9.08	22.5	24.52	33.3	42.47	51.23	56.61	68.19	82.76	98.21
Core EBITDA Margin(%)	-1.49	0.13	4.03	3.84	4.55	4.83	5.26	3.84	5.14	5.09	7.69
EBIT Margin(%)	0.8	-5.54	3.44	2.09	4.48	4.33	4.76	2.65	3.78	4.97	7.43
Pre Tax Margin(%)	-5.32	-8.73	1.53	0.63	3.43	3.5	4.03	1.97	3.5	4.6	7.14
PAT Margin (%)	-6.57	-8.96	0.6	0.36	2.45	2.37	2.15	1.32	2.61	4.05	5.41
Cash Profit Margin (%)	-5.96	-8.06	1.26	1.09	3.18	3.11	3.14	2.41	3.59	5.06	6.47
ROA(%)	-9.24	-17.1	1.8	1.1	7.4	7.32	6.72	4	8.93	12.26	13.62
ROE(%)	-37.69	-104.53	12.5	5.44	31.04	24.84	18.23	9.24	17.88	20.56	21.46
ROCE(%)	1.46	-14.05	14.29	9.11	20.21	21.14	22.73	13.11	22.82	24.48	29.4
Receivable days	38.97	34.04	30.93	37.25	38.93	33.21	30.56	29.76	26.8	31.54	38.51
Inventory Days	45.33	39.78	28.3	27.49	26.44	24.36	24.45	26.49	24.73	28.78	30.11
Payable days	185.1	141.3	111.05	131.65	181.43	171.99	134.68	162.09	159.26	145.39	168.15
PER(x)	0	0	262.61	315.5	71.66	57.38	53.48	105.38	77.83	48.23	58.41
Price/Book(x)	12.66	80.67	22.22	17.73	18.77	13.02	9.47	9.83	13.02	9.14	11.55
Dividend Yield(%)	0	0	0	0	0	0	0	0	0	0	0.79
EV/Net Sales(x)	5.21	6.83	4.76	4.04	5.66	4.58	4.03	5.07	6.67	5.08	7.15
EV/Core EBITDA(x)	148.08	716.37	40.09	32.56	34.07	29.24	23.55	37.73	39.41	36.21	36.38
Net Sales Growth(%)	1.5	-4.03	-9	3.8	-2.57	8.73	-0.16	-12.8	19.44	9.26	6.68
EBIT Growth(%)	-78.62	-776.72	186.88	-34.7	121.14	5.01	9.88	-46.98	61.43	17.74	39.77
PAT Growth(%)	-331.49	-33.9	108.5	-35.15	600.97	4.86	-9.22	-41.65	123.86	38.91	25.04
EPS Growth(%)	-3891.9	62.4	108.2	-27.62	533.18	10.48	-5.9	-41.78	116.01	37.5	23.83
Debt/Equity(x)	2.74	7.56	2.6	2.33	1.41	0.93	0.64	0.21	0.07	0	0
Current Ratio(x)	0.67	0.82	0.9	0.91	0.97	1.01	0.98	1.09	1.35	1.72	1.89
Quick Ratio(x)	0.39	0.52	0.57	0.6	0.64	0.7	0.59	0.7	0.78	1.11	1.36
Interest Cover(x)	0.13	-1.74	1.8	1.43	4.29	5.27	6.47	3.88	13.35	13.3	25.43
Total Debt/Mcap(x)	0.22	0.09	0.12	0.13	0.08	0.07	0.07	0.02	0.01	0	0

United Spirits Shareholding Pattern

#	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
Promoter	56.73	56.73	56.73	56.68	56.68	56.67	56.67	56.67	56.67	56.67
FII	16.76	16.07	15.97	15.38	15.92	16.51	16.23	16.68	15.1	16.11
DII	10.86	11.61	12.1	12.71	12.64	12.32	12.5	12.28	14	13.16
Public	15.65	15.58	15.2	15.23	14.77	14.5	14.59	14.37	14.22	14.05
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
Promoter	41.22	41.22	41.22	41.22	41.22	41.22	41.22	41.22	41.22	41.22
FII	12.18	11.68	11.61	11.19	11.58	12.01	11.8	12.13	10.98	11.72
DII	7.89	8.44	8.79	9.24	9.19	8.96	9.1	8.93	10.19	9.57
Public	11.37	11.32	11.04	11.08	10.74	10.54	10.61	10.45	10.34	10.22
Others	0	0	0	0	0	0	0	0	0	0
Total	72.66	72.66	72.66	72.74	72.74	72.74	72.74	72.74	72.74	72.74

Pros

Company is almost debt free.

Cons

Debtor days have increased from 145.39 to 168.15days.
Stock is trading at 14.3 times its book value.

* 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.