United Spirits

₹1198.4 3.8 | 0.3%

WEBSITE BSE:532432 NSE : UNITDSPR 10 May, 16:01

Market Cap ₹87166 Cr.

Stock P/E 68.7

P/B 12.2

Current Price ₹1198.4

Book Value ₹ 98.5

Face Value 2

52W High ₹1245.2

Dividend Yield 0%

52W Low ₹ 781

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.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	8209	8917	7767	7131	8283	6610	5792	5808	6737	6962
Other Income	4	0	24	26	8	21	18	22	40	52
Total Income	8213	8917	7791	7158	8290	6631	5810	5830	6777	7014
Total Expenditure	7740	8399	7336	6759	7845	6238	5556	5095	6270	6476
Operating Profit	473	519	456	399	445	393	254	735	507	539
Interest	7	39	17	23	21	24	36	4	26	16
Depreciation	76	76	77	83	66	65	69	74	65	63
Exceptional Income / Expenses	1	0	-120	-38	382	-149	-18	-17	31	0
Profit Before Tax	390	404	241	255	740	155	131	640	446	459
Provision for Tax	104	109	63	-7	191	-59	28	162	106	109
Profit After Tax	286	295	179	261	548	214	103	477	340	350
Adjustments	5	4	3	5	5	-0	-0	-1	-0	-0
Profit After Adjustments	292	300	182	266	553	214	103	477	339	350
Adjusted Earnings Per Share	4	4.1	2.5	3.7	7.6	2.9	1.4	6.6	4.7	4.8

United Spirits Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	10499	10615	9335	8495	8818	8591	9341	9325	8131	9712	10612	25299
Other Income	156	686	81	44	105	219	69	79	40	48	85	132
Total Income	10655	11301	9416	8539	8923	8810	9410	9404	8171	9761	10697	25431
Total Expenditure	9408	10753	9302	7530	7828	7383	7947	7810	7079	8117	9207	23397
Operating Profit	1247	548	114	1008	1095	1426	1463	1594	1092	1644	1490	2035
Interest	985	1323	687	457	375	278	237	212	188	88	104	82
Depreciation	178	203	223	157	189	192	215	285	299	304	283	271
Exceptional Income / Expenses	-11	-3236	-839	-27	-368	-45	3	67	-64	-165	176	-4
Profit Before Tax	73	-4213	-1635	366	163	912	1012	1160	540	1087	1279	1676
Provision for Tax	178	276	52	223	70	260	328	540	178	276	153	405
Profit After Tax	-105	-4489	-1687	143	93	652	684	621	362	811	1126	1270
Adjustments	4	-0	-0	-5	7	-18	17	38	22	18	11	-1
Profit After Adjustments	-101	-4489	-1688	138	100	634	700	659	384	829	1136	1269
Adjusted Earnings Per Share	-1.5	-61.8	-23.2	1.9	1.4	8.7	9.6	9.1	5.3	11.4	15.6	17.5

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	9%	4%	4%	0%
Operating Profit CAGR	-9%	-2%	1%	2%
PAT CAGR	39%	22%	12%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	51%	30%	17%	8%
ROE Average	21%	16%	18%	-6%
ROCE Average	24%	20%	21%	11%

United Spirits Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	4787	3032	660	1635	1786	2419	3090	3728	4120	4954	6000
Minority's Interest	11	1	1	6	-3	14	-3	-41	-61	-79	0
Borrowings	4676	997	1117	731	870	763	780	15	2	1	0
Other Non-Current Liabilities	373	305	100	-83	-134	-119	-237	-3	-33	50	-20
Total Current Liabilities	6577	10426	5923	5838	6182	5818	6144	4994	5365	3838	3624
Total Liabilities	16424	14761	7801	8139	8718	8894	9775	8692	9393	8764	9604
Fixed Assets	7869	5700	1921	1887	1917	1791	1841	1956	1886	1855	1509
Other Non-Current Assets	2254	2074	1017	965	1052	1301	1714	1866	1677	1745	1861
Total Current Assets	6124	6987	4863	5258	5625	5660	6220	4870	5830	5163	6235
Total Assets	16424	14761	7801	8139	8718	8894	9775	8692	9393	8764	9604

United Spirits Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	319	175	606	268	129	79	142	216	66	78	55
Cash Flow from Operating Activities	1969	-552	-196	283	647	925	948	783	1818	977	615
Cash Flow from Investing Activities	-1121	-252	3877	751	-227	104	-66	-194	-99	-313	-53
Cash Flow from Financing Activities	-992	1235	-4002	-1160	-470	-966	-808	-740	-1707	-688	-501
Net Cash Inflow / Outflow	-145	431	-321	-126	-50	63	75	-150	12	-23	61
Closing Cash & Cash Equivalent	175	606	263	129	79	142	216	66	78	55	115

United Spirits Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	-1.55	-61.78	-23.23	1.9	1.38	8.72	9.64	9.07	5.28	11.41	15.62
CEPS(Rs)	1.12	-58.99	-20.15	4.14	3.88	11.62	12.36	12.47	9.1	15.34	19.36
DPS(Rs)	0.5	0	0	0	0	0	0	0	0	0	0
Book NAV/Share(Rs)	70.57	41.73	9.08	22.5	24.52	33.3	42.47	51.23	56.61	68.19	82.46
Core EBITDA Margin(%)	5.03	-0.58	0.15	4.03	3.84	4.55	4.83	5.26	3.84	5.14	5.05
EBIT Margin(%)	4.88	-12.18	-4.23	3.44	2.09	4.48	4.33	4.76	2.65	3.78	4.97
Pre Tax Margin(%)	0.34	-17.76	-7.3	1.53	0.63	3.43	3.5	4.03	1.97	3.5	4.6
PAT Margin (%)	-0.48	-18.92	-7.53	0.6	0.36	2.45	2.37	2.15	1.32	2.61	4.05
Cash Profit Margin (%)	0.34	-18.07	-6.54	1.26	1.09	3.18	3.11	3.14	2.41	3.59	5.06
ROA(%)	-0.65	-28.79	-14.96	1.8	1.1	7.4	7.32	6.72	4	8.93	12.26
ROE(%)	-2.33	-117.4	-91.41	12.5	5.44	31.04	24.84	18.23	9.24	17.88	20.56
ROCE(%)	8.32	-23.89	-11.16	14.29	9.11	20.21	21.14	22.73	13.11	22.82	24.48
Receivable days	35.3	36.02	32.72	30.93	37.25	38.93	33.21	30.56	29.76	26.8	31.54
Inventory Days	44.35	41.9	38.23	28.3	27.49	26.44	24.36	24.45	26.49	24.73	28.78
Payable days	159.62	151.78	123.63	111.05	131.65	181.43	171.99	134.68	162.09	159.26	145.37
PER(x)	0	0	0	262.61	315.5	71.66	57.38	53.48	105.38	77.83	48.42
Price/Book(x)	5.38	12.66	80.67	22.22	17.73	18.77	13.02	9.47	9.83	13.02	9.17
Dividend Yield(%)	0.13	0	0	0	0	0	0	0	0	0	0
EV/Net Sales(x)	3.12	4.33	6.19	4.76	4.04	5.66	4.58	4.03	5.07	6.67	5.1
EV/Core EBITDA(x)	26.29	83.86	506.91	40.09	32.56	34.07	29.24	23.55	37.73	39.41	36.34
Net Sales Growth(%)	13.57	1.11	-12.06	-9	3.8	-2.57	8.73	-0.16	-12.8	19.44	9.26
EBIT Growth(%)	-12.64	-373.18	67.2	186.88	-34.7	121.14	5.01	9.88	-46.98	61.43	17.7
PAT Growth(%)	-156.11	-4173.24	62.41	108.5	-35.15	600.97	4.86	-9.22	-41.65	123.86	38.88
EPS Growth(%)	-153.86	-3891.91	62.4	108.2	-27.62	533.18	10.48	-5.9	-41.78	116.01	36.95
Debt/Equity(x)	1.79	2.74	7.56	2.6	2.33	1.41	0.93	0.64	0.21	0.07	0
Current Ratio(x)	0.93	0.67	0.82	0.9	0.91	0.97	1.01	0.98	1.09	1.35	1.72
Quick Ratio(x)	0.55	0.39	0.52	0.57	0.6	0.64	0.7	0.59	0.7	0.78	1.1
Interest Cover(x)	1.07	-2.19	-1.38	1.8	1.43	4.29	5.27	6.47	3.88	13.35	13.31
Total Debt/Mcap(x)	0.33	0.22	0.09	0.12	0.13	0.08	0.07	0.07	0.02	0.01	0

United Spirits Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	56.73	56.73	56.73	56.73	56.73	56.68	56.68	56.67	56.67	56.67
FII	17.94	17.73	16.76	16.07	15.97	15.38	15.92	16.51	16.23	16.68
DII	10.42	10.42	10.86	11.61	12.1	12.71	12.64	12.32	12.5	12.28
Public	14.92	15.12	15.65	15.58	15.2	15.23	14.77	14.5	14.59	14.37
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	41.22	41.22	41.22	41.22	41.22	41.22	41.22	41.22	41.22	41.22
FII	13.03	12.89	12.18	11.68	11.61	11.19	11.58	12.01	11.8	12.13
DII	7.57	7.57	7.89	8.44	8.79	9.24	9.19	8.96	9.1	8.93
Public	10.84	10.99	11.37	11.32	11.04	11.08	10.74	10.54	10.61	10.45
Others	0	0	0	0	0	0	0	0	0	0
Total	72.66	72.66	72.66	72.66	72.66	72.74	72.74	72.74	72.74	72.74

Pros

Debtor days have improved from 159.26 to 145.37days.
Company has reduced debt.
Company is almost debt free.

Cons

Stock is trading at 12.2 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.