United Spirits Ltd. benchmarking: Performance to industry peers

Financial

	United Spirits	Radico Khaitan	United Breweries
Operational Metrics
Alcoholic Beverages
Quarterly Sales Volume - Alcoholic Beverages	17.57 Million Cases	n/a	n/a
Realization/Case - Alcoholic Beverages	2096.31 Rs/Case	n/a	n/a
Unclassified
Advertisement Spend as a % of Total Sales	3.38 %	1.12 %	1.98 %
FMCG
Volume Growth	-3.2 %	29.3 %	-1.3 %
Financials
5 yr Average ROE	16.86 %	12.35 %	8.01 %
5yr average Equity Multiplier	1.8	1.62	1.68
5yr Average Asset Turnover Ratio	0.99	0.94	1.02
5yr Avg Net Profit Margin	9.9 %	8.25 %	4.6 %
Price to Book	12.04	14.34	8.99
P/E	58.84	82.59	95.48
5yr Avg Cash Conversion Cycle	-106.76 Days	-19.43 Days	-135.28 Days
Inventory Days	27.87 Days	17.08 Days	30.11 Days
Days Receivable	43.26 Days	23.06 Days	48.66 Days
Days Payable	162.83 Days	99.09 Days	208.0 Days
5yr Average Interest Coverage Ratio	16.19	14.08	52.58
5yr Avg ROCE	23.7 %	15.68 %	11.21 %
5yr Avg Operating Profit Margin	15.78 %	13.62 %	9.43 %
5 yr average Debt to Equity	0.06	0.26	0.04
5yr CAGR Net Profit	32.76 %	4.51 %	31.29 %
5yr Average Return on Assets	9.8 %	7.69 %	4.76 %
Shareholdings
Promoter Holding	56.67 %	40.2 %	70.83 %
Share Pledged by Promoters	1.18 %	0.0	12.4 %
Change in Promoter Holding (3 Yrs)	-0.01 %	-0.07 %	-1.88 %
Change in Mutual Fund Holding (3 Yrs)	3.18 %	3.12 %	3.75 %

	United Spirits	Radico Khaitan	United Breweries
Product Wise Break-Up	Product Wise Break-Up Alcohol 100.0 Animal feed supplement 0 Jaivik Khad 0 Pet Bottles & Caps 0 Alcohol And Other Alcoholic Products 0 Beer 0	Product Wise Break-Up Beer 0 Animal feed supplement 0.68 Pet Bottles & Caps 0.21 Alcohol 0 Alcohol 98.95 Jaivik Khad 0.03 Others 0.13	Product Wise Break-Up Beer 99.94 Animal feed supplement 0 Pet Bottles & Caps 0 Alcohol 0 Alcohol And Other Alcoholic Products 0 Jaivik Khad 0 Others 0.06
Segment Break-Up	Segment Break-Up Beverage Alcohol 99.92 Sports 0.08	-	-
Location Wise Break-Up	Location Wise Break-Up India 99.34 Rest of the World 0 Others 0.66	Location Wise Break-Up India 93.97 Rest of the World 0 Others 6.03	Location Wise Break-Up India 98.57 Rest of the World 1.43
Operating Profit Break-Up	Operating Profit Break-Up Beverage Alcohol 100.0 Sports 0	-	Operating Profit Break-Up Beverage Alcohol 0 Sports 0 Others 100
Customer Segment	Customer Segment Prestige & Above 86.65 Popular 11.59 Non Imfl 0 Prestige And Above 0 Regular An Others 0 Others 1.76	Customer Segment Prestige & Above 54.42 Popular 0 Non Imfl 26.42 Regular An Others 19.16 Prestige & Above 0	-
Asset Break-Up	Asset Break-Up India 100.0	Asset Break-Up India 100.0	-