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As on Jan 23, 2017 12:00 AM Your results on : Corporate Results    
United Spirits
23-Jan-2017 (15:15)
The net sales for December 2016 quarter has increased by 3% to Rs 2494.31 crore. Sales were down due to demonetization. This growth was underpinned by continued focus on premiumisation, increased investments behind power brands and selective participation in popular. Prestige & Above segment net sales up 12%. Popular segment net sales declined 6% impacted by the Bihar prohibition. OPM has increased by 74 bps to 11.8%. The net profit has increased by 297% to Rs 147.70 crore due to fall in interest cost, absence of EO expense and fall in tax rate.

Company Standalone Performance

For quarter ended December 2016

The net sales increased by 3% to Rs 2494.31 crore. Sales were down due to demonetization. This growth was underpinned by continued focus on premiumisation, increased investments behind power brands and selective participation in popular.

Prestige & Above segment net sales up 12% with 6% positive price/mix. Momentum continued on Signature post renovation with net sales up 31%. McDowell's No.1 whisky brands (excluding Platinum) grew net sales by 11% and Royal Challenge grew net sales 23% post renovation.

Popular segment net sales declined 6% impacted by the Bihar prohibition. Priority states grew volumes and net sales in the segment

Gross margin improved due to positive price/mix and productivity initiatives. OPM has increased by 74 bps to 11.8%. The operating profit has increased by 10% to Rs 293.59 crore.

Other income inclined by 937% to Rs 34.62 crore. The profit from exchange difference was at Rs 0.95 crore. Interest amount has decreased by 14% to Rs 92.23 crore. The depreciation has increased by 23% to Rs 31.26 crore. The profit before tax and EO increased by 58% to at Rs 205.67 crore.

EO income for the quarter was nil. Tax outgo for the quarter increased by 15% to Rs 57.97 crore. Tax rate stood at 28.18%, down from 57.5%. The net profit has increased by 297% to Rs 147.70 crore due to fall in interest cost, absence of EO expense and fall in tax rate.

For nine months ended December 2016

The net sales increased by 6% to Rs 6583.15 crore. Sales impacted due to subdued economic environment due to the de-monetization of high value notes. Volume decline was driven by mainly the popular segment. Priority states grew both volumes and net sales in the popular segment. Bihar prohibition also negatively impacted both volume and overall net sales by 2%. Net price increase in Karnataka and the price increase in Maharashtra to offset the Local Body Tax (LBT) also positively impacted net sales.

The Prestige & Above segment grew 16% driven by with 7% positive price/mix. This growth was partially offset by the decline of the Popular segment by 5%.

The Popular segment in the priority states grew volume 3% and net sales 6% driven by McDowell's No 1. Rum, Bagpiper, Director's Special and Haywards.

OPM has decreased by 180 bps to 10.6% due to increase in other expenditure, ASP and employee cost. The operating profit has decreased by 9% to Rs 699.79 crore

Other overheads were negatively impacted by both one off costs, investments and incremental costs. One off impact includes the Bihar inventory provision of Rs 17 crore in the first quarter, net impact of provision adjustments of Rs 8 crore (in the previous year) and other costs relating to organizational changes (Rs 18 crore). Additional levies and taxes (LBT in Maharashtra and other indirect taxes) had a negative impact of circa Rs 100 crore. Strategic investments behind systems and capabilities and inflation also negatively impacted other overheads.

Other income declined by 9% to Rs 699.79 crore. The loss from exchange difference was at Rs 7.37 crore. Interest amount has decreased by 18% to Rs 283.69 crore. The depreciation has increased by 22% to Rs 90.54 crore. The profit before tax and EO increased by 12% to at Rs 410.77 crore.

EO expense was at Rs 17.74 crore includes writedown in certain items of plant and machinery. Tax outgo decreased by 20% to Rs 118.98 crore. Tax rate stood at 30.27%. The net profit has increased by 128% to Rs 274.05 crore due to fall in interest cost and tax rate.

Brand Wise Performance

Strong performance of Signature led by successful renovation continued in Q3 and grew volume 44% and net sales 51% which resulted an overall volume growth of 24% and net sales growth of 31% in 9M..

McDowell's No 1. whisky variants (excluding Platinum) volume grew 8% and net sales 11% in 9M driven by successful renovation strategy.

Royal Challenge net sales grew 12% in Q3 despite lapping a strong growth following the re-launch in 2014. Volume grew 20% and net sales 23% in 9M.

Antiquity Blue grew volume 7% and net sales 12% in 9M.

The company launched McDowell's No.1 Silk, Royal Challenge Bolt and a new variant of Captain Morgan Original Rum,

Other Developments

The company has entered into agreements to franchise selected, mainly Popular segment brands in Andhra Pradesh, Union Territory of Puducherry, Goa, Union Territory of Andaman and Nicobar and has moved to a complete franchise agreement for all USL brands in Kerala. The individual agreements are for between 3 to 5 years and are effective from January 2017. The franchisees will be responsible for manufacturing and distribution of the franchised brands in their respective states on payment of an agreed royalty fee which will be accounted as part of net sales. Volume and net sales for these franchised brands accounted for 7.4 million cases and circa Rs 480 crore net sales in the year ended 31 March 2016 and 4.0 million cases and circa Rs 280 crore in the nine months ended 31 December 2016. The annualized income from royalty fees from these brands is forecasted to be circa. Rs 100 crore.

The company continues to face challenges in the regulatory environment in certain states. Tax and excise changes in Maharashtra, West Bengal and Telangana have led to sharp consumer price increases and the route to market changes in Punjab continues to impact performance. Although the company expect the impact of de-monetization to abate as it move into the next quarter, the recent Supreme Court judgement on liquor outlets near highways remains a risk and adds some uncertainty for the future periods.

Shareholding pattern

The total promoters holding in the company stand at 58.48%.

Valuation

The stock is trading at Rs 2153 at BSE.

United Spirits: Standalone Results

1612(03)1512(03)Var. (%)1612(09)1512(09)Var. (%)1603(12)1503(12)
Sales2494.312422.9836583.156204.6968336.238049.34
OPM (%)11.811.010.612.410.56.3
OP293.59267.2710699.79769.76-9878.68510.50
Other Income34.623.3493792.5811.9467585.26159.98
PBDIT before exchange difference328.21270.6121792.37781.701963.94670.48
Exchange difference0.95-7.62-7.374.3720.87-24.25
PBDIT after exchange difference329.16262.9925785.00786.070984.81646.23
Interest (Net)92.23107.66-14283.69346.04-18446.92592.96
PBDT236.93155.3353501.31440.0314537.8953.27
Depreciation31.2625.422390.5474.3822101.49109.74
PBT before EO205.67129.9158410.77365.6512436.40-56.47
EO0.00-42.12-17.74-96.28-82-117.35-1871.67
PBT after EO205.6787.79134393.03269.3746319.05-1928.14
Tax57.9750.5615118.98149.30-20193.4628.34
PAT147.7037.23297274.05120.07128125.59-1956.48
EPS *40.715.226.315.011.8#
FY16 figures are as per Ind-AS and FY15 as per Ind-GAAP. As such, figures are not comparable
* Annualised on current equity of Rs 145.33 crore. Face Value: Rs 10
Var. (%) exceeding 999 has been truncated to 999
EO: Extraordinary items;
EPS is calculated after excluding EO and relevant tax
Figures in Rs crore
Source: Capitaline Corporate Database

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