Summary Radico Khaitan Ltd - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Radico Khaitan Ltd (RKL) is a manufacturer, distributor, and marketer of liquor products. The company offers alcohol, country liquor, Indian made foreign liquor, and imported wine and spirits. RKL ma...
Summary Jagatjit Industries Ltd - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Jagatjit Industries Ltd (Jagatjit Industries) is a manufacturer and marketer of alcoholic beverages and dairy food products. The company's product portfolio includes whisky, brandy, scotch, rum,...
Summary Globus Spirits Ltd - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Globus Spirits Ltd (Globus Spirits) manufactures, markets, and sells liquors, sanitizers, animal feed, bioethanol, and bulk alcohol. The company's main activities include the production of rectified ...
United Spirits (UNSP)'s 1QFY23 result was disappointing given complete on- trade normalcy for the quarter with 2% sales decline over 1QFY20 and around 5% P&A CAGR adjusted for some one-offs. As highlighted in our , escalating material cost pressures, especially in the absence of requisite price increase from state governments, are putting immense pressure on profitability. Management has not indicated any respite over the next couple of quarters. While we are enthused by the structural impli...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Q1FY19 result highlights United Spirits’ (UNSP) standalone revenues increased 13% yoy at Rs20bn(est: Rs20.7bn), EBITDA increased 22% yoy at Rs1.9bn (est: Rs2.5bn). Reported PAT increased 29% yoy to Rs813m (est: Rs1.2bn) Excluding one off impact of operational model changes, net sales were up by 14% yoy (volume growth of 4%). Prestige and above net sales increased by 19% yoy with volume growth of 13.1% yoy. Popular segment sales declined by 3% yoy, with a volume decline of 9.4% yoy. Excluding...
United Spirits: Disappointing quarter on all fronts; maintain Neutral (UNSP IN,Mkt Cap USD6.1b, CMP INR583, TP INR615, 5% Upside, Neutral) UNSP’s standalone net sales grew 12.9% YoY to INR20.1b, with volumes growing 1% YoY (our estimate was 18.5%) on a base of 18.9% decline. Prestige & Above volumes grew 13.1% YoY while Popular volumes declined 9.4% YoY (underlying* Popular volumes down 4% YoY). EBITDA grew 34% YoY to INR2.3b (our estimate was INR3b). Adjusted PAT grew 45.6% YoY to INR1b ...
We present key takeaways of our interaction with United Spirits (UNSP) from its annual analyst meet. Having navigated a volatile FY18 impacted by GST, highway ban and route to market disruptions, management now believes it is well placed to deliver double-digit (~10%) revenue growth in FY19. With marketing spends having stabilized at higher levels, management re-iterated its guidance of mid-to-high teen operating margins over the medium term (from 12.5% in FY18), supported by higher revenue grow...
United Spirits: High valuations and GST overhang cap potential upside (UNSP IN, Mkt Cap USD7.0b, CMP INR3386, TP INR3435, 1% Upside, Neutral) We attended United Spirits' (UNSP) analyst meet. Key takeaways: Management reiterated its medium-term target of double-digit sales growth and mid-to-high teen margins. Double-digit sales will be driven by mid-teens growth in the Prestige & Above (P&A) segment and low-single-digit growth in the residual Popular segment in its three states of operati...
Q4FY18 result highlights USL’s standalone revenues increased by 7% yoy at Rs21.7bn(est: Rs20.9bn), EBITDA increased by 5% yoy at Rs2.7bn (est: Rs3.1bn). PBT (bei) increased by 97% yoy to Rs 3bn (est: Rs2.3bn). Reported PAT stood at Rs2.1bn versus loss of Rs1.04bn in base quarter. Excluding one off impact of operational model changes, net sales were up by 9% yoy. Prestige and Above segment net sales increased by 15.5% yoy with a volume growth of 15.3% yoy. Popular segment sales declined by 4%...
United Spirits: Good results on stable regulatory environment; Outlook uncertain (UNSP IN, Mkt Cap USD5.8b, CMP INR3251, TP INR3435, 6% Upside, Neutral) UNSP's standalone net sales grew 7.3% YoY to INR21.7b (est. of INR20.1b), with a 2% YoY decline in volumes (est. of -9%) on a base of an 8.2% decline. Prestige & Above volumes grew 15.3% YoY, while Popular volumes declined 13.3% YoY. Underlying* net sales grew 9% YoY. Underlying* net sales of Prestige & Above were up 14% and of Popular ...
Key takeaways of our meeting with United Spirits (UNSP) management: Impact from route to market (RTM) to recede in Q4FY18: The primary volume growth was impacted in 3QFY18 due to route market (RTM) changes (states moved to a corporation model as compared to private distribution earlier) in Haryana (which accounts for ~7-8% of volumes saw de-growth of 40-50% in 3QFY18), West Bengal and expected change in Punjab. As the management continues to focus on mitigating credit risk over sales risk, i...
Q3FY18 result highlights USL’s standalone revenues declined by 8% yoy (est: 4% yoy) at Rs22.6bn, EBITDA decreased by 7% yoy at Rs2.7bn (est:Rs4bn). PAT before exceptional was flat yoy at Rs1.47bn (est: Rs2.2bn). Prestige and Above segment net sales decreased by 3% yoy with a volume de-growth of 2% yoy. Excluding one-off impact, net sales were down 1% yoy. The volume growth was impacted due to route market change in Haryana (~7-8% of volumes) which is a key market for this segment. Popular s...
United Spirits: Weak performance; medium- to long-term outlook appears better, though (UNSP IN, Mkt Cap USD7.9b, CMP INR3489, TP INR3515, 1% Upside, Neutral) UNSP posted standalone net sales decline of 7.8% YoY to INR22.6b, with underlying net sales declining by 2% YoY. Underlying net sales for Prestige & Above segment (P&A; 64% of net sales) were down by 1% YoY and for Popular segment (36% of net sales) were down by 2% YoY. Volumes declined 3% and 22% YoY for P&A and Popular, respectively. ...
​ANNUAL REPORT THREADBARE (ART) | UNITED SPIRITS FY17: Earnings to cash conversion improvesUnited Spirits’ (UNSP) FY17 annual report analysis highlights net revenue growth of 4%, driven by premiumization and price increases, primarily at the standalone level. EBITDA margin expanded 70bp to 11.4% at the standalone level, but declined 20bp to 11.2% at the consolidated level. Losses in subsidiaries led to consolidated PAT (at INR0.9b) being lower than standalone PAT (at INR1.7b). UNSP recorded ...
​United Spirits: Significant EBITDA beat led by gross margin improvement(UNSP IN, Mkt Cap USD5.8b, CMP INR3029, TP INR2970, 2% Downside, Neutral)UNSP’s standalone net sales fell 3.7% YoY to INR19.5b, with a 15.9% YoY decline (est. of -7%) in overall volumes. Management attributed the decline in sales to the highway ban and the one-off impact of operating model changes. Management expects the highway ban impact to normalize by end-3QFY18. Prestige & Above (63% of net sales) volumes rose 2.2%...
With ongoing restructuring and the subdued economic climate, United Spirits will continue to grow over the forecast period through its premiumisation strategy. The company will also focus on relaunching its leading whisky brands and brand extensions to drive growth. United Spirits has changed the design of McDowell’s No 1, Royal Challenge and Signature and is extensively focusing on advertising its products. For instance, it plans to market its power brand McDowell’s No 1 by entering into a ...
​United Spirits: Highway alcohol sale ban to impact volumes over coming quarters(UNSP IN, Mkt Cap USD4.7b, CMP INR2641, TP INR2525, 4% Downside, Neutral)UNSP's standalone revenue declined 12.7% YoY (est. flat) to INR17.8b in 1QFY18, with volumes down 18.9% YoY (est. of -9%). According to management, adjusted for operating model changes, sales were down 7% YoY. Trade down-stocking in anticipation of highway ban also impacted sales by 3-4%. Gross sales declined 0.6% YoY to INR58.2b, with excise ...
​THE CORNER OFFICE (United Spirits) — Significant challenges on the horizon; Valuations fair, maintain NeutralMr Anand Kripalu —MD & CEOMr Anand Kripalu has served as the Chief Executive Officer and Managing Director at United Spirits since September 1, 2014. He has been a Director of United Spirits since August 14, 2014. A Bachelor in Electronics from the Indian Institute of Technology, Madras, and an MBA from the Indian Institute of Management, Calcutta, Mr Kripalu has a rich experience ...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.