Unaudited financial results for the quarter ended 30 June 2023

20 Jul 2023 | Press release

Download PDF

Bengaluru, India - July 20, 2023: United Spirits Ltd., a leading beverage alcohol company in India, reported its unaudited consolidated & standalone results for the first quarter of the fiscal year ended 31 March 2024.


Key Highlights for the quarter:

• Net sales value (NSV) at INR2,668 Cr.; EBITDA at INR714 Cr.

• NSV grew 28.6% and EBITDA grew 129.4% on rebased prior year comparators

• Net sales value (NSV) at INR 2,172Cr, with Prestige & Above saliency of 86%

• Total NSV grew 17.4%, Prestige & Above NSV grew 21.2%, both on rebased prior year comparators

• Reported EBITDA at INR385 Cr. with margin of 17.7%


Ms. Hina Nagarajan, CEO & Managing Director, commenting on the Q1FY24 performance, said:

“We have commenced fiscal 2024 with a robust first quarter performance. While inflationary pressures remain, our strategy to reshape the portfolio combined with revenue growth management and focus on everyday efficiency is driving sustainable growth across the Prestige & Above segment.

I am happy to share that Royal Challengers Sports Private Limited (RCSPL)’s, our wholly-owned subsidiary, has stepped up its earnings, driven by revenues from the Indian Premier League new media rights cycle. This reinforces our longer-term confidence in the Women’s Premier League. Our Sports business aligns to our core purpose of celebration and is a vital component of our consolidated portfolio.

Further, we are progressing well on our Society 2030 goals through our holistic ESG focus and “Diageo in Society” initiatives. Looking ahead, our priority is to maintain the growth momentum and to deliver long-term value to all our stakeholders.”

(The scheme for the Pioneer Distilleries Limited merger came into operation on 30th Dec’ 2022 but is effective 1st April’2021. All current & previous period comparators include the impact of the merger. All accounts referred as ‘Rebased’ are Reinstated for PDL merger as well as adjusted for slump sale and franchising of the strategically reviewed popular portfolio for a like for like comparison.)


Q1FY24 performance highlights:

• Consolidated net sales at INR2,668 Cr., grew by 28.6% on rebased prior year comparators. This was led by the strong growth in the standalone business and a significant increase in revenue, driven by the Indian Premier
League’s new five-year media rights cycle (2023-27).

• Consolidated reported EBITDA was at INR714 Cr., growth of 129.4% on rebased prior year comparators.

• Q1FY24 consolidated Profit after tax was at INR477 Cr.

• Net sales at INR2,172 Cr. increased 17.4% on rebased prior year comparators driven by continued premiumisation tailwinds, and improved footprint & saliency of our innovation / renovation offerings. Within the above, Prestige & Above segment grew 21.2%.

• Net sales for the Popular segment grew 0.9% on rebased prior year comparator.

• Reported Gross margin was 43.6%, up 139 bps versus last year. Excluding the one-off benefit of INR13 Cr. driven by a write-back, underlying gross margin stood was 43.0%, an expansion of 80 bps versus the prior year, continuing the sequential quarter-on-quarter improvement.

• A&P re-investment rate was 6.8% of sales largely reflecting the lowest sales quarter.

• Reported EBITDA at INR385 Cr., an increase of 83.5% over rebased prior year comparator. Reported EBITDA margin was 17.7%, up 638 bps versus last year. Excluding the one-offs from the current quarter and the prior year comparatives, core EBITDA grew 57.7% year-on-year.

• Underlying EBITDA margin was 17.1%, an increase of 437 bps over rebased prior year comparator. This was largely driven by gross margin expansion and productivity across the value chain.

• Reported interest cost at INR4.3 Cr., declined 81.0%. Excluding the one-off reversal benefit of INR15 Cr., interest cost was INR19 Cr., down 14.6% versus same period prior year.

• Exceptional charge of INR17 Cr. is on account of the ongoing supply agility programme.

• Profit after tax was INR238 Cr. with net profit margin at 11.0%.

About Diageo India

Diageo India is among the country’s leading beverage alcohol company and a subsidiary of global leader Diageo Plc. The company manufactures, sells and distributes an outstanding portfolio of premium brands such as Johnnie Walker, Black Dog, Black & White, VAT 69, Antiquity, Signature, The Singleton, Royal Challenge, McDowell’s No1, Smirnoff, Ketel One, Tanqueray, Captain Morgan and Godawan, an artisanal single malt whisky from India. Headquartered in Bengaluru, our wide footprint is supported by a committed team of over 3000 employees, 37 manufacturing facilities across states and union territories in India, a strong distribution network and a state-of-the-art Technical Centre. Incorporated in India as United Spirits Limited (USL), the company is listed on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in India.

For more information about Diageo India, our people, our brands, and our performance, visit us at www.diageoindia.com.

Visit Diageo’s global responsible drinking resource, http://www.DRINKiQ.com, for information, initiatives, and ways to share best practices.

Celebrating life, every day, everywhere.


Cautionary statement concerning forward-looking statements

This document contains ‘forward-looking’ statements. These statements can be identified by the fact that they do not relate only to historical or current facts. In particular, forward-looking statements include all statements that express forecasts, expectations, plans, outlook and projections with respect to future matters, including trends in results of operations, margins, growth rates, overall market trends, the impact of changes in interest or exchange rates, the availability or cost of financing to United Spirits Limited (“USL”), anticipated cost savings or synergies, expected investments, the completion of USL’s strategic transactions and restructuring programmes, anticipated tax rates, expected cash payments, outcomes of litigation, anticipated deficit reductions in relation to pension schemes and general economic conditions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward looking statements, including factors that are outside USL’s control. USL neither intends, nor assumes any obligation, to update or revise these forward-looking statements in the light of any developments which may differ from those anticipated.