UNITDSPR · Fast Moving Consumer Goods
United Spirits Ltd. reported revenue of ₹3,021 cr for April to June 2025, +9.4% on the year and +2.5% on the quarter. Over the last four quarters revenue comes to ₹12,244 cr, +7.3% on the four before.
Operating profit (EBITDA) was ₹638 cr, a margin of 21.1%, −467 bps on the year and +384 bps on the quarter. Over the last 8 quarters the margin has ranged from 12.0% to 25.8%, averaging 17.8%. Operating costs grew +16.3%, faster than revenue at +9.4%, so operating profit grew less than sales.
Net profit was ₹417 cr, −14.0% on the year and −1.0% on the quarter, with earnings per share of ₹5.73. Profit before other income, one-offs and tax fell 17.0%, so the profit growth came from the business itself. The tax rate of 27% is in line with its recent average. Profit over the last four quarters totals ₹1,514 cr, +7.0% on the four before.
On earnings per share of ₹20.82 over the last four quarters, the stock at ₹1,381.90 trades at 66.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,869 cr | ₹3,002 cr | ₹2,783 cr | ₹2,761 cr | ₹2,844 cr | ₹3,433 cr | ₹2,946 cr | ₹3,021 cr | ₹3,173 cr | ₹3,691 cr | ₹3,054 cr | ₹2,708 cr |
| YoY | — | — | — | +4% | −1% | +14% | +6% | +9% | +12% | +8% | +4% | −10% |
| EBITDA margin | 16.3% | 16.2% | 12.0% | 25.8% | 17.6% | 16.5% | 17.3% | 21.1% | 20.8% | 16.6% | 19.4% | 15.8% |
| Other income, % of PBT | 16% | 11% | 26% | 5% | 12% | 1% | 25% | 10% | 8% | 5% | 34% | 40% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 24% | 23% | 26% | 26% | 30% | 24% | 27% | 26% | 23% | 20% | 15% |
| Net profit | ₹339 cr | ₹350 cr | ₹241 cr | ₹485 cr | ₹341 cr | ₹335 cr | ₹421 cr | ₹417 cr | ₹464 cr | ₹418 cr | ₹539 cr | ₹463 cr |
| YoY | — | — | — | +2% | +1% | −4% | +75% | −14% | +36% | +25% | +28% | +11% |
| Core profit YoY | — | — | — | −3% | +8% | +16% | +80% | −17% | +41% | +9% | +7% | −36% |
| EPS | ₹4.66 | ₹4.81 | ₹3.31 | ₹6.67 | ₹4.69 | ₹4.61 | ₹5.79 | ₹5.73 | ₹6.38 | ₹5.75 | ₹7.41 | ₹6.37 |
| Flags | · | · | · | ✓ | ✓ | ✓ | ✓ | 1 | ✓ | 1 | 1 | 3 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
United Spirits Ltd. reported revenue of ₹3,021 cr (+9.4% on the year) and net profit of ₹417 cr (−14.0% on the year) for April to June 2025.
Profit before other income, exceptional items and tax moved −17.0% on the year, against −14.0% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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