United Spirits

₹1564.1 -0.3 | 0%

WEBSITE BSE:532432 NSE : UNITDSPR 26 Dec, 16:01

Market Cap ₹113761 Cr.

Stock P/E 80.8

P/B 15.7

Current Price ₹1564.1

Book Value ₹ 99.6

Face Value 2

52W High ₹1648.4

Dividend Yield 0.58%

52W Low ₹ 1055.7

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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Volume

Price

Price: NSE50 DMA200 DMAVolume

Quarterly Price

Quarterly Monthly

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Peer Comparison

United Spirits Quarterly Results

#(Fig in Cr.)	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018
Net Sales	6485	5817	6215	7137	6900
Other Income	19	31	31	24	121
Total Income	6504	5848	6245	7161	7021
Total Expenditure	6224	5659	5897	6865	6625
Operating Profit	279	188	348	296	397
Interest	85	70	66	66	61
Depreciation	42	32	33	34	37
Exceptional Income / Expenses	-291	-1	-14	-13	37
Profit Before Tax	-139	85	235	184	336
Provision for Tax	-34	22	82	49	125
Profit After Tax	-104	63	153	135	211
Adjustments	104	-63	-153	-135	-211
Profit After Adjustments	0	0	0	0	0
Adjusted Earnings Per Share	-1.4	0.9	2.1	1.9	2.9

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	8517	8049	8248	8548	8170	8981	9091	7889	9424	10374	10692	26069
Other Income	149	160	106	111	206	95	98	48	47	74	335	207
Total Income	8665	8209	8354	8659	8376	9076	9189	7937	9470	10448	11027	26275
Total Expenditure	8674	7563	7362	7577	7142	7693	7637	6902	7926	8955	8984	25046
Operating Profit	-8	646	992	1082	1234	1383	1552	1036	1544	1493	2043	1229
Interest	613	593	447	369	268	220	191	166	88	104	76	263
Depreciation	86	110	102	132	135	145	228	249	289	271	264	136
Exceptional Income / Expenses	-4322	-1872	-128	-326	9	-27	1	-151	-156	171	-17	9
Profit Before Tax	-5028	-1928	316	255	840	991	1135	469	1012	1289	1686	840
Provision for Tax	75	28	194	85	279	333	430	159	161	237	374	278
Profit After Tax	-5103	-1956	122	170	562	659	705	310	851	1052	1312	562
Adjustments	0	0	0	0	0	0	0	0	0	0	0	-562
Profit After Adjustments	-5103	-1956	122	170	562	659	705	310	851	1052	1312	0
Adjusted Earnings Per Share	-70.2	-26.9	1.7	2.3	7.7	9.1	9.7	4.3	11.7	14.5	18.1	7.8

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	3%	11%	4%	2%
Operating Profit CAGR	37%	25%	8%	0%
PAT CAGR	25%	62%	15%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	45%	21%	22%	11%
ROE Average	20%	20%	17%	-2%
ROCE Average	27%	25%	22%	10%

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	3814	1942	1714	1938	2504	3132	3810	4127	4892	5944	6963
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	1359	1510	706	857	753	764	0	0	1	0	0
Other Non-Current Liabilities	66	23	-77	-82	-34	-136	-32	-71	6	-65	-25
Total Current Liabilities	5536	5456	5696	5960	5462	5671	5803	4942	5024	3535	3627
Total Liabilities	10776	8931	8039	8672	8684	9431	9581	8997	9924	9414	10565
Fixed Assets	1188	1069	1076	1187	1002	1128	1335	1301	1487	1182	1106
Other Non-Current Assets	4557	3201	1863	1801	2149	2439	2279	1870	1904	2010	2441
Total Current Assets	5031	4660	5093	5653	5391	5863	5968	5826	6533	6222	7018
Total Assets	10776	8931	8039	8672	8684	9431	9581	8997	9924	9414	10565

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	77	398	182	5	44	112	51	27	49	27	81
Cash Flow from Operating Activities	-384	97	227	673	946	858	667	1728	911	576	912
Cash Flow from Investing Activities	-782	-103	705	-89	155	-7	27	13	-246	-22	467
Cash Flow from Financing Activities	1488	-200	-1109	-545	-1033	-912	-717	-1720	-688	-500	-439
Net Cash Inflow / Outflow	322	-206	-177	39	68	-61	-24	22	-22	54	940
Closing Cash & Cash Equivalent	398	186	5	44	112	51	27	49	27	81	1021

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)	-70.22	-26.93	1.68	2.34	7.73	9.07	9.7	4.27	11.71	14.51	18.1
CEPS(Rs)	-69.05	-25.41	3.08	4.16	9.59	11.05	12.83	7.7	15.68	18.25	21.74
DPS(Rs)	0	0	0	0	0	0	0	0	0	0	9
Book NAV/Share(Rs)	52.49	26.73	23.59	26.62	34.46	43.04	52.36	56.71	67.34	81.97	96.03
Core EBITDA Margin(%)	-0.75	2.36	3.78	3.82	3.94	4.52	5.09	3.63	4.87	5.15	6.73
EBIT Margin(%)	-21.2	-6.48	3.25	2.46	4.25	4.25	4.64	2.34	3.57	5.05	6.94
Pre Tax Margin(%)	-24.14	-9.36	1.35	1	3.22	3.48	3.97	1.73	3.29	4.67	6.64
PAT Margin (%)	-24.5	-9.5	0.52	0.67	2.15	2.31	2.46	1.14	2.77	3.81	5.17
Cash Profit Margin (%)	-24.09	-8.96	0.95	1.19	2.67	2.82	3.26	2.06	3.7	4.8	6.21
ROA(%)	-42.71	-19.86	1.44	2.03	6.47	7.27	7.41	3.34	8.99	10.88	13.13
ROE(%)	-99.99	-67.97	6.67	9.32	25.32	23.39	20.34	7.83	18.88	19.42	20.33
ROCE(%)	-45.31	-16.71	11.57	10.48	18.88	21.13	22.86	12.02	22.18	24.92	27.3
Receivable days	30.52	30.64	31.6	37.9	39.63	33.4	30.65	29.84	26.46	31	36.99
Inventory Days	25.04	27.37	26.89	26.97	26.06	23.98	23.7	25.63	24.58	29.08	30.86
Payable days	109.87	93.08	101.6	128.44	178.69	166.12	129.75	157.45	154.83	140.84	160.41
PER(x)	0	0	297.93	185.88	80.86	61	50.01	130.27	75.79	52.13	62.68
Price/Book(x)	10.06	27.39	21.19	16.33	18.14	12.85	9.26	9.81	13.18	9.23	11.81
Dividend Yield(%)	0	0	0	0	0	0	0	0	0	0	0.79
EV/Net Sales(x)	5.02	7.24	4.91	4.16	5.94	4.75	4.1	5.19	6.88	5.2	7.58
EV/Core EBITDA(x)	-5313.3	90.19	40.83	32.87	39.35	30.88	24.03	39.52	41.96	36.16	39.66
Net Sales Growth(%)	1.58	-5.49	2.47	3.63	-4.42	9.92	1.23	-13.22	19.45	10.08	3.07
EBIT Growth(%)	-487.24	69.76	157.1	-18.21	77.65	9.35	9.41	-52.11	73.2	26.69	26.49
PAT Growth(%)	-1690.68	61.66	106.23	39.38	230.61	17.25	7	-55.97	174.22	23.63	24.71
EPS Growth(%)	-1531.61	61.66	106.23	39.38	230.61	17.25	7	-55.97	174.22	23.89	24.72
Debt/Equity(x)	1.28	2.74	2.45	2.09	1.3	0.83	0.55	0.13	0.07	0	0
Current Ratio(x)	0.91	0.85	0.89	0.95	0.99	1.03	1.03	1.18	1.3	1.76	1.93
Quick Ratio(x)	0.63	0.57	0.56	0.64	0.64	0.7	0.71	0.78	0.87	1.13	1.37
Interest Cover(x)	-7.2	-2.25	1.71	1.69	4.14	5.51	6.95	3.83	12.49	13.39	23.18
Total Debt/Mcap(x)	0.13	0.1	0.12	0.13	0.07	0.06	0.06	0.01	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 140.84 to 160.41days.
Stock is trading at 15.7 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.