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About United Spirits

History of United Spirits

United Spirits Limited (USL) was established in 1999 as McDowell Spirits Ltd. The company's roots can be traced back to 1826, when it was established as McDowell and Company by Angus McDowell in India. It initially started as a brewery but soon ventured into the production of spirits. In 1857, Thomas Leishman, a Scotsman, acquired McDowell and Company. Later, in 1857, Vittal Mallya, an Indian entrepreneur, became a partner in the company. This partnership laid the foundation for what would eventually become the United Breweries Group. Over the years, the company continued to grow and diversify its product portfolio. It expanded its operations in the alcoholic beverages industry and became known for its beer and spirits brands. In 2005, United Breweries Group, led by Vijay Mallya, acquired Shaw Wallace & Company Ltd., a prominent Indian liquor company. This merger further strengthened the company's presence in the alcoholic beverages sector. In 2006, the company underwent a significant change when it was rebranded as United Spirits Limited (USL). This name change reflected the company's focus on spirits and its status as a leading player in the industry. In 2013, Diageo, a global alcoholic beverages giant, acquired a significant stake in USL, eventually becoming the majority shareholder. This marked a significant milestone in the company's history, as it brought in the expertise and resources of one of the world's largest spirits companies. In more recent years, USL continued to focus on brand innovation, relaunching key brands like Royal Challenge and McDowell's No.1. The company also diversified its product offerings with limited-edition releases, including unique whiskies and artisanal single malts. In 2022-23, significant actions included the merger of Pioneer Distilleries Limited with USL and investments in Nao Spirits & Beverages Private Limited. Additionally, the launch of various limited-edition packs and new brands further highlighted the company's commitment to innovation and market diversification.

United Spirits Business Segments

United Spirits Limited (USL) manufactures and sells alcoholic beverages in India. The company's business segments are:

Popular: This segment includes Indian-made foreign liquor (IMFL) whisky, brandy, rum, vodka, and gin brands such as McDowell's No. 1, Royal Challenge, Signature, and Antiquity.

Premium: This segment includes international brands such as Johnnie Walker, Black Dog, Black & White, Vat 69, Antiquity, Smirnoff, Ketel One, Tanqueray, and Captain Morgan.
Luxury: This segment includes super-premium and ultra-premium brands such as Johnnie Walker Blue Label, The Singleton, Royal Lochnagar, Glenkinchie, Talisker, and Lagavulin.

United Spirits Subsidiaries

Royal Challengers Sports Private Limited: RCSPL was founded in 2008 when USL acquired the Royal Challengers Bangalore IPL franchise. RCB is also one of the most popular teams in the IPL, with a large and passionate fan base. RCSPL generates revenue from a variety of sources, including ticket sales, sponsorship deals, and merchandise sales. The team has a number of high-profile sponsors, including Royal Challenge, Kingfisher, and MTR Foods.
Shaw Wallace Overseas Limited: SWOL was founded in 1995 when USL acquired Shaw Wallace Distilleries Limited. SWOL is a trading company that exports USL's products to over 37 countries. The company's main export markets include the United Kingdom, the United States, Australia, and Singapore. SWOL also imports and distributes international brands of alcoholic beverages in India. The company's portfolio of international brands includes Johnnie Walker, Black Dog, Black & White, Vat 69, Smirnoff, Ketel One, Tanqueray, and Captain Morgan.
Palmer Investment Group Limited: PIGL was founded in 2008 when USL acquired McDowell & Company (Scotland) Ltd. PIGL is an investment holding company that owns shares in other USL subsidiaries and associate companies. PIGL's main assets include shares in USL Holdings (UK) Ltd, UB Sports Management Overseas Limited, and UNITED SPIRITS TRADING (SHANGHAI) CO. LTD. PIGL also owns shares in a number of associate companies, including Pioneer Distilleries Ltd. and Four Seasons Wines Ltd.

United Spirits Management Team

Hina Nagarajan, Managing Director and CEO

Hina Nagarajan assumed the role of Managing Director and Chief Executive Officer at United Spirits Limited, the Indian subsidiary of Diageo plc, in July 2021. She also serves as a member of the Board of The Advertising Standards Council of India. She holds the position of Director and Co-chairperson at the International Spirits and Wines Association of India. Prior to her tenure with Diageo, she dedicated more than three decades of her career to the FMCG (Fast-Moving Consumer Goods) industry. She held significant leadership roles at Reckitt, Mary Kay India, and Nestlé India.

United Spirits Corporate Actions

Face Value Split

On June 15, 2018, United Spirits Limited underwent a face value split (sub-division) of its shares. The face value of each share was reduced from ₹10 per share to ₹2 per share during this process.

Management Outlook

United Spirits Limited boasts a robust distribution network with more than 70,000 outlets, which facilitates access to vendors, suppliers, and distributors. This extensive network likely enhances the company's market presence and sales potential.
The company has high brand equity and significant market share, allowing it to exert influence on industry issues. This implies a strong competitive position and potentially higher pricing power.
The company's portfolio spans various categories, including Scotch whisky, IMFL whisky, brandy, rum, vodka, and gin, and covers various price points. This diversification can provide revenue stability and cater to a wide range of consumer preferences.
The company's rich heritage has enabled long-lasting relationships with most of the raw material suppliers, ensuring uninterrupted procurement at competitive rates. This may indicate cost-efficiency in the supply chain.
The in-house Technical Centre, in collaboration with Diageo PLC, allows the company to undertake research on new products, analytics, and process R&D. This suggests a commitment to product innovation and potential for new revenue streams.
The strong marketing team is focused on creative new marketing campaigns, which can drive brand awareness and potentially increase sales.
The positive consumer response to new product offerings, such as "Godawan" and limited-edition packs, is an indicator of product acceptance and market demand.