UNITED SPIRITS Announces Quarterly Results (4QFY20); Net Profit Down 81.1%

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UNITED SPIRITS Announces Quarterly Results (4QFY20); Net Profit Down 81.1%
Fri, 29 May

UNITED SPIRITS has announced its results for the quarter ended March 2020. Here is a detailed performance review of the same:

UNITED SPIRITS Quarterly Financials

No. of Mths
Qtr. Ending
3
Mar-19*
3
Dec-19*
3
Mar-20*
QoQ ChangeYoY Change
Net SalesRs m72,15678,07264,223-17.7%-11.0%
Other incomeRs m11917641-76.7%-65.5%
TurnoverRs m72,27578,24864,264-17.9%-11.1%
ExpensesRs m69,32073,83261,509-16.7%-11.3%
Gross profitRs m2,7714,2402,727-35.7%-1.6%
DepreciationRs m40152467829.4%69.1%
InterestRs m6054554805.5%-20.7%
Profit before taxRs m1,8843,4371,610-53.2%-14.5%
TaxRs m6228491,37161.5%120.4%
Profit after taxRs m1,2622,588239-90.8%-81.1%
Gross profit margin%3.85.44.2
Effective tax rate%33.024.785.2
Net profit margin%1.73.30.4
* 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 fell 11.0% on a year-on-year (YoY) basis. The expenses were down by 11.3% YoY during the same period.
  • The company's operating profit declined by 1.6% YoY during the quarter. Consequently, operating profit margins remained same and stood at 4.2% in 4QFY20.
  • Depreciation charges increased by 69.1% and finance costs declined by 20.7% YoY, respectively.
  • Other income declined by 65.5% YoY during the quarter.
  • Net profit for the quarter declined by 81.1% YoY. Net profit margins during the quarter declined from 1.7% in 4QFY19 to 0.4% in 4QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 17.7% on a quarter-on-quarter (QoQ) basis. The expenses were down by 16.7% QoQ during the same period.
  • The company's operating profit declined by 35.7% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 4.2% in 4QFY20 as against 5.4% in 3QFY19.
  • Net profit for the quarter declined by 90.8% QoQ, while net profit margins declined from 3.3% in 3QFY19 to 0.4% in 4QFY20.

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

Check Out: Why Millions of Dollars are Getting Pumped into this Sector?

UNITED SPIRITS Share Price Performance

Over the last one year,UNITED SPIRITS share price has moved up from Rs 535.4 to Rs 570.7, registering a Gain of Rs 35.4 or around 6.6%.

Overall, the S&P BSE SENSEX is down 19.2% over the year.

Current Valuations

At the current price of Rs 570.7, the price to earnings (P/E) ratio of UNITED SPIRITS stands at 13.0 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.7 times.

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For the quarter ended December 2019, UNITED SPIRITS has posted a net profit of Rs 3 bn (up 34.5% YoY). Sales on the other hand came in at Rs 78 bn (up 0.6% YoY). Read on for a complete analysis of UNITED SPIRITS's quarterly results.

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