BSE: 532432 | NSE: UNITDSPR | Breweries & Distilleries | Mid Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that United Spirits Ltd is a good quality company.
The key valuation ratios of United Spirits Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of United Spirits Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | -14.1% | 14.3% | 9.1% | 20.2% | 21.1% | 22.7% | 13.1% | 22.8% | 24.5% | 29.4% | - |
| Value Creation Index ⓘ | -2.3 | 0.3 | -0.2 | 0.8 | 0.9 | 1.0 | 0.2 | 1.0 | 1.2 | 1.6 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 8,463 | 8,495 | 8,818 | 8,591 | 9,341 | 9,325 | 8,131 | 9,712 | 10,612 | 11,321 | 26,383 |
| Sales YoY Gr. | - | 0.4% | 3.8% | -2.6% | 8.7% | -0.2% | -12.8% | 19.4% | 9.3% | 6.7% | - |
| Adj EPS ⓘ | -21.7 | 2.2 | 3.7 | 7 | 9.2 | 8.1 | 5.5 | 12.5 | 13.8 | 19.4 | 19.5 |
| YoY Gr. | - | NA | 72.4% | 86.6% | 31.8% | -12% | -31.7% | 126.8% | 9.7% | 41.4% | - |
| BVPS (₹) ⓘ | 9.1 | 22.5 | 24.5 | 33.3 | 42.5 | 51.2 | 56.6 | 68.2 | 82.8 | 98.2 | 104.9 |
| Adj Net Profit ⓘ | -1,578 | 158 | 272 | 507 | 669 | 588 | 402 | 911 | 1,000 | 1,414 | 1,417 |
| Cash Flow from Ops. ⓘ | -196 | 283 | 647 | 925 | 948 | 783 | 1,818 | 977 | 615 | 1,118 | - |
| Debt/CF from Ops. ⓘ | -25.4 | 15 | 6.4 | 3.7 | 3 | 3 | 0.5 | 0.4 | 0 | 0 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 3.3% | 3.9% | 11.7% | 6.7% | ||||
| Adj EPS ⓘ | NA | 16.1% | 52.1% | 41.4% | ||||
| BVPSⓘ | 30.3% | 18.3% | 20.2% | 18.7% | ||||
| Share Price | 10.7% | 19.6% | 17.5% | 41.8% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -85.5 | 13.8 | 15.9 | 24.1 | 24.3 | 17.3 | 10.2 | 20.1 | 18.3 | 21.6 | 19.2 |
| Op. Profit Mgn % ⓘ | 6.7 | 11.6 | 11.4 | 14.1 | 14.9 | 16.3 | 13 | 16.4 | 13.4 | 17.7 | 7.7 |
| Net Profit Mgn % ⓘ | -18.6 | 1.9 | 3 | 6.1 | 7 | 5.9 | 4.7 | 9.2 | 9.3 | 12.5 | 5.4 |
| Debt to Equity ⓘ | 7.6 | 2.6 | 2.3 | 1.4 | 0.9 | 0.6 | 0.2 | 0.1 | 0 | 0 | 0 |
| Working Cap Days ⓘ | 112 | 83 | 86 | 89 | 89 | 89 | 92 | 81 | 88 | 101 | 53 |
| Cash Conv. Cycle ⓘ | 25 | 16 | 7 | -6 | -14 | -9 | -18 | -19 | -10 | -12 | 26 |
Sales growth is growing at healthy rate in last 3 years 11.66%
Net Profit is growing at healthy rate in last 3 years 52.05%
Return on Equity has declined versus last 3 years average to 19.20%
Sales growth is not so good in last 4 quarters at 6.05%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 18.8 | 19.5 |
| TTM Sales (₹ Cr.) | 25,843 | 26,383 |
| BVPS (₹.) ⓘ | 99.6 | 104.9 |
| Reserves (₹ Cr.) ⓘ | 7,102 | 7,487 |
| P/BV ⓘ | 14.91 | 14.16 |
| PE ⓘ | 79.11 | 76.26 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 1031.85 / 1648.40 |
| All Time Low / High (₹) | 5.65 / 1648.40 |
| Market Cap (₹ Cr.) | 1,08,073 |
| Equity (₹ Cr.) | 145.5 |
| Face Value (₹) | 2 |
| Industry PE ⓘ | 77.1 |
| Pledged * | 1.19 | 1.19 | 1.19 | 1.19 | 1.19 | 1.18 | 1.18 | 1.18 | 1.18 | 1.18 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 8,463 | 8,495 | 8,818 | 8,591 | 9,341 | 9,325 | 8,131 | 9,712 | 10,612 | 11,321 |
| Operating Expenses ⓘ | 8,436 | 7,530 | 7,828 | 7,383 | 7,947 | 7,810 | 7,079 | 8,117 | 9,195 | 9,320 |
| Manufacturing Costs | 1,831 | 2,157 | 2,188 | 1,961 | 2,027 | 1,904 | 1,809 | 2,141 | 2,073 | 2,243 |
| Material Costs | 2,952 | 2,963 | 3,110 | 2,665 | 3,006 | 3,534 | 2,946 | 3,437 | 4,224 | 4,056 |
| Employee Cost | 674 | 680 | 688 | 681 | 690 | 530 | 556 | 653 | 610 | 547 |
| Other Costs ⓘ | 2,978 | 1,731 | 1,842 | 2,077 | 2,224 | 1,843 | 1,767 | 1,886 | 2,288 | 2,474 |
| Operating Profit ⓘ | 27 | 965 | 989 | 1,207 | 1,394 | 1,516 | 1,053 | 1,595 | 1,417 | 2,001 |
| Operating Profit Margin (%) | 0.3% | 11.4% | 11.2% | 14.1% | 14.9% | 16.3% | 12.9% | 16.4% | 13.4% | 17.7% |
| Other Income ⓘ | 54 | 44 | 105 | 219 | 69 | 79 | 40 | 48 | 73 | 225 |
| Interest ⓘ | 687 | 457 | 375 | 278 | 237 | 212 | 188 | 88 | 104 | 76 |
| Depreciation ⓘ | 194 | 157 | 189 | 192 | 215 | 285 | 299 | 304 | 282 | 275 |
| Exceptional Items ⓘ | -1,081 | -27 | -368 | -45 | 3 | 67 | -64 | -165 | 176 | -17 |
| Profit Before Tax ⓘ | -1,881 | 366 | 163 | 912 | 1,012 | 1,160 | 540 | 1,087 | 1,279 | 1,857 |
| Tax ⓘ | 49 | 223 | 70 | 260 | 328 | 540 | 178 | 276 | 153 | 449 |
| Profit After Tax | -1,929 | 143 | 93 | 652 | 684 | 621 | 362 | 811 | 1,126 | 1,408 |
| PAT Margin (%) | -22.8% | 1.7% | 1.1% | 7.6% | 7.3% | 6.7% | 4.5% | 8.3% | 10.6% | 12.4% |
| Adjusted EPS (₹) | -23.2 | 1.9 | 1.4 | 8.7 | 9.6 | 9.1 | 5.3 | 11.4 | 15.7 | 19.4 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 46% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 660 | 1,635 | 1,782 | 2,419 | 3,085 | 3,722 | 4,113 | 4,954 | 6,000 | 7,120 |
| Share Capital ⓘ | 145 | 145 | 145 | 145 | 145 | 145 | 145 | 145 | 145 | 145 |
| Reserves ⓘ | 514 | 1,489 | 1,636 | 2,274 | 2,940 | 3,577 | 3,968 | 4,809 | 5,855 | 6,975 |
| Minority Interest | 1 | 6 | -3 | 14 | -3 | -41 | -61 | -79 | 0 | 0 |
| Debt | 4,771 | 3,727 | 3,777 | 3,064 | 2,870 | 1,621 | 877 | 340 | 0 | 25 |
| Long Term Debt | 1,117 | 731 | 870 | 763 | 780 | 15 | 2 | 1 | 0 | 0 |
| Short Term Debt | 3,654 | 2,997 | 2,907 | 2,301 | 2,089 | 1,606 | 875 | 339 | 0 | 25 |
| Trade Payables | 800 | 1,019 | 1,225 | 1,425 | 1,408 | 1,199 | 1,417 | 1,582 | 1,783 | 1,954 |
| Others Liabilities ⓘ | 1,570 | 1,753 | 1,937 | 1,973 | 2,415 | 2,191 | 3,047 | 1,966 | 1,821 | 1,973 |
| Total Liabilities ⓘ | 7,801 | 8,139 | 8,718 | 8,894 | 9,775 | 8,692 | 9,393 | 8,764 | 9,604 | 11,072 |
Fixed Assets | ||||||||||
| Gross Block | 2,915 | 2,039 | 2,300 | 2,395 | 2,574 | 2,948 | 3,101 | 2,997 | 2,915 | 2,866 |
| Accumulated Depreciation | 994 | 152 | 383 | 604 | 732 | 992 | 1,216 | 1,108 | 1,406 | 1,425 |
| Net Fixed Assetsⓘ | 1,921 | 1,887 | 1,917 | 1,791 | 1,841 | 1,956 | 1,886 | 1,889 | 1,509 | 1,441 |
| CWIP ⓘ | 114 | 282 | 199 | 102 | 118 | 121 | 97 | 96 | 83 | 37 |
| Investmentsⓘ | 216 | 9 | 0 | 0 | 25 | 22 | 0 | 222 | 286 | 645 |
| Inventories | 1,758 | 1,952 | 1,928 | 1,920 | 1,934 | 1,928 | 2,052 | 2,157 | 2,230 | 2,063 |
| Trade Receivables | 1,752 | 2,303 | 2,953 | 2,711 | 2,543 | 2,284 | 2,187 | 2,374 | 2,434 | 3,056 |
| Cash Equivalents | 363 | 137 | 87 | 256 | 283 | 74 | 84 | 60 | 883 | 1,269 |
| Others Assetsⓘ | 1,677 | 1,569 | 1,634 | 2,114 | 3,030 | 2,309 | 3,088 | 1,966 | 2,179 | 2,561 |
| Total Assets ⓘ | 7,801 | 8,139 | 8,718 | 8,894 | 9,775 | 8,692 | 9,393 | 8,764 | 9,604 | 11,072 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | -196 | 283 | 647 | 925 | 948 | 783 | 1,818 | 977 | 615 | 1,118 |
| PBT ⓘ | -1,635 | 366 | 163 | 912 | 1,012 | 1,160 | 540 | 1,087 | 1,279 | 1,857 |
| Adjustment ⓘ | 2,347 | 686 | 546 | 460 | 558 | 375 | 581 | 553 | 169 | 243 |
| Changes in Working Capital ⓘ | -766 | -579 | 138 | -34 | 217 | -170 | 804 | -205 | -565 | -645 |
| Tax Paid ⓘ | -141 | -191 | -200 | -413 | -837 | -583 | -107 | -457 | -268 | -337 |
| Cash Flow From Investing Activity ⓘ | 3,877 | 751 | -227 | 104 | -66 | -194 | -99 | -313 | -55 | 226 |
| Capex | -207 | -258 | -258 | -30 | -77 | -200 | -138 | -96 | -110 | -79 |
| Net Investments | 0 | 824 | 11 | 109 | -27 | 0 | -2 | -222 | 8 | 257 |
| Others ⓘ | 4,084 | 186 | 20 | 26 | 38 | 6 | 41 | 5 | 47 | 48 |
| Cash Flow From Financing Activityⓘ | -4,002 | -1,160 | -470 | -966 | -808 | -740 | -1,707 | -688 | -500 | -407 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 452 | -42 | 0 | 0 | 0 | 0 | -750 | 0 | -1 | -1 |
| Interest Paid ⓘ | -720 | -460 | -375 | -253 | -229 | -181 | -142 | -50 | -36 | -21 |
| Dividend Paid ⓘ | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -284 |
| Others ⓘ | -3,732 | -658 | -95 | -713 | -579 | -559 | -815 | -638 | -463 | -101 |
| Net Cash Flow ⓘ | -321 | -126 | -50 | 63 | 75 | -150 | 12 | -23 | 60 | 937 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -104.53 | 12.5 | 5.44 | 31.04 | 24.84 | 18.23 | 9.24 | 17.88 | 20.56 | 21.46 |
| ROCE (%) | -14.05 | 14.29 | 9.11 | 20.21 | 21.14 | 22.73 | 13.11 | 22.82 | 24.48 | 29.4 |
| Asset Turnover Ratio | 1.91 | 3 | 3.06 | 3.02 | 3.09 | 3.12 | 3.03 | 3.42 | 3.03 | 2.52 |
| PAT to CFO Conversion(x) | N/A | 1.98 | 6.96 | 1.42 | 1.39 | 1.26 | 5.02 | 1.2 | 0.55 | 0.79 | Working Capital Days |
| Receivable Days | 34 | 31 | 37 | 39 | 33 | 31 | 30 | 27 | 32 | 39 |
| Inventory Days | 40 | 28 | 27 | 26 | 24 | 24 | 26 | 25 | 29 | 30 |
| Payable Days | 141 | 111 | 132 | 181 | 172 | 135 | 162 | 159 | 145 | 168 |
United Spirits (USL), is the largest spirits company in
United Spirits represents the merged entities of the erstwhile McDowell & Co. Limited, Phipson Distillery Limited, United Spirits Limited, Herbertsons Limited, Triumph Distillers and Vintners Private Limited, Baramati Grape Industries Limited, United Distillers India Limited, McDowell International Brands Limited, Shaw Wallace Distilleries Limited and Shaw Wallace & Company Limited. The erstwhile McDowell & Co. Limited was first established as a proprietary business in 1826.
United Spirits acquired Andhra Pradesh (AP)–based, Tern Distilleries, in 2009, in a bid to augment its primary distillation capacity. This is the company's third manufacturing unit in the region given that one fifth of USL's sales volumes come from AP.
USL acquired Balaji Distilleries Limited in December 2010. This acquisition gave the company the strategic advantage to consolidate the Group's leadership position in a critical, large and growing State like Tamil Nadu.
USL's technical centre is located in
The company has received recognition for its quality products from independent jury such as International Wine & Spirits Competition (UK), International Spirits Challenge (UK), World Beverage Competition (US), Monde Quality Institute (
Its brands include Black Dog 12 YO Deluxe Scotch Whisky, Black Dog Centenary Scotch Whisky, Antiquity Blue Whisky, Antiquity Rare Whisky, Signature Whisky, Single Malt Whisky, DSP Black Whisky, Celebration Rum, McDowell's No.1 Brandy, White Mischief Vodka, Premium Romanov and Blue Riband Gin.
United Spirits acquired leading distiller of Scotch whisky Whyte & Mackay and Bouvet Ladubay, a wine subsidiary of French champagne company Taittinger. Whyte & Mackay and Bouvet Ladubay are now 100% subsidiaries making United Spirits a manufacturer of 17 millionaire brands.
Awards and Recognition
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MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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