United Spirits Ltd Share Price – NSE  /  BSE

Alcoholic Beverages, Mid Cap

United Spirits announced that the Board of Directors of the Company at its meeting held on 08 November 2023, has recommended a Interim dividend of Rs.4 per share (i.e.200%), subject to the approval of the shareholders.

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Total revenue from operations (excluding excise duty) fell 1.36% to Rs 2,864.7 crore in Q2 FY24 from Rs 2,904.2 crore reported in the corresponding quarter last year.

Rebased net sales stood at Rs 2,865 crore, increase 12.2% on prior year driven by continued premiumisation tailwinds, and improved footprint & saliency of its innovation / renovation offerings. Within the above, Prestige & Above segment grew 12.8%.

Profit before exceptional items and tax stood at Rs 417.4 crore, up 14.23% in Q2 FY24 as against Rs 365.4 crore posted in Q2 FY23. The company reported exceptional gain of Rs 31 crore is on account of final tranche of income from the slump sale and now recognised as exceptional income post completion of customary obligations.

Reported EBITDA grew 20.82% YoY to Rs 470 crore in Q2 FY24 and EBITDA margin stood at 16.4% in Q2 FY24 as against 15.2% in Q2 FY23.

Gross margin was 43.4%, up 278 bps as against last year and continuing the sequential quarter-on-quarter improvement on an underlying basis.

A&P re-investment rate was 8.4% of sales, largely reflecting the seasonality and investment behind the brands ahead of festive quarter & cricket world cup.

On consolidated basis, the liquor maker's net profit declined 38.05% to Rs 339.3 crore on 1.5% decrease in revenue from operations (excluding excise duty) to Rs 2,867.4 crore in Q2 FY24 over Q2 FY23.

On half year basis the company’s standalone net profit fell 21.39% YoY to Rs 579.5 crore and revenue from operation (excluding excise duty) shed by 1.21% to Rs 50,366 crore in H1 FY24 over H1 FY23.

Hina Nagarajan, managing director & chief executive officer (CEO) of United Spirits said, “We have now brought our global Tequila trademark Don Julio to India. This is in line with our strategy & commitment to bring the best from around the world for our aspiring Indian consumers. We are optimistic on the India potential of this opportunity in-line with global trends.

Looking ahead, our priority is to sustain the growth momentum and realise the full potential of our portfolio offerings. While inflationary headwinds remain challenging, we remain focussed on revenue growth management & value chain productivity in our quest of long-term value creation for all our stakeholders.”

Meanwhile, the company’s board has declared an interim dividend of Rs 4 per equity share for FY24. The record date is fixed on 17 November 2023 and interim dividend will be paid on or after 4 December 2023.

United Spirits is the country's leading beverage alcohol company and a subsidiary of global leader Diageo plc. The company manufactures, sells and distributes a portfolio of premium brands.

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Net profit of United Spirits declined 38.65% to Rs 339.30 crore in the quarter ended September 2023 as against Rs 553.10 crore during the previous quarter ended September 2022. Sales declined 1.50% to Rs 2867.40 crore in the quarter ended September 2023 as against Rs 2911.00 crore during the previous quarter ended September 2022.

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United Spirits has fixed 17 November 2023 as record date for interim dividend of Rs 4 per equity share of Rs 2 for FY 2023-24. The dividend will be paid on or after 04 December 2023.

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