UNITED SPIRITS LTD (Results + Strategic Review)
Fourth quarter results
Net Sales `2435cr vs `2885cr QoQ (down 16%) vs 2224 cr YoY (up 9.5%)
PAT `136cr vs `291cr QoQ (53% drop) vs 167 cr YoY (18.5% drop)
EBITDA `427cr vs `490cr (down 13%) vs 412cr YoY (up 3.5%)
EBITDA margin 17.5% vs 17% QoQ vs 18.5% YoY
Objective
-To enable a more precise focus on the ‘Prestige & Above’ segment (focus on premiumisation)
-To help achieve the growth mission (sustainable double-digit growth)
SALE OF 32 BRANDS TO INBREW BEVERAGES
Consideration: Rs 828 cr
The transaction is expected to close by September 30, 2022
FRANCHISE CONTRACT FOR 11 OTHER BRANDS
Period: 5 years
During these 5 years, Inbrew can
either a) convert a fixed-term contract into a perpetual contract and/or b) buy the brands
JSW Steel reported strong fourth quarter results.
Turnover amounted to 44,568 cr, up 71% over one year and 21% over one quarter
PAT at 3343 cr; impacted by an exceptional loss of 741 cr
Marketable steel sales for the quarter were 5.99 million tonnes, up 47% year-on-year and 29% quarter-on-quarter
Debt
During the quarter, net debt was reduced by approximately 9,662 crore
Net debt to equity: 0.83x and Net debt to EBITDA: 1.45x
Capex
The company’s capital expenditure was approximately 3,845 crore in the fourth quarter of fiscal 2022
Capex of ~14,198 crores in FY22
Planned capital expenditure of around 18,240 crore for FY2022
Tips
Management forecast a sales volume of 24 million tonnes in FY23 (vs 18.18 MT in FY22)
Ops Rev `300cr vs `282cr; up 6%
PAT `36cr versus `42cr; down 14%
EBITDA `52cr vs `57cr; down 9%
EBITDA margin 17.4% vs. 20.3%
Redemption approved by the board of directors for an amount of ~Rs. 75 Crores via an open offer at an indicative price of Rs. 2050/sh –
CMP:1620; 28% bonus to CMP
Meghmani Finechem
Forays into green energy, to set up a solar hybrid wind energy project
Form SPV with Renew Green Energy Solutions Pvt. ltd. will set up an 18.34 MW hybrid power plant
MFL will hold a 26% stake in the SPV for a contribution of Rs 20.54 crore
ReNew Green Energy Solutions Pvt Ltd will contribute Rs. 58.46 crore for a 74% stake
The power plant is expected to be commissioned in Q3FY23
PG Electroplast (Consumed YoY)
A solid quarter thanks to the Products business with a gain in market share
The product business remains the company’s area of focus and growth engine in the years to come.
Rev at 500Cr versus 329.6Cr; up 51%
EBITDA at 52.5 Cr against 25.3 Cr; up 107%
Margins at 10.5% versus 7.6%; expansion of 350 basis points
PAT at 27.6Cr versus 10.4Cr
FY23 Product Business Backlog Strong and Company Remains Confident About Outlook
Welspun Corp.
Approved Fundraising through private placement up to Rs. 500 crores
To buy a 26% stake in the Renewable SPV project in Gujarat for 40 cr
Set up rail wheel manufacturing plant in Chattisgarh
Initial capacity of 25,000 axles
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