UNITDSPR
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United Spirits Q1 Profit 2.58 Billion Rupees
Aug 13 (Reuters) - United Spirits Ltd UNSP.NS:
UNITED SPIRITS Q1 PROFIT 2.58 BILLION RUPEES
UNITED SPIRITS Q1 REVENUE FROM OPERATIONS 58.23 BILLION RUPEES
Source text: ID:nBSE3PMm6n
Further company coverage: UNSP.NS
(([email protected];))
Aug 13 (Reuters) - United Spirits Ltd UNSP.NS:
UNITED SPIRITS Q1 PROFIT 2.58 BILLION RUPEES
UNITED SPIRITS Q1 REVENUE FROM OPERATIONS 58.23 BILLION RUPEES
Source text: ID:nBSE3PMm6n
Further company coverage: UNSP.NS
(([email protected];))
Big Scotch tariff cut to bring little cheer for Indians after UK trade deal
Indian state's heavy taxes make up bulk of spirits prices
Industry experts expect 10% price reduction for imported whisky
Indian-made single malt winning over younger drinkers
By Aditya Kalra and Dhwani Pandya
NEW DELHI MUMBAI, July 30 (Reuters) - At first glance, halving import tariffs on Scotch to 75% under the India-UK trade deal should bring the biggest cheer to India's whisky lovers. But there is little to celebrate once you look closely at India's complex tax regime.
In the world's most populous nation, each of the 28 states and eight federally-controlled territories regulate alcohol independently and impose heavy local taxes that contribute richly to the exchequer.
That means the price consumers pay for their drink in India includes state excise tax, handling charges, a social welfare fee, and distribution and retailer margins, and once they are taken into account the industry estimates final prices of imported Scotch will come down by less than 10%, four liquor industry executives said. Some fear states may even increase taxes, cancelling out the reduction from the trade deal.
One executive at a foreign company said the tariff cut "won't be a gamechanger." Another said the share of customs duty as a percentage of the total product price was less than 25% in most states. Both declined to be named as they were not authorised to speak to the media.
Naveen Malpani, consumer and retail industry leader at consultants Grant Thornton Bharat, said the import duty made up only about 10% to 20% of the retail price on average across India, with the rest from local levies and other costs.
"The deal is likely to enhance premiumisation and brand variety rather than trigger an immediate spike in demand," he said.
A breakdown provided on the website of the government of southern Kerala state shows the high taxation regime: a bottle of Pernod's Chivas Regal blended Scotch aged for 18 years costs 6,288 rupees ($72) with import tariffs, but local taxes and levies take the price to 13,560 rupees ($156).
Similarly, Johnnie Walker Blue Label costs 30,570 rupees ($352) in Kerala. In California, after discounts, that brand costs around $180, according to shopping website BevMo.com.
Despite the high taxes, Euromonitor estimates India's spirits market was worth $37 billion last year, lagging only China and the United States, and it remains an attractive market - Diageo DGE.L, which produces Johnnie Walker, and Pernod Ricard PERP.PA together had India revenues of almost $6 billion last year.
India is Scotch whisky's largest export market by volume, with the equivalent of more than 192 million bottles exported to the country in 2024, and the volume growing by more than 200% in the past decade, according to the Scotch Whisky Association.
But doing business in the whisky-loving country is challenging. As well as the layers of taxation, companies must contend with a web of regulation, which requires they seek approval for bottle labels and prices each year. In 2022, Pernod's then South Asia CEO told Reuters in an interview that India was "probably the most complex market" in the world for the industry.
Amid the complexity, local producers have also stepped up. Made-in-India single malts are offering stiff competition to the established international brands as Indians develop a taste for bespoke cocktails and more sophisticated drinks.
Young Indians "are all going for Indian single malts rather than Scotch," said Rajesh Chopra, director general of Indian Malt Whisky Association, adding lower tariffs could spur collaboration among Indian and UK whisky makers.
(Reporting by Aditya Kalra and Dhwani Pandya; additional reporting by Saurabh Sharma; Editing by Kate Mayberry)
(([email protected];))
Indian state's heavy taxes make up bulk of spirits prices
Industry experts expect 10% price reduction for imported whisky
Indian-made single malt winning over younger drinkers
By Aditya Kalra and Dhwani Pandya
NEW DELHI MUMBAI, July 30 (Reuters) - At first glance, halving import tariffs on Scotch to 75% under the India-UK trade deal should bring the biggest cheer to India's whisky lovers. But there is little to celebrate once you look closely at India's complex tax regime.
In the world's most populous nation, each of the 28 states and eight federally-controlled territories regulate alcohol independently and impose heavy local taxes that contribute richly to the exchequer.
That means the price consumers pay for their drink in India includes state excise tax, handling charges, a social welfare fee, and distribution and retailer margins, and once they are taken into account the industry estimates final prices of imported Scotch will come down by less than 10%, four liquor industry executives said. Some fear states may even increase taxes, cancelling out the reduction from the trade deal.
One executive at a foreign company said the tariff cut "won't be a gamechanger." Another said the share of customs duty as a percentage of the total product price was less than 25% in most states. Both declined to be named as they were not authorised to speak to the media.
Naveen Malpani, consumer and retail industry leader at consultants Grant Thornton Bharat, said the import duty made up only about 10% to 20% of the retail price on average across India, with the rest from local levies and other costs.
"The deal is likely to enhance premiumisation and brand variety rather than trigger an immediate spike in demand," he said.
A breakdown provided on the website of the government of southern Kerala state shows the high taxation regime: a bottle of Pernod's Chivas Regal blended Scotch aged for 18 years costs 6,288 rupees ($72) with import tariffs, but local taxes and levies take the price to 13,560 rupees ($156).
Similarly, Johnnie Walker Blue Label costs 30,570 rupees ($352) in Kerala. In California, after discounts, that brand costs around $180, according to shopping website BevMo.com.
Despite the high taxes, Euromonitor estimates India's spirits market was worth $37 billion last year, lagging only China and the United States, and it remains an attractive market - Diageo DGE.L, which produces Johnnie Walker, and Pernod Ricard PERP.PA together had India revenues of almost $6 billion last year.
India is Scotch whisky's largest export market by volume, with the equivalent of more than 192 million bottles exported to the country in 2024, and the volume growing by more than 200% in the past decade, according to the Scotch Whisky Association.
But doing business in the whisky-loving country is challenging. As well as the layers of taxation, companies must contend with a web of regulation, which requires they seek approval for bottle labels and prices each year. In 2022, Pernod's then South Asia CEO told Reuters in an interview that India was "probably the most complex market" in the world for the industry.
Amid the complexity, local producers have also stepped up. Made-in-India single malts are offering stiff competition to the established international brands as Indians develop a taste for bespoke cocktails and more sophisticated drinks.
Young Indians "are all going for Indian single malts rather than Scotch," said Rajesh Chopra, director general of Indian Malt Whisky Association, adding lower tariffs could spur collaboration among Indian and UK whisky makers.
(Reporting by Aditya Kalra and Dhwani Pandya; additional reporting by Saurabh Sharma; Editing by Kate Mayberry)
(([email protected];))
Pernod Ricard sells Imperial Blue whisky to India's Tilaknagar Industries
Sale part of Pernod's streamlining, focus on pricier brands
Deal marks Tilaknagar Industries' shift into whisky
Adds industry context in paragraphs 12-13
PARIS, July 23 (Reuters) - Pernod Ricard PERP.PA said on Wednesday it had agreed to sell its Imperial Blue whisky business to Indian liquor maker Tilaknagar Industries TILK.NS, as the French spirits group boosts its focus on premium labels in its portfolio.
The world's No. 2 Western spirits maker did not disclose the value of the deal, but said that on completion it was expected to be "immediately and meaningfully accretive" to Pernod Ricard India's operating margin and net sales growth rate.
The transaction is subject to approval from the competition commission of India, and is expected to close within the coming months, Pernod Ricard said in a statement.
The news comes as the French group looks to streamline its business and focus on its core portfolio of pricey, global brands amid a sector-wide downturn in sales.
Pernod Ricard Chairman and CEO Alexandre Ricard said the sale would "sharpen our focus on more profitable and faster growing brands in India, as in the rest of the world".
Jean Touboul, CEO of Pernod Ricard India, said it would notably allow Pernod Ricard to allocate resources more effectively towards high-growth brands in India such as Royal Stag and Blenders Pride, as well as international brands like Chivas, Jameson, Absolut, and Ballantine’s.
Pernod Ricard sees India, the group second-largest market, as key to future growth. Alcohol sales in India are projected to hit $61.35 billion in fiscal 2025–26, according to CRISIL.
Imperial Blue, a top-selling mass-market whisky, competes in India with the likes of United Spirits' McDowell's No.1.
Pernod Ricard views it as a local, value brand, and therefore not as central to its strategy as pricier, global labels like Chivas Regal.
For Tilaknagar Industries, a dominant player in India's brandy market with Mansion House, the deal marks a strategic shift into whisky, a faster-growing, higher-margin segment.
Tilaknagar Industries has been in turnaround mode, returning to profit after debt restructuring and widening distribution.
Earlier this month, Reuters reported that Inbrew Beverages and Tilaknagar Industries were each looking to raise around $500 million as they competed to buy Imperial Blue.
Global spirits makers have been scrambling to adjust their businesses to a sharp and sustained drop in sales in many markets after a boom in pricey liquor sales during the pandemic went into reverse amid high inflation and interest rates.
Companies like Pernod Ricard have also faced tariff threats in key markets like the United States and China, and worries about longer-term challenges such as some drinkers cutting back or health warnings from authorities.
(Reporting by Dominique Vidalon in Paris and Chandini Monnappa in Bengaluru. Editing by Benoit Van Overstraeten and Mark Potter)
(([email protected]; +33149495432; Reuters Messaging: [email protected]))
Sale part of Pernod's streamlining, focus on pricier brands
Deal marks Tilaknagar Industries' shift into whisky
Adds industry context in paragraphs 12-13
PARIS, July 23 (Reuters) - Pernod Ricard PERP.PA said on Wednesday it had agreed to sell its Imperial Blue whisky business to Indian liquor maker Tilaknagar Industries TILK.NS, as the French spirits group boosts its focus on premium labels in its portfolio.
The world's No. 2 Western spirits maker did not disclose the value of the deal, but said that on completion it was expected to be "immediately and meaningfully accretive" to Pernod Ricard India's operating margin and net sales growth rate.
The transaction is subject to approval from the competition commission of India, and is expected to close within the coming months, Pernod Ricard said in a statement.
The news comes as the French group looks to streamline its business and focus on its core portfolio of pricey, global brands amid a sector-wide downturn in sales.
Pernod Ricard Chairman and CEO Alexandre Ricard said the sale would "sharpen our focus on more profitable and faster growing brands in India, as in the rest of the world".
Jean Touboul, CEO of Pernod Ricard India, said it would notably allow Pernod Ricard to allocate resources more effectively towards high-growth brands in India such as Royal Stag and Blenders Pride, as well as international brands like Chivas, Jameson, Absolut, and Ballantine’s.
Pernod Ricard sees India, the group second-largest market, as key to future growth. Alcohol sales in India are projected to hit $61.35 billion in fiscal 2025–26, according to CRISIL.
Imperial Blue, a top-selling mass-market whisky, competes in India with the likes of United Spirits' McDowell's No.1.
Pernod Ricard views it as a local, value brand, and therefore not as central to its strategy as pricier, global labels like Chivas Regal.
For Tilaknagar Industries, a dominant player in India's brandy market with Mansion House, the deal marks a strategic shift into whisky, a faster-growing, higher-margin segment.
Tilaknagar Industries has been in turnaround mode, returning to profit after debt restructuring and widening distribution.
Earlier this month, Reuters reported that Inbrew Beverages and Tilaknagar Industries were each looking to raise around $500 million as they competed to buy Imperial Blue.
Global spirits makers have been scrambling to adjust their businesses to a sharp and sustained drop in sales in many markets after a boom in pricey liquor sales during the pandemic went into reverse amid high inflation and interest rates.
Companies like Pernod Ricard have also faced tariff threats in key markets like the United States and China, and worries about longer-term challenges such as some drinkers cutting back or health warnings from authorities.
(Reporting by Dominique Vidalon in Paris and Chandini Monnappa in Bengaluru. Editing by Benoit Van Overstraeten and Mark Potter)
(([email protected]; +33149495432; Reuters Messaging: [email protected]))
United Spirits Says Completion Of Investment Worth 560 Million Rupees In NAO Spirits
June 26 (Reuters) - United Spirits Ltd UNSP.NS:
UNITED SPIRITS - COMPLETION OF INVESTMENT WORTH 560 MILLION RUPEES IN NAO SPIRITS
UNITED SPIRITS - TO FURTHER INVEST IN NAO 200 MILLION RUPEES
Source text: ID:nnAZN41RIXK
Further company coverage: UNSP.NS
(([email protected];))
June 26 (Reuters) - United Spirits Ltd UNSP.NS:
UNITED SPIRITS - COMPLETION OF INVESTMENT WORTH 560 MILLION RUPEES IN NAO SPIRITS
UNITED SPIRITS - TO FURTHER INVEST IN NAO 200 MILLION RUPEES
Source text: ID:nnAZN41RIXK
Further company coverage: UNSP.NS
(([email protected];))
Diageo India buys maker of 'Greater Than','Hapusa' gins
June 19 (Reuters) - India's United Spirits UNSP.NS said on Thursday it is buying the maker of popular craft gins 'Greater Than' and 'Hapusa' in a deal valued at 1.3 billion rupees ($15.2 million), including debt, in a bid to boost its premium portfolio.
The Indian arm of spirits maker Diageo DGE.L added that the company, NAO Spirits, has been part of the portfolio of its investment arm, Ventures.
NAO was launched in 2017. Its brand 'Greater Than' was India's first craft gin, said United Spirits.
The deal comes at a time when rising disposable income among the upper middle class and richer Indians has led to higher demand for more expensive liquor, in tandem with more openness towards casual drinking and experimental offerings.
Local and authentic craft-oriented brands are well placed to cater to these trends, said United Spirits.
Hapusa, for example, can be priced at more than 3,000 rupees and according to United Spirits, is one of the few craft gins in the world made with foraged Himalayan juniper and other botanicals.
Demand for premium liquor helped boost United Spirits' standalone profit in the fourth quarter by 17% to 4.51 billion rupees ($52.72 million). Net sales value in the segment rose faster than overall sales growth.
(Reporting by Ananta Agarwal in Bengaluru)
(([email protected];))
June 19 (Reuters) - India's United Spirits UNSP.NS said on Thursday it is buying the maker of popular craft gins 'Greater Than' and 'Hapusa' in a deal valued at 1.3 billion rupees ($15.2 million), including debt, in a bid to boost its premium portfolio.
The Indian arm of spirits maker Diageo DGE.L added that the company, NAO Spirits, has been part of the portfolio of its investment arm, Ventures.
NAO was launched in 2017. Its brand 'Greater Than' was India's first craft gin, said United Spirits.
The deal comes at a time when rising disposable income among the upper middle class and richer Indians has led to higher demand for more expensive liquor, in tandem with more openness towards casual drinking and experimental offerings.
Local and authentic craft-oriented brands are well placed to cater to these trends, said United Spirits.
Hapusa, for example, can be priced at more than 3,000 rupees and according to United Spirits, is one of the few craft gins in the world made with foraged Himalayan juniper and other botanicals.
Demand for premium liquor helped boost United Spirits' standalone profit in the fourth quarter by 17% to 4.51 billion rupees ($52.72 million). Net sales value in the segment rose faster than overall sales growth.
(Reporting by Ananta Agarwal in Bengaluru)
(([email protected];))
Analysts flag hit to India's United Spirits from Maharashtra state duty hike
** Macquarie keeps "underperform" on India's United Spirits, UNSP.NS, citing volume risk from Maharashtra liquor duty hike
** Adds consumer prices could rise 15% or more, especially for economy-end liquor brands
** Macquarie sees duty rise of around 30 rupees to 45 rupees per bottle; premium brands may face steeper hikes
** Brokerage Goldman Sachs sees 20%–30% price hike from duty increase, warns of sharp volume drop in Maharashtra
** Adds customers may downtrade to lower priced brands within UNSP's portfolio, impacting realizations
** Shares of United Spirits UNSP.NS trading 0.9% lower at 1,489 rupees after shedding ~5% on Wednesday after the news
** Stock rated "buy" on average by analysts, median PT is 1,712.5 rupees - data compiled by LSEG
** UNSP shares down 7.5% so far in 2025
(Reporting by Yagnoseni Das in Bengaluru)
(([email protected];))
** Macquarie keeps "underperform" on India's United Spirits, UNSP.NS, citing volume risk from Maharashtra liquor duty hike
** Adds consumer prices could rise 15% or more, especially for economy-end liquor brands
** Macquarie sees duty rise of around 30 rupees to 45 rupees per bottle; premium brands may face steeper hikes
** Brokerage Goldman Sachs sees 20%–30% price hike from duty increase, warns of sharp volume drop in Maharashtra
** Adds customers may downtrade to lower priced brands within UNSP's portfolio, impacting realizations
** Shares of United Spirits UNSP.NS trading 0.9% lower at 1,489 rupees after shedding ~5% on Wednesday after the news
** Stock rated "buy" on average by analysts, median PT is 1,712.5 rupees - data compiled by LSEG
** UNSP shares down 7.5% so far in 2025
(Reporting by Yagnoseni Das in Bengaluru)
(([email protected];))
United Spirits Says Diageo Clarifies Media Reports On RCB Stake Sale Are Speculative
June 10 (Reuters) - United Spirits Ltd UNSP.NS:
UNITED SPIRITS LTD - DIAGEO CLARIFIES MEDIA REPORTS ON RCB STAKE SALE ARE SPECULATIVE
UNITED SPIRITS - COMPANY IS NOT PURSUING ANY SUCH DISCUSSIONS
Source text: ID:nBSE3L0dHZ
Further company coverage: UNSP.NS
(([email protected];))
June 10 (Reuters) - United Spirits Ltd UNSP.NS:
UNITED SPIRITS LTD - DIAGEO CLARIFIES MEDIA REPORTS ON RCB STAKE SALE ARE SPECULATIVE
UNITED SPIRITS - COMPANY IS NOT PURSUING ANY SUCH DISCUSSIONS
Source text: ID:nBSE3L0dHZ
Further company coverage: UNSP.NS
(([email protected];))
United Spirits Exec Says Margins Likely To Be Range Bound In The Next Couple Of Years
May 23 (Reuters) - United Spirits Ltd UNSP.NS:
UNITED SPIRITS EXEC: INDIA-UK FTA WILL ENHANCE COST ACCESSIBILITY IN WORLD'S LARGEST WHISKEY MARKET
UNITED SPIRITS EXEC: DUTY REDUCTION FROM 150% TO 75% COULD LEAD TO HIGH SINGLE DIGIT PRICE REDUCTION
UNITED SPIRITS EXEC: DUTY REDUCTION BENEFITS WILL START COMING AROUND FY27
UNITED SPIRITS EXEC: DUTY REDUCTION TO SPUR HIGH SINGLE DIGIT ADDITIONAL VOLUME GROWTH
UNITED SPIRITS EXEC: MARGINS LIKELY TO BE RANGE BOUND IN THE NEXT COUPLE OF YEARS
Source text: [ID:]
Further company coverage: UNSP.NS
(([email protected];))
May 23 (Reuters) - United Spirits Ltd UNSP.NS:
UNITED SPIRITS EXEC: INDIA-UK FTA WILL ENHANCE COST ACCESSIBILITY IN WORLD'S LARGEST WHISKEY MARKET
UNITED SPIRITS EXEC: DUTY REDUCTION FROM 150% TO 75% COULD LEAD TO HIGH SINGLE DIGIT PRICE REDUCTION
UNITED SPIRITS EXEC: DUTY REDUCTION BENEFITS WILL START COMING AROUND FY27
UNITED SPIRITS EXEC: DUTY REDUCTION TO SPUR HIGH SINGLE DIGIT ADDITIONAL VOLUME GROWTH
UNITED SPIRITS EXEC: MARGINS LIKELY TO BE RANGE BOUND IN THE NEXT COUPLE OF YEARS
Source text: [ID:]
Further company coverage: UNSP.NS
(([email protected];))
United Spirits Q4 Profit 4.51 Bln Rupees
May 20 (Reuters) - United Spirits Ltd UNSP.NS:
Q4 PROFIT 4.51 BILLION RUPEES
Q4 REVENUE FROM OPERATIONS 65.49 BILLION RUPEES
RECOMMENDS FINAL DIVIDEND OF 8 RUPEES PER SHARE
Further company coverage: UNSP.NS
(([email protected];;))
May 20 (Reuters) - United Spirits Ltd UNSP.NS:
Q4 PROFIT 4.51 BILLION RUPEES
Q4 REVENUE FROM OPERATIONS 65.49 BILLION RUPEES
RECOMMENDS FINAL DIVIDEND OF 8 RUPEES PER SHARE
Further company coverage: UNSP.NS
(([email protected];;))
United Spirits Declares Dividend Of 4 Rupees Per Share
March 27 (Reuters) - United Spirits Ltd UNSP.NS:
UNITED SPIRITS LTD - 532432 - BOARD MEETING OUTCOME FOR OUTCOME OF BOARD MEETING IN ACCORDANCE WITH THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 - INTERIM DIVIDEND
UNITED SPIRITS - DIVIDEND OF 4 RUPEES PER SHARE
Source text: ID:nBSE3dZYLy
Further company coverage: UNSP.NS
(([email protected];))
March 27 (Reuters) - United Spirits Ltd UNSP.NS:
UNITED SPIRITS LTD - 532432 - BOARD MEETING OUTCOME FOR OUTCOME OF BOARD MEETING IN ACCORDANCE WITH THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 - INTERIM DIVIDEND
UNITED SPIRITS - DIVIDEND OF 4 RUPEES PER SHARE
Source text: ID:nBSE3dZYLy
Further company coverage: UNSP.NS
(([email protected];))
India's United Spirits rises after Citi upgrades to 'buy'
** Shares of liquor company United Spirits UNSP.NS climb 3.1% to 1,420.05 rupees
** Citi Research upgrades stock to "buy" rating from "hold"
** Retains 1,650 rupees target price, implying an upside of about 20%
** Says risk-reward has turned favourable for UNSP due to sharp fall in share price so far in 2025, scale-up in Andhra Pradesh, stable growth trends, policy tailwinds in Uttar Pradesh, premiumization shift
** UNSP is likely to see double-digit revenue growth over fiscal years 2024-2027 due to its positioning in organized liquor market, rising disposable incomes - Citi
** Stock down about 15% YTD, underperforming 7% fall in consumer index .NIFTYFMCG - exchange data
** The average rating of 20 analysts tracking UNSP is "buy"; median target price is at 1,634 rupees - data compiled by LSEG
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** Shares of liquor company United Spirits UNSP.NS climb 3.1% to 1,420.05 rupees
** Citi Research upgrades stock to "buy" rating from "hold"
** Retains 1,650 rupees target price, implying an upside of about 20%
** Says risk-reward has turned favourable for UNSP due to sharp fall in share price so far in 2025, scale-up in Andhra Pradesh, stable growth trends, policy tailwinds in Uttar Pradesh, premiumization shift
** UNSP is likely to see double-digit revenue growth over fiscal years 2024-2027 due to its positioning in organized liquor market, rising disposable incomes - Citi
** Stock down about 15% YTD, underperforming 7% fall in consumer index .NIFTYFMCG - exchange data
** The average rating of 20 analysts tracking UNSP is "buy"; median target price is at 1,634 rupees - data compiled by LSEG
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
United Spirits To Close Hyderabad Factory Operations
Feb 5 (Reuters) - United Spirits Ltd UNSP.NS:
UNITED SPIRITS LTD - TO CLOSE HYDERABAD FACTORY OPERATIONS
UNITED SPIRITS LTD - UNIT CLOSURE PART OF SUPPLY CHAIN AGILITY PROGRAM APPROVED IN JAN 2023
UNITED SPIRITS LTD - ESTIMATED CLOSURE OF FACTORY OPERATIONS AT UNIT IS JULY 31, 2025
Source text: ID:nNSE4VNd6S
Further company coverage: UNSP.NS
(([email protected];))
Feb 5 (Reuters) - United Spirits Ltd UNSP.NS:
UNITED SPIRITS LTD - TO CLOSE HYDERABAD FACTORY OPERATIONS
UNITED SPIRITS LTD - UNIT CLOSURE PART OF SUPPLY CHAIN AGILITY PROGRAM APPROVED IN JAN 2023
UNITED SPIRITS LTD - ESTIMATED CLOSURE OF FACTORY OPERATIONS AT UNIT IS JULY 31, 2025
Source text: ID:nNSE4VNd6S
Further company coverage: UNSP.NS
(([email protected];))
United Spirits Receives Tax Assessment Order For FY 2014-15
Feb 4 (Reuters) - United Spirits Ltd UNSP.NS:
RECEIVES TAX ASSESSMENT ORDER FOR FY 2014-15
REVISED ORDER INCREASES TAX DEMAND BY 1.47 BILLION RUPEES
Source text: ID:nNSE7SgdwW
Further company coverage: UNSP.NS
(([email protected];;))
Feb 4 (Reuters) - United Spirits Ltd UNSP.NS:
RECEIVES TAX ASSESSMENT ORDER FOR FY 2014-15
REVISED ORDER INCREASES TAX DEMAND BY 1.47 BILLION RUPEES
Source text: ID:nNSE7SgdwW
Further company coverage: UNSP.NS
(([email protected];;))
United Spirits Q3 Profit 4.73 Billion Rupees
Jan 23 (Reuters) - United Spirits Ltd UNSP.NS:
Q3 PROFIT 4.73 BILLION RUPEES; IBES EST. 4.05 BILLION RUPEES
Q3 REVENUE FROM OPERATIONS 77.31 BILLION RUPEES
Further company coverage: UNSP.NS
(([email protected];))
Jan 23 (Reuters) - United Spirits Ltd UNSP.NS:
Q3 PROFIT 4.73 BILLION RUPEES; IBES EST. 4.05 BILLION RUPEES
Q3 REVENUE FROM OPERATIONS 77.31 BILLION RUPEES
Further company coverage: UNSP.NS
(([email protected];))
India's United Spirits falls post CEO change; Macquarie keeps 'underperform'
** United Spirits UNSP.NS, British alcohol maker Diageo's Indian arm, falls 4.77% to 1,412.90 rupees; set for biggest one-day pct drop in 14 months
** Hina Nagarajan resigns as CEO to take another role in Diageo; HT Media HTML.NS boss Praveen Someshwar to replace Nagarajan
** Macquarie maintains "underperform" post CEO change; says smooth transition key to ensure no hurdles in "growth journey"
** UNSP climbed ~160% since April 2021, when Nagarajan took the top job, with premium-end alcohol growth booming in her tenure
** Stock extends 12-month loss to ~13%
(Reporting by Ananta Agarwal in Bengaluru)
** United Spirits UNSP.NS, British alcohol maker Diageo's Indian arm, falls 4.77% to 1,412.90 rupees; set for biggest one-day pct drop in 14 months
** Hina Nagarajan resigns as CEO to take another role in Diageo; HT Media HTML.NS boss Praveen Someshwar to replace Nagarajan
** Macquarie maintains "underperform" post CEO change; says smooth transition key to ensure no hurdles in "growth journey"
** UNSP climbed ~160% since April 2021, when Nagarajan took the top job, with premium-end alcohol growth booming in her tenure
** Stock extends 12-month loss to ~13%
(Reporting by Ananta Agarwal in Bengaluru)
United Spirits CEO Hina Nagarajan to be replaced by HT Media boss
Removes reference to Someshwar joining global executive committee in paragraph 2
Jan 13 (Reuters) - United Spirits UNSP.NS, the Indian arm of liquor company Diageo DGE.L, said on Monday that HT Media boss Praveen Someshwar will replace Hina Nagarajan as its chief executive, effective April 1.
Nagarajan will move to a role on Diageo's global executive committee as part of the transition, the company said.
The leadership change comes after India's Central Bureau of Investigation (CBI) alleged last week that Diageo, which owns about 56% of United Spirits, made a suspicious payment to an Indian lawmaker to get favourable decisions.
Someshwar has been CEO of HT Media HTML.NS, the owner of the Hindustan Times national daily, for five years. Prior to that, he worked with PepsiCo PEP.O for 24 years, where he held a number of roles in various divisions ranging from finance to management.
UK-based Diageo has been the subject of investigation by Indian authorities, following a 2018 probe into investment approvals.
Separately, Nagarajan was summoned last year as a witness by New Delhi's anti-corruption police investigating billing and discount practices involving government agencies running liquor retail shops between 2017 and 2020.
She did not appear before the police but Diageo, through company representatives, submitted many documents that were linked to the three-year period, Reuters reported last August.
Nagarajan joined the company as CEO designate in April 2021, and took over as managing director and chief executive two months later.
(Reporting by Ananta Agarwal in Bengaluru; Editing by Eileen Soreng and Anil D'Silva)
(([email protected];))
Removes reference to Someshwar joining global executive committee in paragraph 2
Jan 13 (Reuters) - United Spirits UNSP.NS, the Indian arm of liquor company Diageo DGE.L, said on Monday that HT Media boss Praveen Someshwar will replace Hina Nagarajan as its chief executive, effective April 1.
Nagarajan will move to a role on Diageo's global executive committee as part of the transition, the company said.
The leadership change comes after India's Central Bureau of Investigation (CBI) alleged last week that Diageo, which owns about 56% of United Spirits, made a suspicious payment to an Indian lawmaker to get favourable decisions.
Someshwar has been CEO of HT Media HTML.NS, the owner of the Hindustan Times national daily, for five years. Prior to that, he worked with PepsiCo PEP.O for 24 years, where he held a number of roles in various divisions ranging from finance to management.
UK-based Diageo has been the subject of investigation by Indian authorities, following a 2018 probe into investment approvals.
Separately, Nagarajan was summoned last year as a witness by New Delhi's anti-corruption police investigating billing and discount practices involving government agencies running liquor retail shops between 2017 and 2020.
She did not appear before the police but Diageo, through company representatives, submitted many documents that were linked to the three-year period, Reuters reported last August.
Nagarajan joined the company as CEO designate in April 2021, and took over as managing director and chief executive two months later.
(Reporting by Ananta Agarwal in Bengaluru; Editing by Eileen Soreng and Anil D'Silva)
(([email protected];))
India names Diageo, Sequoia Capital in case alleging suspicious payments
Diageo, Sequoia Capital face influence-peddling investigation
Diageo made payment to lift ban on duty-free items -agency
Sequoia made payments for investment approval -agency
By Arpan Chaturvedi
NEW DELHI, Jan 10 (Reuters) - India's federal investigating agency has accused liquor giant Diageo DGE.L and Sequoia Capital of making suspicious payments to a politician's firm to seek favourable government decisions, it said in a document Reuters reviewed on Friday.
In the document, the Central Bureau of Investigation (CBI) says Diageo Scotland made a suspicious fund transfer to Indian politician Karti Chidambaram's firm after a 2005 ban on sale of its duty-free products hit sales of its Johnnie Walker whisky.
In the case document on its website, the agency said an investigation showed a payment of $15,000 to the firm was intended to influence public servants to lift the ban on Diageo, rather than for consultancy work as it had been described.
"In order to lift the ban, Diageo Scotland approached Karti P Chidambaram," the agency said in the document, part of its formal case registered against Diageo and Sequoia, after an investigation launched in 2018 into investment approvals.
It did not say when the alleged payment by Diageo was made.
The agency said Diageo suffered a huge loss from the 2005 embargo on its products by the India Tourism Development Corp, a firm majority-owned by the government that had a monopoly on sales of imported duty-free liquor.
Telephone calls to seek comment from Karti Chidambaram, the son of former finance minister P Chidambaram, went unanswered. A member of India's main opposition Congress party, he is a lower house MP.
A spokesperson for Diageo's India unit, United Spirits, in which the British giant owns a stake of about 56%, declined to comment. Diageo's British unit did not immediately respond to a request for a comment on the development.
The case presents a new challenge for Diageo after anti-graft police launched an investigation last year into billing and discount practices in the capital, New Delhi.
The company has said it is cooperating with that agency.
Separately, the CBI case document accused the Mauritius unit of Sequoia Capital of suspicious transactions with the firm of Karti Chidambaram, who was in a position to influence public servants to secure approval for an Indian investment in 2008.
Sequoia's proposal, the CBI said, was approved in November by Karti's father, P Chidambaram, who was finance minister at the time. In response to a text message from Reuters, P Chidambaram, also a Congress politician, said he had no comment.
The CBI case document does not name the former finance minister as one of those accused in the case.
Sequoia did not immediately respond to a Reuters request for comment on the accusations.
A detailed investigation will look for any violations of India's criminal law, including its anti-graft law that sets penalties for bribes to public servants, the CBI added in the document.
Punishments can be jail terms of up to seven years, and unspecified fines.
(Reporting by Arpan Chaturvedi; Editing by Aditya Kalra and Clarence Fernandez)
(([email protected];))
Diageo, Sequoia Capital face influence-peddling investigation
Diageo made payment to lift ban on duty-free items -agency
Sequoia made payments for investment approval -agency
By Arpan Chaturvedi
NEW DELHI, Jan 10 (Reuters) - India's federal investigating agency has accused liquor giant Diageo DGE.L and Sequoia Capital of making suspicious payments to a politician's firm to seek favourable government decisions, it said in a document Reuters reviewed on Friday.
In the document, the Central Bureau of Investigation (CBI) says Diageo Scotland made a suspicious fund transfer to Indian politician Karti Chidambaram's firm after a 2005 ban on sale of its duty-free products hit sales of its Johnnie Walker whisky.
In the case document on its website, the agency said an investigation showed a payment of $15,000 to the firm was intended to influence public servants to lift the ban on Diageo, rather than for consultancy work as it had been described.
"In order to lift the ban, Diageo Scotland approached Karti P Chidambaram," the agency said in the document, part of its formal case registered against Diageo and Sequoia, after an investigation launched in 2018 into investment approvals.
It did not say when the alleged payment by Diageo was made.
The agency said Diageo suffered a huge loss from the 2005 embargo on its products by the India Tourism Development Corp, a firm majority-owned by the government that had a monopoly on sales of imported duty-free liquor.
Telephone calls to seek comment from Karti Chidambaram, the son of former finance minister P Chidambaram, went unanswered. A member of India's main opposition Congress party, he is a lower house MP.
A spokesperson for Diageo's India unit, United Spirits, in which the British giant owns a stake of about 56%, declined to comment. Diageo's British unit did not immediately respond to a request for a comment on the development.
The case presents a new challenge for Diageo after anti-graft police launched an investigation last year into billing and discount practices in the capital, New Delhi.
The company has said it is cooperating with that agency.
Separately, the CBI case document accused the Mauritius unit of Sequoia Capital of suspicious transactions with the firm of Karti Chidambaram, who was in a position to influence public servants to secure approval for an Indian investment in 2008.
Sequoia's proposal, the CBI said, was approved in November by Karti's father, P Chidambaram, who was finance minister at the time. In response to a text message from Reuters, P Chidambaram, also a Congress politician, said he had no comment.
The CBI case document does not name the former finance minister as one of those accused in the case.
Sequoia did not immediately respond to a Reuters request for comment on the accusations.
A detailed investigation will look for any violations of India's criminal law, including its anti-graft law that sets penalties for bribes to public servants, the CBI added in the document.
Punishments can be jail terms of up to seven years, and unspecified fines.
(Reporting by Arpan Chaturvedi; Editing by Aditya Kalra and Clarence Fernandez)
(([email protected];))
United Spirits Says Got Total Demand Tax Order For 11.3 Million Rupees
Jan 8 (Reuters) - United Spirits Ltd UNSP.NS:
UNITED SPIRITS - GOT TOTAL DEMAND TAX ORDER FOR 11.3 MILLION RUPEES
Source text: ID:nBSE1m1M30
Further company coverage: UNSP.NS
(([email protected];))
Jan 8 (Reuters) - United Spirits Ltd UNSP.NS:
UNITED SPIRITS - GOT TOTAL DEMAND TAX ORDER FOR 11.3 MILLION RUPEES
Source text: ID:nBSE1m1M30
Further company coverage: UNSP.NS
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United Spirits Says Tax Order For Penalty At 319.2 Million Rupees Is Deleted
Nov 14 (Reuters) - United Spirits Ltd UNSP.NS:
UNITED SPIRITS - TAX ORDER FOR PENALTY AT 319.2 MILLION RUPEES IS DELETED
Source text: ID:nNSE4Wwn4J
Further company coverage: UNSP.NS
(([email protected];))
Nov 14 (Reuters) - United Spirits Ltd UNSP.NS:
UNITED SPIRITS - TAX ORDER FOR PENALTY AT 319.2 MILLION RUPEES IS DELETED
Source text: ID:nNSE4Wwn4J
Further company coverage: UNSP.NS
(([email protected];))
United Spirits Q2 Profit 3.35 Bln Rupees
Oct 23 (Reuters) - United Spirits Ltd UNSP.NS:
UNITED SPIRITS Q2 PROFIT 3.35 BILLION RUPEES; IBES EST. 3.39 BILLION RUPEES
UNITED SPIRITS Q2 REVENUE FROM OPERATIONS 66.71 BILLION RUPEES
Source text for Eikon: ID:nnAZN2HQK6L
Further company coverage: UNSP.NS
(([email protected];))
Oct 23 (Reuters) - United Spirits Ltd UNSP.NS:
UNITED SPIRITS Q2 PROFIT 3.35 BILLION RUPEES; IBES EST. 3.39 BILLION RUPEES
UNITED SPIRITS Q2 REVENUE FROM OPERATIONS 66.71 BILLION RUPEES
Source text for Eikon: ID:nnAZN2HQK6L
Further company coverage: UNSP.NS
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United Spirits Says Got Order Demanding Differential Duty 6% On Import Of Corrugated Boxes
Oct 1 (Reuters) - United Spirits Ltd UNSP.NS:
UNITED SPIRITS - GOT ORDER DEMANDING DIFFERENTIAL DUTY 6% ON IMPORT OF CORRUGATED BOXES
Further company coverage: UNSP.NS
(([email protected];))
Oct 1 (Reuters) - United Spirits Ltd UNSP.NS:
UNITED SPIRITS - GOT ORDER DEMANDING DIFFERENTIAL DUTY 6% ON IMPORT OF CORRUGATED BOXES
Further company coverage: UNSP.NS
(([email protected];))
Diageo submits financial documents in Delhi police investigation, source says
By Aditya Kalra
NEW DELHI, Aug 18 (Reuters) - Spirits group Diageo's DGE.L Indian unit has submitted financial documents sought by New Delhi anti-corruption police in an investigation related to billing and discount practices involving city agencies, a source familiar with the matter said.
Hina Nagarajan, the CEO of Diageo's Indian unit, United Spirits UNSP.NS, was summoned to appear before New Delhi police on July 26 in the case that relates to company's supply of liquor to government agencies running alcohol shops and payments received from the city between 2017 and 2020.
Nagarajan, who is also a member of Diageo's global executive committee, was asked to appear in person or through company representatives and to provide several documents related to company sales.
Nagarajan did not appear before police but after the July notice, Diageo through company representatives submitted many documents that were sought from the three-year period, said the source, who declined to be named due to a lack of authority to speak to media.
The documents submitted included certain bank statements, records of financial dealings with the Delhi city agencies to which liquor was supplied and some agreements signed with them, the source added.
Diageo India and Delhi anti-corruption police did not respond to repeated requests for comments from Reuters.
The company has previously called the Delhi case a "routine information and fact-finding exercise" and said it was cooperating with the authorities. The company added it believed police notices may have been sent to other manufacturers.
The Delhi investigation concerns how companies like Diageo India supplied liquor to government-run shops, and how those agencies sometimes offered early payments to suppliers that offered discounts, Reuters reported last month.
Police are investigating whether there was any wrongdoing in this process and if discounts given by companies were in line with liquor laws. Police had called the Diageo India CEO as a witness in the matter.
New Delhi city rules mandate all liquor retail shops to be run only by government agencies.
The Indian capital is a major market for premium liquor brands, more so for Diageo as its main rival, France's Pernod Ricard PERP.PA, has been unable to retail its products since late 2022 due to allegations of wrongdoing it faces in another investigation.
Euromonitor estimates Diageo, the world's biggest spirits maker which sells Johnnie Walker scotch whisky and Smirnoff vodka, is also India's largest with a 19% market share by volume in the $35 billion market.
(Reporting by Aditya Kalra; Editing by Jamie Freed)
(([email protected]; @adityakalra;))
By Aditya Kalra
NEW DELHI, Aug 18 (Reuters) - Spirits group Diageo's DGE.L Indian unit has submitted financial documents sought by New Delhi anti-corruption police in an investigation related to billing and discount practices involving city agencies, a source familiar with the matter said.
Hina Nagarajan, the CEO of Diageo's Indian unit, United Spirits UNSP.NS, was summoned to appear before New Delhi police on July 26 in the case that relates to company's supply of liquor to government agencies running alcohol shops and payments received from the city between 2017 and 2020.
Nagarajan, who is also a member of Diageo's global executive committee, was asked to appear in person or through company representatives and to provide several documents related to company sales.
Nagarajan did not appear before police but after the July notice, Diageo through company representatives submitted many documents that were sought from the three-year period, said the source, who declined to be named due to a lack of authority to speak to media.
The documents submitted included certain bank statements, records of financial dealings with the Delhi city agencies to which liquor was supplied and some agreements signed with them, the source added.
Diageo India and Delhi anti-corruption police did not respond to repeated requests for comments from Reuters.
The company has previously called the Delhi case a "routine information and fact-finding exercise" and said it was cooperating with the authorities. The company added it believed police notices may have been sent to other manufacturers.
The Delhi investigation concerns how companies like Diageo India supplied liquor to government-run shops, and how those agencies sometimes offered early payments to suppliers that offered discounts, Reuters reported last month.
Police are investigating whether there was any wrongdoing in this process and if discounts given by companies were in line with liquor laws. Police had called the Diageo India CEO as a witness in the matter.
New Delhi city rules mandate all liquor retail shops to be run only by government agencies.
The Indian capital is a major market for premium liquor brands, more so for Diageo as its main rival, France's Pernod Ricard PERP.PA, has been unable to retail its products since late 2022 due to allegations of wrongdoing it faces in another investigation.
Euromonitor estimates Diageo, the world's biggest spirits maker which sells Johnnie Walker scotch whisky and Smirnoff vodka, is also India's largest with a 19% market share by volume in the $35 billion market.
(Reporting by Aditya Kalra; Editing by Jamie Freed)
(([email protected]; @adityakalra;))
United Spirits- Co's Tax Demand Reduced To 397.8 Million Rupees
United Spirits Ltd UNSP.NS:
UNITED SPIRITS- CO'S TAX DEMAND REDUCED TO 397.8 MILLION RUPEES
Source text for Eikon: [ID:]
Further company coverage: UNSP.NS
United Spirits Ltd UNSP.NS:
UNITED SPIRITS- CO'S TAX DEMAND REDUCED TO 397.8 MILLION RUPEES
Source text for Eikon: [ID:]
Further company coverage: UNSP.NS
EXCLUSIVE-Diageo India's CEO summoned by Delhi city police in liquor payments case
Repeats Thursday's story without changes
Diageo India CEO asked to appear before police on Friday -notice
Probe linked to liquor discounts to government agencies -source
Diageo India listed as United Spirits in India
Diageo India says it will cooperate with investigation
By Aditya Kalra, Arpan Chaturvedi
NEW DELHI, July 25 (Reuters) - The CEO of Diageo's Indian business has been summoned by New Delhi anti-corruption police investigating billing and discount practices involving government agencies running liquor retail shops between 2017 and 2020, according to a source and a police notice seen by Reuters.
Hina Nagarajan, the CEO of United Spirits UNSP.NS, has been asked to appear before police on Friday and provide several documents related to company sales, according to a confidential July 4 police notice to the CEO seen by Reuters.
"You are hereby directed to appear in person or through a company representative ... for joining (the) investigation," said the notice.
Nagarajan, who is also a member of United Spirits majority-owner Diageo's DGE.L global executive committee, did not respond to Reuters requests for comment. Diageo owns about 56% of United Spirits which is also known as Diageo India.
A spokesperson for Diageo India confirmed receiving the Delhi police notice and said the company would fully cooperate and was "in the process of providing the information sought".
"We are in the process of sending in an authorised representative, as sought in the notice," the spokesperson added, saying the company could not comment further as the investigation was ongoing.
A liquor industry source with direct knowledge of the matter said the Delhi investigation concerned how companies like Diageo India supplied liquor to government agencies which ran retail shops, and how those agencies sometimes offered early payments to suppliers who offered discounts.
The police is investigating whether there was any wrongdoing in this process and has called the United Spirits CEO as a witness, the source added.
The July 4 police notice asked Nagarajan to explain "whether the discount given to the corporations (government agencies) was in accordance with excise policy", the document shows.
Delhi city police and the chief minister's office did not respond to Reuters queries. A senior police source said the investigation was ongoing.
The Indian capital remains a major market for premium liquor brands given its appeal to tourists.
Euromonitor estimates Diageo, the world's biggest spirits maker which sells the Johnnie Walker scotch whisky, is also India's largest with a 19% market share by volume in the $35 billion market.
It competes with Pernod Ricard PERP.PA, though the French company has been unable since late 2020 to sell alcohol in New Delhi - which accounted for 5% of its Indian sales - after authorities rejected its attempt to obtain a licence.
The nine-point July 4 police notice also sought invoice details from United Spirits in respect of sales and payments received from Delhi city agencies during April 2017 and March 2020, and the name of the company employee who collected payments.
Police also asked the company for bank statements of that period, it shows.
(Reporting by Aditya Kalra and Arpan Chaturvedi; Additional reporting by Chris Thomas; Editing by Emelia Sithole-Matarise)
(([email protected]; @adityakalra;))
Repeats Thursday's story without changes
Diageo India CEO asked to appear before police on Friday -notice
Probe linked to liquor discounts to government agencies -source
Diageo India listed as United Spirits in India
Diageo India says it will cooperate with investigation
By Aditya Kalra, Arpan Chaturvedi
NEW DELHI, July 25 (Reuters) - The CEO of Diageo's Indian business has been summoned by New Delhi anti-corruption police investigating billing and discount practices involving government agencies running liquor retail shops between 2017 and 2020, according to a source and a police notice seen by Reuters.
Hina Nagarajan, the CEO of United Spirits UNSP.NS, has been asked to appear before police on Friday and provide several documents related to company sales, according to a confidential July 4 police notice to the CEO seen by Reuters.
"You are hereby directed to appear in person or through a company representative ... for joining (the) investigation," said the notice.
Nagarajan, who is also a member of United Spirits majority-owner Diageo's DGE.L global executive committee, did not respond to Reuters requests for comment. Diageo owns about 56% of United Spirits which is also known as Diageo India.
A spokesperson for Diageo India confirmed receiving the Delhi police notice and said the company would fully cooperate and was "in the process of providing the information sought".
"We are in the process of sending in an authorised representative, as sought in the notice," the spokesperson added, saying the company could not comment further as the investigation was ongoing.
A liquor industry source with direct knowledge of the matter said the Delhi investigation concerned how companies like Diageo India supplied liquor to government agencies which ran retail shops, and how those agencies sometimes offered early payments to suppliers who offered discounts.
The police is investigating whether there was any wrongdoing in this process and has called the United Spirits CEO as a witness, the source added.
The July 4 police notice asked Nagarajan to explain "whether the discount given to the corporations (government agencies) was in accordance with excise policy", the document shows.
Delhi city police and the chief minister's office did not respond to Reuters queries. A senior police source said the investigation was ongoing.
The Indian capital remains a major market for premium liquor brands given its appeal to tourists.
Euromonitor estimates Diageo, the world's biggest spirits maker which sells the Johnnie Walker scotch whisky, is also India's largest with a 19% market share by volume in the $35 billion market.
It competes with Pernod Ricard PERP.PA, though the French company has been unable since late 2020 to sell alcohol in New Delhi - which accounted for 5% of its Indian sales - after authorities rejected its attempt to obtain a licence.
The nine-point July 4 police notice also sought invoice details from United Spirits in respect of sales and payments received from Delhi city agencies during April 2017 and March 2020, and the name of the company employee who collected payments.
Police also asked the company for bank statements of that period, it shows.
(Reporting by Aditya Kalra and Arpan Chaturvedi; Additional reporting by Chris Thomas; Editing by Emelia Sithole-Matarise)
(([email protected]; @adityakalra;))
India's United Spirits continues post-earnings rally to record high
** Shares of United Spirits UNSP.NS rise as much as 4.2% to a record high of 1,442 rupees
** UNSP has gained over 8% since beating Q1 profit estimates on Tuesday
** Nuvama Institutional Equities upgrades stock to "buy" from "hold"; sets Street-high TP of 1,630 rupees
** See UNSP benefitting from huge headroom in new premium categories, including tequila and craft spirits, alongside upcoming wedding and festive season
** Also expects Andhra Pradesh state to cut taxes, benefiting large alcohol players like UNSP
** Trading vol 2x the 30-day avg but under half of Wed's vol
** Stock up 30% so far this year
(Reporting by Ashna Teresa Britto in Bengaluru)
(([email protected] ; ( +91 8078332441))
** Shares of United Spirits UNSP.NS rise as much as 4.2% to a record high of 1,442 rupees
** UNSP has gained over 8% since beating Q1 profit estimates on Tuesday
** Nuvama Institutional Equities upgrades stock to "buy" from "hold"; sets Street-high TP of 1,630 rupees
** See UNSP benefitting from huge headroom in new premium categories, including tequila and craft spirits, alongside upcoming wedding and festive season
** Also expects Andhra Pradesh state to cut taxes, benefiting large alcohol players like UNSP
** Trading vol 2x the 30-day avg but under half of Wed's vol
** Stock up 30% so far this year
(Reporting by Ashna Teresa Britto in Bengaluru)
(([email protected] ; ( +91 8078332441))
India's United Spirits hits record high on Q1 profit beat
** Shares of United Spirits UNSP.NS up 5.7% to a record high of 1,407.5 rupees; top percentage gainer on Nifty FMCG index .NIFTYFMCG, which is down 0.5%
** Co reported Q1 profit above estimates on Tuesday, helped by strong demand for its premium alcohol brands
** UNSP eyes busiest trading session since late-May, with over 4.3 mln shares traded
** Analysts' avg rating on stock is "Hold", in-line with United Breweries UBBW.NS, while Radico Khaitan RADC.NS is rated "Buy" - LSEG data
** Including session's gains, UNSP is up ~26% YTD vs ~14% rise in UBBW and 4% jump in RADC
(Reporting by Manvi Pant in Bengaluru)
(([email protected]; +918447554364;))
** Shares of United Spirits UNSP.NS up 5.7% to a record high of 1,407.5 rupees; top percentage gainer on Nifty FMCG index .NIFTYFMCG, which is down 0.5%
** Co reported Q1 profit above estimates on Tuesday, helped by strong demand for its premium alcohol brands
** UNSP eyes busiest trading session since late-May, with over 4.3 mln shares traded
** Analysts' avg rating on stock is "Hold", in-line with United Breweries UBBW.NS, while Radico Khaitan RADC.NS is rated "Buy" - LSEG data
** Including session's gains, UNSP is up ~26% YTD vs ~14% rise in UBBW and 4% jump in RADC
(Reporting by Manvi Pant in Bengaluru)
(([email protected]; +918447554364;))
United Spirits Approved Investment In V9 Beverages
July 23 (Reuters) - United Spirits Ltd UNSP.NS:
APPROVED INVESTMENT IN V9 BEVERAGES FOR 22.9 MILLION RUPEES
APPROVED INVESTMENT IN INDIE BREWS AND SPIRITS FOR 50 MILLION RUPEES
Source text for Eikon: ID:nNSE8V4XNv
Further company coverage: UNSP.NS
(([email protected];;))
July 23 (Reuters) - United Spirits Ltd UNSP.NS:
APPROVED INVESTMENT IN V9 BEVERAGES FOR 22.9 MILLION RUPEES
APPROVED INVESTMENT IN INDIE BREWS AND SPIRITS FOR 50 MILLION RUPEES
Source text for Eikon: ID:nNSE8V4XNv
Further company coverage: UNSP.NS
(([email protected];;))
Indian whisky maker Allied Blenders's IPO attracts bids worth $3 bln
By Kashish Tandon
BENGALURU, June 27 (Reuters) - Indian whisky maker Allied Blenders and Distillers' ALLE.NS $180-million IPO was oversubscribed on Thursday but fell short of the blowout demand for recent issues amid concerns about its growth prospects in an increasingly competitive liquor market.
The IPO, the first by an alcohol company since Sula Vineyards' SULA.NS in 2022, received bids for 924.9 million shares, worth up to $3.12 billion and about 23 times the 39.4 million shares on offer, exchange data showed.
In contrast, all the four previous IPOs on the main exchange this month, including engineering firm DEE Development Engineers DEEV.NS, were oversubscribed by around hundred times.
Most of the bids came in the final hours of bidding on Thursday, with institutional buyers bidding for 50 times the shares allotted, while retail investors bid for about four times the allotment.
Allied Blenders, which sells 'Officer's Choice' and 'Sterling Reserve' whisky, is going public in a booming Indian IPO market.
A total of 129 companies have raised $4.32 billion in IPOs so far this year, more than double the amount raised by this time last year, per LSEG data, with the domestic equity market at an all-time high on the prospect of healthy economic growth.
Allied Blenders faces stiff competition in India's $33 billion spirits market, including from Radico Khaitan's RADC.NS 'Rampur Whisky' and Diageo-owned United Spirits' UNSP.NS 'Johnnie Walker' and 'Black Dog'.
The company's share of the premium portfolio is relatively lower than its peers, meaning its growth rates may not be that strong, said Karan Taurani, an analyst at Elara Capital.
Taurani does not expect the stock to rise much when it makes its market debut.
Allied Blenders ranked third in terms of whisky sales in India in fiscal 2023, according to its prospectus, trailing United Spirits and 'Chivas Regal'-maker Pernod Ricard PERP.PA.
Its core profit (EBITDA) margin is also less peers', Taurani noted.
Anchor investors, including domestic mutual funds, had already subscribed to shares worth 4.5 billion rupees.
The offer included a fresh issue worth 10 billion rupees, while co-chairperson Bina Chhabria and vice chairperson Resham Chhabria Hemdev were seeking to up to 5 billion rupees in stock.
($1 = 83.5850 Indian rupees)
(Reporting by Kashish Tandon in Bengaluru; Editing by Savio D'Souza)
(([email protected]; 8800437922;))
By Kashish Tandon
BENGALURU, June 27 (Reuters) - Indian whisky maker Allied Blenders and Distillers' ALLE.NS $180-million IPO was oversubscribed on Thursday but fell short of the blowout demand for recent issues amid concerns about its growth prospects in an increasingly competitive liquor market.
The IPO, the first by an alcohol company since Sula Vineyards' SULA.NS in 2022, received bids for 924.9 million shares, worth up to $3.12 billion and about 23 times the 39.4 million shares on offer, exchange data showed.
In contrast, all the four previous IPOs on the main exchange this month, including engineering firm DEE Development Engineers DEEV.NS, were oversubscribed by around hundred times.
Most of the bids came in the final hours of bidding on Thursday, with institutional buyers bidding for 50 times the shares allotted, while retail investors bid for about four times the allotment.
Allied Blenders, which sells 'Officer's Choice' and 'Sterling Reserve' whisky, is going public in a booming Indian IPO market.
A total of 129 companies have raised $4.32 billion in IPOs so far this year, more than double the amount raised by this time last year, per LSEG data, with the domestic equity market at an all-time high on the prospect of healthy economic growth.
Allied Blenders faces stiff competition in India's $33 billion spirits market, including from Radico Khaitan's RADC.NS 'Rampur Whisky' and Diageo-owned United Spirits' UNSP.NS 'Johnnie Walker' and 'Black Dog'.
The company's share of the premium portfolio is relatively lower than its peers, meaning its growth rates may not be that strong, said Karan Taurani, an analyst at Elara Capital.
Taurani does not expect the stock to rise much when it makes its market debut.
Allied Blenders ranked third in terms of whisky sales in India in fiscal 2023, according to its prospectus, trailing United Spirits and 'Chivas Regal'-maker Pernod Ricard PERP.PA.
Its core profit (EBITDA) margin is also less peers', Taurani noted.
Anchor investors, including domestic mutual funds, had already subscribed to shares worth 4.5 billion rupees.
The offer included a fresh issue worth 10 billion rupees, while co-chairperson Bina Chhabria and vice chairperson Resham Chhabria Hemdev were seeking to up to 5 billion rupees in stock.
($1 = 83.5850 Indian rupees)
(Reporting by Kashish Tandon in Bengaluru; Editing by Savio D'Souza)
(([email protected]; 8800437922;))
United Spirits Says Joint Commissioner Of State Tax Reduces Demand
June 7 (Reuters) - United Spirits Ltd UNSP.NS:
JOINT COMMISSIONER OF STATE TAX REDUCES DEMAND FROM 25.3 MILLION RUPEES TO 980 RUPEES
JOINT COMMISSIONER OF STATE TAX GRANTED A REFUND OF PRE-DEPOSIT AMOUNT OF 1.3 MILLION RUPEES
Further company coverage: UNSP.NS
(([email protected];))
June 7 (Reuters) - United Spirits Ltd UNSP.NS:
JOINT COMMISSIONER OF STATE TAX REDUCES DEMAND FROM 25.3 MILLION RUPEES TO 980 RUPEES
JOINT COMMISSIONER OF STATE TAX GRANTED A REFUND OF PRE-DEPOSIT AMOUNT OF 1.3 MILLION RUPEES
Further company coverage: UNSP.NS
(([email protected];))
United Spirits Q4 Profit Beats Estimates
May 24 (Reuters) - United Spirits Ltd UNSP.NS:
UNITED SPIRITS Q4 PROFIT 3.84 BILLION RUPEES; LSEG IBES EST 2.48 BILLION RUPEES
UNITED SPIRITS Q4 REVENUE FROM OPERATIONS 63.94 BILLION RUPEES
UNITED SPIRITS YEAR AGO Q4 PROFIT 2.04 BILLION RUPEES, REVENUE 57.83 BILLION RUPEES
UNITED SPIRITS LTD - DIVIDEND 5 RUPEES PER SHARE
Source text for Eikon: ID:nBSE3T9Jj8
Further company coverage: UNSP.NS
(([email protected];))
May 24 (Reuters) - United Spirits Ltd UNSP.NS:
UNITED SPIRITS Q4 PROFIT 3.84 BILLION RUPEES; LSEG IBES EST 2.48 BILLION RUPEES
UNITED SPIRITS Q4 REVENUE FROM OPERATIONS 63.94 BILLION RUPEES
UNITED SPIRITS YEAR AGO Q4 PROFIT 2.04 BILLION RUPEES, REVENUE 57.83 BILLION RUPEES
UNITED SPIRITS LTD - DIVIDEND 5 RUPEES PER SHARE
Source text for Eikon: ID:nBSE3T9Jj8
Further company coverage: UNSP.NS
(([email protected];))
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What does United Spirits do?
United Spirits Limited is a leading company in India under Diageo plc, manufacturing and distributing a range of global and premium Indian alcohol brands. With a focus on responsible production and consumption, it promotes the motto 'drink better, not more'.
Who are the competitors of United Spirits?
United Spirits major competitors are United Breweries, Radico Khaitan, Tilaknagar Inds, Globus Spirits, Som DistilleriesBrew, Sula Vineyards, Assoc Alcohols &Brew. Market Cap of United Spirits is ₹95,879 Crs. While the median market cap of its peers are ₹3,513 Crs.
Is United Spirits financially stable compared to its competitors?
United Spirits seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does United Spirits pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. United Spirits latest dividend payout ratio is 54.99% and 3yr average dividend payout ratio is 50.67%
How has United Spirits allocated its funds?
Companies resources are allocated to majorly unproductive assets like Cash & Short Term Investments
How strong is United Spirits balance sheet?
Balance sheet of United Spirits is strong. It shouldn't have solvency or liquidity issues.
Is the profitablity of United Spirits improving?
The profit is oscillating. The profit of United Spirits is ₹1,526 Crs for TTM, ₹1,582 Crs for Mar 2025 and ₹1,408 Crs for Mar 2024.
Is the debt of United Spirits increasing or decreasing?
The debt of United Spirits is decreasing. Latest debt of United Spirits is -₹4,060 Crs as of Mar-25. This is less than Mar-24 when it was -₹2,504 Crs.
Is United Spirits stock expensive?
United Spirits is expensive when considering the EV/EBIDTA, however latest PE is < 3 yr avg PE. Latest PE of United Spirits is 63.33, while 3 year average PE is 71.94. Also latest EV/EBITDA of United Spirits is 43.17 while 3yr average is 42.08.
Has the share price of United Spirits grown faster than its competition?
United Spirits has given better returns compared to its competitors. United Spirits has grown at ~15.12% over the last 2yrs while peers have grown at a median rate of 14.29%
Is the promoter bullish about United Spirits?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in United Spirits is 56.67% and last quarter promoter holding is 56.67%.
Are mutual funds buying/selling United Spirits?
The mutual fund holding of United Spirits is decreasing. The current mutual fund holding in United Spirits is 12.13% while previous quarter holding is 12.64%.