UNITDSPR · Fast Moving Consumer Goods
United Spirits Ltd. reported revenue of ₹3,433 cr for October to December 2024, +14.4% on the year and +20.7% on the quarter. It is the highest quarterly revenue in the last 7 quarters on record.
Operating profit (EBITDA) was ₹565 cr, a margin of 16.5%, +27 bps on the year and −112 bps on the quarter. Over the last 7 quarters the margin has ranged from 12.0% to 26.7%, averaging 18.7%. Operating costs grew +14.0%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹335 cr, −4.3% on the year and −1.8% on the quarter, with earnings per share of ₹4.61. Profit before other income, one-offs and tax grew faster, at +16.2%; other income, one-offs or tax held the headline back. The tax rate was 30% against an average of 25% over the previous 6 quarters, which weighed on profit this quarter.
On earnings per share of ₹19.28 over the last four quarters, the stock at ₹1,381.90 trades at 71.7 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.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
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 ₹3,433 cr (+14.4% on the year) and net profit of ₹335 cr (−4.3% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +16.2% on the year, against −4.3% for reported profit.
None of the 7 checks that could run raised a question.
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