Neutral United Spirits; target of Rs 780: Motilal Oswal
Motilal Oswal recommended Neutral rating on United Spirits with a target price of Rs 780 in its research report dated May 19, 2023.22-05-2023
22-05-2023
UNITED SPIRITS LTD. - 532432 - Compliances-Reg.24(A)-Annual Secretarial Compliance
Pursuant to the Regulation 24A of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith the Annual Secretarial Compliance Report received from the practicing Company Secretary for the financial year 2022-23.19-05-2023
UNITED SPIRITS LTD. - 532432 - Announcement under Regulation 30 (LODR)-Earnings Call Transcript
Further to our intimation dated 8th May 2023 regarding investors' call, the video recording of the call held today is available on our website and same is available on the link given in letter.19-05-2023
UNITED SPIRITS LTD. - 532432 - Announcement under Regulation 30 (LODR)-Investor Presentation
Further to our intimation dated 8th May 2023 regarding investors' call, enclosed presentation which will be used in the call.19-05-2023
UNITED SPIRITS LTD. - 532432 - Announcement under Regulation 30 (LODR)-Newspaper Publication
Copies of newspaper publication of financial results are enclosed.19-05-2023
Q4FY23 Quarterly & FY23 Annual Result Announced for United Spirits Ltd.
Breweries & Distilleries company United Spirits announced Q4FY23 & FY23 results: Q4FY23: Rebased NSV increased 15.6% reflecting a strong quarter driven by continued momentum in the off-trade and on-trade along with the normalisation of BIO Supplies. Prestige & Above segment net sales grew 23.2% with strong double-digit growth buoyed by continued momentum in our innovation & renovation offerings. Rebased net sales for the popular segment shrunk by 6.3% as inflation continues to impact this price-sensitive consumer segment. Underlying Gross margin, after adjusting for a one-off credit on account of the reversal of indirect tax provisions, stood at 42.6%, down 225 bps from last year but improved sequentially. A&P; re-investment rate during Q4FY23 was 13.8% of sales largely reflecting the high spending on the BIO portfolio that normalised on market supplies after three quarters. Reported EBITDA at Rs 338 crore, with EBITDA margin at 13.6% is down 322 bps, primarily driven by the gross margin contraction, higher A&P; partly offset by a one-off credit on account of reversal of indirect tax provisions. Interest expense at Rs 36 crore for Q4FY23 was on account of the customary non-debt related items and a reassessed impact of an old tax litigation matter. Profit after tax was Rs 204 crore with a net profit margin of 8.2%. FY23: Rebased net sales registered a growth of 19.5% & underlying NSV grew 20.1% (excluding the one-off Bulk Scotch sale impact from the prior year comparator) on the back of strong premiumisation trend, continued momentum in the off-trade, on-premise recovery, and sustained home consumption trends. Within the above, Prestige & Above segment grew by 22.8%. Rebased net sales for the Popular segment were up 0.9% compared to FY22. Gross margin at 42.1%, down 322 bps versus last year, weighed down by commodity inflation impacting Glass & ENA, partly offset by favourable mix and ramped-up pricing and productivity. EBITDA was at Rs 1,305 crore, 4.0% increase versus last year. EBITDA margin at 13.5% is down 201 bps, primarily due to gross margin contraction offset by additional value chain productivity & growth leverage. Interest cost at Rs 104 crore is up 18% primarily on account of the customary non-debt related items, reassessed impact of an old tax litigation matter, partly offset by the savings driven due to retirement of debt of the merged entity. Exceptional income of Rs 171 crore primarily consists of gain from slump sale of strategically reviewed popular portfolio offset by charges related to supply agility program & legal entity closure expenses Hina Nagarajan, CEO & Managing Director, commenting on the FY23 performance, said: “We have delivered a strong year once again with robust top-line growth & resilient operating margins in an extremely volatile and inflationary environment. As an organization, we have exhibited tenacity and focus amidst macroeconomic headwinds and regulatory challenges. I am pleased with the growth momentum of our Innovation and renovation offerings. The stepped up contribution in growth from the upper and mid-prestige segments lends credence to our portfolio reshaping strategy. This comes on the back of the successful closure of the slump sale and franchising of the strategically reviewed popular portfolio during the year. The supply chain agility programme, announced last quarter, is progressing well, in line with our overall strategy. I am delighted to share a few more achievements from the last quarter. Our Alwar distillery in Rajasthan is Asia’s first spirits distillery to be awarded the prestigious Alliance for Water Stewardship (AWS) certification. Our 100% subsidiary, Royal Challengers Sports Private Limited, has won the bid to own and run the Women Premiere League team for Bangalore. This is yet another step in taking forward our narrative of inclusion and diversity and is aligned to our purpose of celebration. Looking ahead, our core focus remains on continuing the growth momentum, while being more agile as an organisation, with simplified supply chain & legal entity footprint. We continue to remain committed to our consumer-focused future-back strategy, to consistently deliver value to all our stakeholders.” Result PDF19-05-2023
United Spirits' Q4 PAT up 7 per cent at Rs 204 crore
Net sales in the quarter was at Rs 2,494 crore19-05-2023
UNITED SPIRITS LTD. - 532432 - Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate
Intimation of loss of equity share certificate pursuant to Regulation 39(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.18-05-2023
UNITED SPIRITS LTD. - 532432 - Announcement under Regulation 30 (LODR)-Press Release / Media Release
We are enclosing a press release issued by the Company in connection with results for the quarter and year ended 31st March 2023. This is for your information and records. Thank you.18-05-2023
UNITED SPIRITS LTD. - 532432 - Announcement under Regulation 30 (LODR)-Resignation of Director
Pursuant to Regulation 30 read with Part A of Schedule III to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that Mr. John Thomas Kennedy (DIN: 07529946), non-executive non-independent director of the Company has tendered his resignation from the directorship of the Company from end of day 30th June 2023. Consequently, he will also cease to be member of the Audit Committee and Nomination and Remuneration Committee with effect from the aforesaid date. The details required as per SEBI Circular CIR/CFD/CMD/4/2015 dated 9th September 2015 mentioned in the attached letter. This is for your information and records.18-05-2023