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United Spirits Ltd share Price Today

Company details

1,245.75
1,301.85
896.40
1,334.85
6M Return 22.58%
1Y Return 44.84%
Mkt Cap.(Cr) 94,435.62
Volume 1,700,427
Div Yield 0.40%
OI
-
OI Chg %
-
Volume 1,700,427

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Brewries & Distilleries company United Spirits announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

Consolidated:

  • Q4FY24 Consolidated net sales value (NSV) was at Rs 2,783 crore, up 11.2% versus same period prior year. This was driven by the growth in the standalone business as well as income from the Indian Premier League.
  • Q4FY24 Consolidated EBITDA was at Rs 334, crore, a growth of 41.6% versus prior year driven by the earlier start of the Indian Premier League 2024.
  • Q4FY24 Consolidated Profit after tax was at Rs 241 crore

Standalone:

  • Total NSV at Rs 2,666 crore increased 6.9% YoY driven by competitive performance of our renovation and innovation offerings and  resilient consumer demand. Within the above, Prestige & Above segment grew 6.6%.
  • NSV for the Popular segment grew 3.3% as the trademarks performed competitively in the salient states on the back of interventions.
  • Gross margin at 43.3% was a contraction of 205 bps YoY on reported basis. After adjusting for a oneoff credit of Rs 69 crore on  account of reversal of indirect tax provisions in Q4FY23, underlying gross margin expanded by 73bps YoY.
  • A&P re-investment rate was 12.2% of sales, reflecting the spends on renovation and innovation as well as ongoing investment behind the brands.
  • EBITDA at Rs 361 crore, an increase of 6.9% YoY. The EBITDA margin was 13.6%, in-line with prior year reported margin, though an expansion of 278 bps on an underlying basis.
  • Interest cost at Rs 29 crore, was down 19.2%. After adjusting a one-off benefit of Rs 16 crore from the prior year comparator, interest cost was down 44.2%. The interest cost is on account of the customary non-debt related items.
  • Exceptional charge of Rs 31 crore is on account of the ongoing supply agility programme.
  • Profit after tax was Rs 384 crore with a net profit margin of 14.4%.

FY24 Financial Highlights:

Consolidated:

  • Consolidated net sales value (NSV) at Rs 11,321 crore, up 14.2% YoY, in-line with growth in the standalone business.
  • Consolidated EBITDA was at Rs 2,001 crore, growth of 53.5% YoY.
  • FY24 consolidated profit after tax was at Rs 1,408 crore

Standalone:

  • Total NSV at Rs 10,692 crore increased 10.5% YoY, driven by continued premiumisation and choiceful consumption with increased brand loyalty. While the consumer is rationalising social occasions, we are not witnessing meaningful downtrading. Within the above, Prestige & Above segment grew 11.9%.
  • NSV for the Popular segment declined 2.5% compared to same period last year. This was primarily due to steep consumer price increases in a high demand elastic segment, driven by both higher excise duties in the segment’s salient state as well as price increases taken by the industry after a prolonged period of time.
  • Gross margin was 43.4%, up 129 bps like-for-like versus last year. Underlying gross margin stood at 43.3%, after excluding the one-off benefit of Rs 13 crore driven by a write-back. This was an expansion
  • of 189 bps on an underlying basis versus the prior year. The one-off credit in the previous year was on account of reversal of indirect tax provisions. The expansion was driven by headline pricing realisation flow-through, revenue growth management and cogs productivity initiatives partially offset by ENA inflation.
  • A&P re-investment rate was 9.7% of sales as we continue to invest behind the brands.
  • EBITDA at Rs 1,708 crore, an increase of 30.9% YoY. The reported EBITDA margin was 16.0%, up 249 bps versus prior year comparator. This was largely driven by gross margin expansion and productivity across the value chain. Underlying EBITDA margin stood at 15.9%, an expansion of 282 bps versus prior year comparator.
  • Interest cost at Rs 76 crore, is down 26.9%. Underlying interest cost was at Rs 91 crore after excluding the one-off reversal benefit of Rs 15 crore This was a decrease of 24.0% versus prior year comparator. The one-off credit in the previous year was amounting to Rs 16 crore Interest cost is on account of customary non-debt related items.
  • Exceptional charge of Rs 17 crore is on account of Rs 31 crore income from the prior year slump sale transaction recognised as income in Q2FY24 after completion of customary post-transaction closure obligations offset by a charge of Rs 48 crore related to the ongoing supply agility programme.
  • Profit after tax was Rs 1,312 crore with a net profit margin of 12.3%.

Hina Nagarajan, CEO & Managing Director, commenting on the FY24 performance, said: “We have ended fiscal year 2023-24 delivering our double-digit growth guidance and returned to mid teen margins amidst challenging external environment. The year witnessed sequentially moderating demand on the back of sustained consumer inflation and post pandemic consumption normalisation. We have continued our premiumisation intent through innovation and renovation to secure future growth. Our most iconic trademark is being renovated and stretched upwards under the new “House of McDowell’s” umbrella that will see it reach new consumers in different sub segments and formats. In recognition of our commitment to sustainable, modern Made in India Luxury, Godawan 100 was recently crowned “Single Malt Whisky of the Year” at the London Spirits Competition, a premier event in the Global Beverage Alcohol industry. This sets the stage for us to enter the new fiscal year with even more confidence in our strategy.

We are immensely proud of the Royal Challengers Bengaluru Women’s Premier League (WPL) team, which is owned by our 100% subsidiary, Royal Challengers Sports Private Limited (RCSPL), winning the 2 nd edition of the WPL in March 2024.

The Board of Directors have recommended a final dividend of Rs 5.0 per share for the financial year 2023-24, subject to Shareholder’s approval. Looking ahead, our focus is to sustain the momentum established in the last three years and stay committed to our consumer-focused future-back strategy, while creating long term value for all our stakeholders.”

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United Spirits Ltd shares SWOT Analysis

Strengths (12)

  • Strong Momentum: Price above short, medium and long term moving averages
  • Rising Net Cash Flow and Cash from Operating activity
  • Company with high TTM EPS Growth

Weakness (1)

  • MFs decreased their shareholding last quarter

Opportunity (2)

  • Positive Breakout Third Resistance ( LTP > R3)
  • RSI indicating price strength

Threats (2)

  • High PE (PE > 40)
  • Increasing Trend in Non-Core Income

Resistance and support

R1 1,318.2
R2 1,338.1
R3 1,374.3
Pivot

1,281.98

S1 1,262.1
S2 1,225.9
S3 1,206.0
EMA SMA
1,254.5
1,216.0
1,176.1
1,114.3
1,248.7
1,209.1
1,167.6
1,113.4
Delivery and volume
CLIENT NAME DEAL TYPE ACTION DATE AVG. PRICE QUANTITY EXCHANGE
NORTHERN LIGHTS FUND TRUST III RONDURE NEW WORLD FUND Block Purchase 2023-10-20 1045.95 127406 BSE
RONDURE NEW WORLD FUND Block Sell 2023-10-20 1045.95 127406 BSE
ISHARES CORE MSCI EMERGING MARKETS ETF Block Purchase 2022-11-14 884.9 482127 NSE
Name Category Shares
Diageo RELAY BV (Formerly known as RELAY B V) PROMOTER 55.88%
UNITED BREWERIES HOLDINGS LIMITED PROMOTER 0.76%

OUR RESEARCH VIEW

Investment recommendation
Premium player with a strong portfolio of global brands…
Call Date
13 Dec 2023
Entry Price 1,040.00
Target Price 1,250.00
Duration
12 Month

FINANCIALS

Sales
Operating Profit
Profit after Tax
Equity
Reserves and Surplus
Debt
Sales
Operating Profit
Profit after Tax
PE
Debt/Equity
P BV

United Spirits Ltd Stocks COMPARISON

Financials( in Cr) United Spirits Ltd United Breweries Ltd Radico Khaitan Ltd Piccadily Agro Industries Ltd Tilaknagar Industries Ltd
Price 1,298.35 2,082.30 1,832.95 742.25 259.19
% Change 2.99 0.75 2.85 1.44 -1.62
Mcap Cr 94,435.62 55,057.05 24,509.29 7,002.31 4,995.37
Revenue TTM Cr 10,611.60 7,499.92 3,142.81 608.89 1,164.36
Net Profit TTM Cr 1,125.80 304.68 204.37 23.30 149.90
PE TTM 64.49 133.18 91.01 78.76 36.01
1 Year Return 44.84 40.02 49.49 962.94 75.31
ROCE 17.41 10.58 11.40 12.44 10.37
ROE 15.21 7.71 9.65 10.64 12.06
INSIDER & INSTITUTIONAL ACTIVITY

Equity Capital: 6,119.20 Cr FV: 2.00

Period MF Net Purchase / (sold) FII Net
LAST 1M 34,841.27 9,567.52
LAST 3M 107,380.98 -15,756.42
LAST 6M 182,851.12 -2,333.61
LAST 12M 296,057.08 99,791.83

United Spirits Ltd Information

Stock PE (TTM)
64.49
Promoter Holding
56.67%
Book Value
97.9097
ROCE
17.41%
ROE
15.21%
Description
  • United Spirits Ltd. (USL) is an Indian alcoholic beverage company with an outstanding collection of premium brands. It manufactures a vast array of vodka, whisky, rum, and other spirits. It was incorporated in 1999 with its headquarters in Bangalore. United Spirits’ standalone June 2022 net sales were Rs HYPERLINK "https://www.moneycontrol.com/news/business/earnings/united-spirits-standalone-june-2022-net-sales-at-rs-2169-30-crore-up-34-31-y-o-y-8894921.html" 2,196.30 crore, up 34.31% from Rs 1,615.10 crore in June 2021. On 29 August 2022, the company’s market capitalisation stood at Rs HYPERLINK "https://www.moneycontrol.com/india/stockpricequote/breweriesdistilleries/unitedspirits/US" 58,287 crore.  

    The company is listed on the Bombay Stock Exchange with the code 532432 and on the National Stock Exchange with the code MCDOWELL-N. It is also listed on the MCX Stock Exchange and Cochin Stock Exchange.  

    United Spirits Ltd. is a subsidiary of Diageo. Its world-class portfolio includes premium brands like Black Dog, Vat 69, Signature, Royal Challenge, Johnnie Walker, Black & White, Antiquity, Singelton, Ketel One, Smirnoff, Captain Morgan, Tanqueray, and McDowell’s No. 1.  

    According to the company’s shareholding pattern, on 30 June 2022, promoters had a 56.73% stake, foreign institutional investors had a 16.76% stake, domestic institutional investors had a 10.87% stake, and the public had a 15.65% stake. The leading promoter is Diageo Relay BV, with a 55.94% share. During the June 2022 quarter, the promoters’ pledge remained unchanged at 1.19%. The mutual fund holdings increased from 7.65% to 8.03%, with the number of mutual fund schemes increasing from 176 to 182.  

    Mr Mahendra Kumar Sharma is the company’s chairman. Ms Hina Nagarajan is the managing director and the CEO. Other board members include Dr (Mrs) Indu Shahani, Mr V K Viswanathan, Mr Mark Dominic Sandys, Mr Rajeev Gupta, Mr D Sivanandhan, Mr John Thomas Kennedy, and Mr Randall David Ingber. The auditors of the company are Price Waterhouse & Co Chartered Accountants LLP. On 30 June 2022, the company disclosed a total of 72.66 crore shares outstanding.  

    On 29 August 2022, United Spirits Ltd.’s share price closed at Rs 805 on BSE and at Rs 802.15 on NSE. The company’s 52-week high share price was Rs 1,019.95, and the 52-week low share price was Rs 702.25. Over one year, United Spirits Ltd.’s share gave investors a return of 17.52%.  

    The company’s peers include Tilaknagar Industries Ltd., Radico Khaitan Ltd., United Breweries Ltd., and Globus Spirits Ltd. 

    Disclaimer: ICICI Securities Ltd. (I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025, India, Tel No : 022 - 6807 7100. I-Sec is a Member of National Stock Exchange of India Ltd (Member Code :07730), BSE Ltd (Member Code :103) and Member of Multi Commodity Exchange of India Ltd. (Member Code: 56250) and having SEBI registration no. INZ000183631. Name of the Compliance officer (broking): Mr. Anoop Goyal, Contact number: 022-40701000, E-mail address: complianceofficer@icicisecurities.com. Investment in securities market are subject to market risks, read all the related documents carefully before investing. The contents herein above shall not be considered as an invitation or persuasion to trade or invest.  I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. The contents herein above are solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments or any other product. Investors should consult their financial advisers whether the product is suitable for them before taking any decision. The contents herein mentioned are solely for informational and educational purpose 

Registered Address

UB Tower, 24 Vittal Mallya Road UB City, Bangalore, Karnataka, 560001

Tel : 91-80-39856500/22210705
Email : investor.India:diageo.com
Website : http://www.diageoindia.com
Registrar

Alpha Systems Pvt Ltd

AGM Date (Month) : Jul
Face Value Equity Shares : 2
Market Lot Equity Shares : 1
BSE Code : 532432
NSE Code : UNITDSPR
Book Closure Date (Month) :
BSE Group : A
ISIN : INE854D01024

FAQ’s on United Spirits Ltd Shares

You can buy United Spirits Ltd shares through a brokerage firm. ICICIdirect is a registered broker through which you can place orders to buy United Spirits Ltd Share.

Company share prices and volatile and keep changing according to the market conditions. As of Jun 24, 2024 03:58 PM the closing price of United Spirits Ltd was Rs.1,298.35.

The latest PE ratio of United Spirits Ltd as of Jun 24, 2024 03:58 PM is 64.49

The latest PB ratio of United Spirits Ltd as of Jun 24, 2024 03:58 PM is 0.08

The 52-week high of United Spirits Ltd share price is Rs. 1,334.85 while the 52-week low is Rs. 896.40

According to analyst recommendations, United Spirits Ltd Share has a "Buy" rating for the long term.

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 Jun 24, 2024 03:58 PM, the market cap of United Spirits Ltd stood at Rs. 94,435.62 Cr.

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