UNITED SPIRITS Announces Quarterly Results (4QFY19); Net Profit Down 40.2%

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UNITED SPIRITS Announces Quarterly Results (4QFY19); Net Profit Down 40.2%
Tue, 11 Jun

UNITED SPIRITS has announced its results for the quarter ended March 2019. Here is a detailed performance review of the same:

UNITED SPIRITS Quarterly Financials

No. of Mths
Qtr. Ending
3
Mar-18*
3
Dec-18*
3
Mar-19*
QoQ ChangeYoY Change
Net SalesRs m69,00477,63672,156-7.1%4.6%
Other incomeRs m1,210614119-80.6%-90.2%
TurnoverRs m70,21478,25072,275-7.6%2.9%
ExpensesRs m66,26374,15869,320-6.5%4.6%
Gross profitRs m3,1093,2762,771-15.4%-10.9%
DepreciationRs m36735540113.0%9.3%
InterestRs m5915526059.6%2.4%
Profit before taxRs m3,3612,9831,884-36.8%-43.9%
TaxRs m1,2511,059622-41.3%-50.3%
Profit after taxRs m2,1101,9241,262-34.4%-40.2%
Gross profit margin%4.54.23.8
Effective tax rate%37.235.533.0
Net profit margin%3.02.51.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter grew 4.6% on a year-on-year (YoY) basis. The expenses were up by 4.6% YoY during the same period.
  • The company's operating profit declined by 10.9% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 3.8% in 4QFY19 as against 4.5% in 4QFY18.
  • Depreciation charges increased by 9.3% and finance costs increased by 2.4% YoY, respectively.
  • Other income declined by 90.2% YoY during the quarter.
  • Net profit for the quarter declined by 40.2% YoY. Net profit margins during the quarter declined from 3.0% in 4QFY18 to 1.7% in 4QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 7.1% on a quarter-on-quarter (QoQ) basis. The expenses were down by 6.5% QoQ during the same period.
  • The company's operating profit declined by 15.4% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 3.8% in 4QFY19 as against 4.2% in 3QFY18.
  • Net profit for the quarter declined by 34.4% QoQ, while net profit margins declined from 2.5% in 3QFY18 to 1.7% in 4QFY19.

To see how UNITED SPIRITS has performed over the last eight quarters, please visit here.

UNITED SPIRITS Share Price Performance

Over the last one year, UNITED SPIRITS share price has moved up from Rs 674.4 to Rs 565.9, registering a Loss of Rs 108.5 or around 16.1%.

Overall, the S&P BSE SENSEX is up 12.4% over the year.

Current Valuations

At the current price of Rs 565.9, the price to earnings (P/E) ratio of UNITED SPIRITS stands at 12.5 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 3.4 times.

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