Is United Spirits a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that United Spirits Ltd is a good quality company .

Is United Spirits undervalued or overvalued?

The key valuation ratios of United Spirits Ltd's currently when compared to its past seem to suggest it is in the Fair zone .

What is United Spirits share price return in the past 10 years?

United Spirits Ltd share price has appreciated 10.8% annually (CAGR) over the past ten years.

Is United Spirits a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of United Spirits Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

United Spirits Ltd - Stock Valuation and Financial Performance

Name: United Spirits
Brand: United Spirits

BSE: 532432 | NSE: UNITDSPR | Breweries & Distilleries | Mid Cap

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United Spirits Share Price

₹1,437.65 -18.45 -1.27%
as on 07-Nov'24 00:00

10 Year X-Ray of United Spirits:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Standalone Basis ^P Consolidated Basis ^P

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

	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 ⓘ

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	10.8%	17.9%	12.9%	30.7%

Key Financial Parameters ⓘ

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

Recent Performance Summary

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%

Latest Financials - United Spirits Ltd.

	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 ⓘ	14.40	13.68
PE ⓘ	76.40	73.65

From the Market
52 Week Low / High (₹)	1023.95 / 1648.40
All Time Low / High (₹)	5.65 / 1648.40
Market Cap (₹ Cr.)	1,04,375
Equity (₹ Cr.)	145.5
Face Value (₹)	2
Industry PE ⓘ	77.9

Management X-Ray of United Spirits:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged ^*

1.19

1.18

* Pledged shares as % of Promoter's holding (%)

Valuation of United Spirits

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Price to Earnings

Enterprise Value to EBIT

Price to Book-Value

Price to Sales

Dividend History

Analyst's Notes

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Key Ratios of United Spirits

Standalone Basis Consolidated Basis

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)

Standalone Basis Consolidated Basis

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%

Balance Sheet

(All Figures are in Crores.)

Standalone Basis Consolidated Basis

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

Cash Flow

(All Figures are in Crores.)

Standalone Basis Consolidated Basis

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

Finance Ratio

Standalone Basis Consolidated Basis

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 Ltd Stock News

United Spirits Ltd FAQs

What is the share price of United Spirits?

Company share prices are keep on changing according to the market conditions. The closing price of United Spirits on 07-Nov-2024 00:00 is ₹1,437.7.

What is the market cap of United Spirits?

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 07-Nov-2024 00:00 the market cap of United Spirits stood at ₹1,04,374.9.

What is the P/E ratio of United Spirits?

The latest P/E ratio of United Spirits as of 07-Nov-2024 00:00 is 76.40.

What is the P/B ratio of United Spirits?

The latest P/B ratio of United Spirits as of 07-Nov-2024 00:00 is 14.40.

What is the 52-week high and low of United Spirits?

The 52-week high of United Spirits is ₹1,648.4 and the 52-week low is ₹1,024.

What is the TTM revenue of United Spirits?

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of United Spirits is ₹25,843 ( Cr.) .

About United Spirits Ltd

United Spirits (USL), is the largest spirits company in India and a flagship entity of UB group. It manufactures wide range of whisky, vodka, rum and other spirits. United Spirits is among the top three spirits companies in the world. USL has a global footprint with exports to over 37 countries. It has a sizeable presence in India with distilleries and sales offices all across the country, and a committed team of over 7500 people dedicated to the fulfillment of the company's mission. It has established manufacturing and bottling plants in every state of India. In addition, to deliver its products to customers located anywhere in India, USL has established a robust distribution network covering the whole country.

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)â€“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 Bangalore, which develops new products, conducts research and development, flavour testing and quality management. It has 62 manufacturing units.

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 (Belgium) and Mundusvini (Germany).

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

United Spirits' brand Gilbeyâ€™s Green label is winner of World Star â€™96 award for packaging innovation. It has also received 2 star rating for superior taste from International Taste and Quality Institute (ITOI).
Its brand Antiquity has been a winner of World Star, Asia Star and India Star awards.
White mischief is a market leader with 45% of share in the vodka segment.
Mc Dowellâ€™s Whisky is the world 3rd fastest growing spirit brand.
Mc Dowellâ€™s Single Malt was awarded at International Wine and Spirits Competition.