UB Group - Ace Analyser

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“UB Group Update”
July 2010
Presentation By Dr. Vijay Mallya,
Chairman, UB Group
22nd July, 2010
1
UB Group’s Aggressive Growth History
No. 1 Beer in
India
• Acquired
100% stake in
Whyte and
Mackay,
worlds 4th
largest scotch
company
• Dr. Vijay
Mallya took
over the reins
of the Group at
a tender age of
28
1950–1982
1983–2002
• Started and
expanded into
beer and
spirits
business
mainly through
acquisitions
2
No. 1 Spirits in
India
No. 1 Airline in
India
• Completed
merger of
Deccan and
Kingfisher to
form the
largest pvt.
airline
• Organised
Spirits
business
under USL and
Beer business
under UBL
• Launched
Kingfisher
Airlines
2003
• Kept acquiring
smaller players
in beer and
liquor industry.
BUILT
BRANDS LIKE
KINGFISHER,
BAGPIPER,
BLACK DOG
2005
• Acquired
Shaw Wallace,
• Brought in
Scottish New
Castle in UBL
2007
• Acquired
100% stake in
Whyte and
Mackay,
worlds 4th
largest scotch
company
2008
2009
• Legal Merger of
Shaw Wallace
completed;
• UBL and
Heineken strike
a deal: brings
APB / Heineken
brands
UB Group
•
United Spirits Ltd.,
No. 1 Spirits Company in India
•
•
United Breweries Ltd.,
No. 1 Beer Company in India
Kingfisher Airlines Ltd.,
No. 1 standalone Airline in
India
Diversified Business
Interests
3
•
2nd largest spirits company in the world and largest spirits company in
India with a market share in excess of 55% in first line brands
Key brands are Dalmore, Jura, Whyte & Mackay, Black Dog, Antiquity,
Signature, Royal Challenge, McDowell's No.1, Celebration Rum,
Romanov and White Mischief
Undisputed leader of the Indian beer industry with over 50% market
share
Key brands are Kingfisher Blue, Kingfisher Strong, Kingfisher
Premium, Kingfisher Ultra, Kingfisher Draught, London Pilsner, UB
Premium Ice, Kalyani Black Label Premium and Kalyani Black Label
•
‘Best Airline in India and Central Asia’, ‘Best Economy Class Seats’
and ‘Staff Service Excellence Award for airlines in India and Central
Asia’ in World Airline Awards (May, 2010)
•
India's only 5 Star airline, rated by Skytrax and 6th airline in the world
for 3rd consecutive year (May, 2010)
•
Diversified presence across businesses including equity investment in
Mangalore Chemicals & Fertilizers Ltd. and UB Engineering Ltd.,
investment in Vittal Mallya Scientific Research Foundation and
franchisee for IPL team “Royal Challengers”
United Spirits: Overview
Business Overview
•
Largest spirits company in India – 20 ‘Millionaire’ brands
(those that sell more than 1 MM cases p.a.) with a market
share in excess of 55% in first line brands
•
USL sold 100 MM cases during FY 2010 to become the 2nd
largest spirits marketer in the world. Growing at robust double
digit rates
•
Several of USL’s brands occupy leading market positions in
India and globally
− McDowell No. 1 family is the largest spirits brand in the
world with sales of over 35 MM cases in FY 2010 across 3
flavors (Whisky, Brandy and Rum)
− McDowell’s No. 1 Brandy continues to be the largest
selling brandy in the world
− McDowell’s No. 1 Celebration Rum is the 3rd largest rum
with sales over 12 MM cases in FY 2010
•
Bagpiper Whisky is world’s largest selling spirits brand with
sales of over 16 MM cases during FY 2010
At the current growth rate of 12% pa, USL is poised to become the
No.1 Sprits company within the current fiscal
4
Financial Snapshot – Q1 ( INR Crs)
Revenue
EBITDA
PAT
USL Financials: Q1 Update
Volume
•
•
•
Volume growth at 6% overall and 15% without AP
Volumes at 26.7 Mio cases Q1 FY 11 compared to 25.6 Mio
cases in Q1 FY10
Low volume growth mainly on account of de-growth of 30% in
Andhra Pradesh ( due to license renewal at retailers level)
which accounts for almost 19% of total revenue. Post
renewal, July has witnessed extremely strong growth.
Sales
•
•
Sales value growth at 18%. Adjusted Sales value growth at
11% in Q1 FY11 vs.6 % in Q1 FY10
Sales value grew at Rs. 1463 Crs. in Q1 FY11 Vs. Rs. 1242
Crs. In Q1FY10
5
Key Brand Performance
•Scotch
39%
•Signature
21%
•Antiquity
20%
•Directors Special Black 41%
•No. 1 Brandy
29%
•No. 1 Rum
19%
•Green Label
20%
USL Financials: Q1 Update
Profitability
•
EBITDA of Rs. 289 Crs. in Q1FY11 Vs. Rs 228 Crs
in Q1 FY10. EBITDA growth - 26.5%.
•
EBITDA margin at 19.75% in Q1 FY11 compared
to 18.83% in Q1FY10
•
•
Operational PBT (excluding exceptional income) grew 12% to
Rs. 182 Crs. in Q1 FY11 Vs. Rs. 163 Crs in Q1
FY10
Cost trends
•
ENA cost at Rs 143 per Case during Q1 FY 2011,
expected to remain at the current levels during Q2
and expected to go down once fresh supplies
come in
•
Glass prices expected to go up by around 7%
from August 2010
•
Adjusted A&SP(regrouped for tie up units)expenditure is
Rs. 107 Crs which is approximately 7.3% of net
sales.
•
Staff cost at Rs. 77 Crs. in Q1 FY11Vs. Rs. 68
Crs. in Q1 FY10. Remains constant at 5.2% of
net sales
Adjusted PAT at Rs. 121 Crs. in Q1 FY11 vs. 108
Crs. in Q1 FY10
United Spirits: Financials & Debt Profile
Financials
in INR Crs
Revenues
Debt Profile
Q1 FY2011
Q1 FY2010
Growth
1471
1248
18%
Gross profit
672
530
27%
EBITDA
289
228
27%
Operational
PBT
182
163
12%
PAT
121
177
-
Jun-10
Mar-10
441
614
Working Capital/ Unsecured Loans
1,726
1,408
Term Loans : Acquisition of W & M
1,284
1,284
3,451
3,306
2,231
2,186
5,682
5,492
469
750
5,213
4,742
in INR Crs
Capex Loans/ Term Loans
Sub -Total
W & M Acquisition Loan - Without
recourse
Total Gross Debt
Cash & Bank Balance
Total Net Debt
Value of 8.4 mio treasury stock amounts to about Rs.
1169 Crs.
United Spirits: Strategy Going Forward
Continued Focus from Previous Business Plan
Additional Focus in Current Business Plan
• Value Growth to lead Volume Growth
• Planned investment of about Rs. 1100 Crs
over the next 3 years to build additional
primarily distillation , increased bottling
capacity and malt spirit production facility
– Focus on Premiumization by enhancing
salience of prestige + segments
• Focus on improving ROCE to ‘Best in Class’
FMCG companies in India
• ATL investments to be enhanced to support
core brands
• Take appropriate price increases to offset
any cost push
• BTL as a % of NSR to be controlled
8
• Introduce new brands in the premium
segment, increase presence in the scotch
segment across various price points &
introduce W&M brands
• Leverage Whyte & Mackay expertise
– Extend Whyte & Mackay brands in India
– Leverage blend & packaging expertise
for new product development in India
Global Scotch Whisky market has seen resilient growth with strong
support coming from large emerging markets

Premiumization trend in scotch whisky segment
Global Scotch whisky market is growing at a value CAGR of about 7% (
Volume (Mn. Cases)
2004-09) which is significantly higher than volume CAGR of about 2%.
 W&M’s average branded business realization for relevant vintage
is 4 to 4.5 times that of bulk business

Clear premiumization trend in Scotch with premium scotch segments
100
20-Yr CAGR
80
13.7%
60
4.7%
40
0.3%
20
1.5%
0
Value
Premium
growing at a faster pace than standard/value scotch segment.
1988
2008
Standard
Super Premium
Growth trend in emerging markets
 Single Malt whisky segment has grown significantly higher than
4 Yr CAGR
(2004-08)
 Increased preference for higher vintage scotch and single malt
whiskies.

Sustained growth in large emerging markets of China, India, Russia,
Volume (Mn. Cases)
blended scotch whisky with a volume CAGR of about 6%.
20-Yr CAGR
4.4%
0.1%
Brazil, and South Korea over the last decade.
* 2-Yr CAGR
Whyte & Mackay’s strategic intent has been to become a branded
scotch whisky player


W&M has a salient position in the
global scotch whisky market
Post the acquisition, W&M has enhanced its focus on the
branded business.
W&M is among the top 5 scotch whisky players
globally.
 Strengthened route to market
o Produces 8% of global scotch whisky
consumption.
o Completed transition to own setup in UK, revamped
import & distribution in US.
W&M has a portfolio of heritage brands across the
spectrum.
o Established new importer / distributor tie ups in China,
Taiwan, South Korea, Middle East and South Africa.
o Single Malts: Dalmore, Isle of Jura.
o Enhanced coverage of Duty Free channel from 5 to 30 key
locations.
o Blended Scotch : Whyte & Mackay, John Barr,
Claymore

W&M has been recognized in the international
arena for its strengths.
o Won the ‘Global Distiller of the Year’
recognition in 2009 at the International Wine
& Spirits competition.
o Whyte & Mackay 30 year old was named
“Best Whisky in the World 2009”
o Dalmore – Oculus sets a new record at
auction with a sale value of GBP 37,000
o Increased distribution of scotch brands in India by 40%
 Enhanced brand positioning
o Launch of premium variants in Dalmore. (Gran Reserva,
King Alexander, 40 & 50 YO variants), Jura and W&M.
o Premiumized packaging for key brands E.g. Dalmore
 Increased malt capacity to support branded business
requirements. (reopened Tamnavulin malt distillery )
Since acquisition, the focus of the business has been to create a
sustainable growth platform for the future.
Focus areas of the business
Strengthen the branded
business
o Improve profitability
o Increase depth of the
market-brand portfolio
against width.
Grow underlying business
(net of bulk scotch) and
profit
Reduce share of commodity
bulk sale business
Enhance operational
efficiency
3 year performance summary
 Ended FY2009-10 at an EBITDA of GBP 58 Mn.
 Net of Diageo contract, EBITDA has grown at a CAGR of 9%
since acquisition.
 Bottled business contribution has grown at a CAGR of 20%
over the 2006-07 to 2009-10 period.
 Planned decline of bulk business (net of Diageo contract and
USL requirement) by 28% CAGR since acquisition.
 Built a more profitable & focused branded business.
o Improved contribution of branded business from 44% to 50%
of sales
o Increased focus has meant that 80% of contribution now
comes from 17 brands / market combination compared to 31
earlier
 Overheads have largely remained flat. (Planned redundancy
has helped contain any overhead increase)
Going forward, W&M’s primary focus would be to expand its share
of the global branded scotch whisky market
Plan
Strategic focus

Premiumize
branded scotch
sales
Enhance share of premium end of scotch whisky through single malts and high end blended scotch rare
editions.
o
Target of 25% growth in single malts over next 3 years through Dalmore and Jura
o
Leverage vintage scotch inventory to introduce high end rare editions.

E.g. W&M 30 YO named ‘Best Whisky in the World 2009’
 Consolidate position in the Indian scotch market.
Tap India growth
potential
o Market growth of 20% over last 4-5 years. However, strong latent demand still exists for Scotch whisky in India.
 Highest association with premium need spaces of Status and Discernment.(USL Consumer Need scope study)
 Current entry level retail price of USD 20 per bottle high due to 150% import levy. 99% of Indian spirits market at a
“Future growth
prospects for blended
scotch industry
increasingly rests on
two markets : India &
China”
- IWSR
< USD 10 price point.
o Ended 2009-10 with about 150,000 cases sale at a share of about 15%. Up from <10% 2 years back.
 Launched W&M special, W&M 13 and Black Dog variants over the last 2 years.
o Target to reach 20% market share with 275,000 case sales at a 35% CAGR over next 2 years.
o To straddle all scotch sub-segments using W&M portfolio. Launch of Value scotch brand as well as high vintage
variants planned.
o Further increase scotch distribution to 25000 retail outlets from current 15000 spread.
Going forward, W&M’s primary focus would be to expand its share
of the global branded scotch whisky market (cont…)
Strategic focus
Plan
 Increase presence in key emerging markets. Reduce UK share of
Tap growth in other
emerging markets
branded business from 45% to less than 30% over next 3 years.
o China (60%+ 8Y CAGR) and Russia (20% 8Y CAGR) – key focus markets.
 Tap opportunities in private label in key markets of Europe
Judiciously position
private label and bulk
business
o
Build presence in key markets of Western Europe. E.g. Germany, Spain. 70% of
current W&M private label business in UK.
 Bulk scotch supplies to be focused on servicing growth in India.
W&M Guidance
•
As a result of the deliberate downplay in bulk and focus on branded business, the net
sales in FY 2011 will be GBP 110 Mio.
•
The EBITDA for FY 2011 would be about GBP 33 Mio. This level and trend of EBITDA
would be adequate to meet debt servicing and Capex until May 2012.
•
The fundamental shift in strategy, which creates long term value accretion to
shareholders and a sustainable business model will generate an annual EBITDA of
GBP 60 Mio in 5 years time.
•
The company has received several expressions of interest to refinance the debt.
14
USL Consolidated
•
15
The new business model of WM will still provide an accretive EPS at USL consolidated level.
United Breweries: Overview
Business Overview
•
With over 50% market share, UBL is the undisputed leader of
the Indian beer industry, with over 5 decades of market
leadership
•
Sold 101 MM cases during FY 2010
•
Kingfisher is the ubiquitous Indian beer, available as
Kingfisher Premium, Strong, Blue, Red and Ultra
•
UBL is uniquely positioned with manufacturing facilities in all
key markets
− Ensuring freshness of beer
− Leveraging India’s interstate tariff difference to economic
advantage
UBL – Heineken Deal
•
Heineken holds 37.5% stake in UBL and has a shareholder’s
agreement with UBL based on which Heineken will be active
in India solely through UBL. We are working towards creating
a unified structure, and realize synergies
•
Heineken will be produced in India by UBL. UBL will now
have an access to Heineken’s distribution and manufacturing
facilities in the international markets, which UBL is currently
catering through exports
16
Financial Snapshot- Q1 ( INR Crs.)
Revenue
EBITDA
PAT
United Breweries: Q1 Update
•
UBL volumes have grown with 32%, powered by a 36% growth in strong beer.
•
NSR growth of 36% is resulting for 90% from volume increase and 10% from price
•
With an industry growth of 30%, UB continues to strengthen its relative market
share of >200 bps
Benefiting from economic growth and favourable weather, all regions except the
North showed growth rates of 25% and above.
•
•
In absolute terms, Andhra Pradesh, Karnataka and Maharashtra were the main
contributors to our growth.
•
EBITDA margin up from 15.9% to 20.0% due to strong topline growth combined
with contained fixed costs
17
United Breweries: Financials & Debt
Financials
Q1 FY2011
Q1 FY2010
Growth
Revenues
776
557
37%
Cost of Sales
377
280
34%
Gross profit
399
285
EBITDA
155
PAT
76
in INR Crs
•
72% growth in EBITDA
40%
•
PAT more than doubled
90
72%
•
35
114%
Net debt/LTM EBITDA comfortably
below 2.5x
Debt profile
in INR Crs
Net Debt
18
Q1 FY2011
Q1 FY2010
473
599
United Breweries: Strategy Going Forward
•
India is one of the World’s most exciting beer markets
− Beer consumption is only 1.3 liter per capita
− Excellent demographics, an expanding middle class, and increasing income levels
have huge potential to propel domestic demand
− Disposable income set to increase significantly on back of sustained GDP growth
•
The industry is projected to grow 10 – 15% volumes in the near term, and UBL will
take its share
•
UBL plans to continue investing in capacity and capability to meet growing consumer
demand
•
UBL expects to benefit from economies of scale arising from capacity growth both
strategically and financially
•
UBL intends to focus on the emerging premium segment through offerings such as
Kingfisher Ultra and Heineken
19
Kingfisher Airlines: Overview
Business Overview
•
Started airline operations in May 2005, merged
with Deccan Aviation w.e.f. April 2008. Operates
around 380 flights a day
•
Started international operations in September
2008 by connecting Bangalore to London
•
Network spread across 61 Indian cities and 8
foreign cities with a fleet size of 66 aircraft
•
Carried 3.1 Mio passengers in Q1 FY2011
KFA Is Focused on Profitability
•
KFA has cut capacity by 20% % in domestic & 6%
in international routes. Number of aircrafts
reduced by 20 % (80 vs. 64) in the same period
•
Aircraft utilization has been increased by 11% (FY
2010 vs. FY 2009) to ~12 hrs for Airbus and ~10.3
hrs for ATR’s
20
Market Share
N ACIL [(I)]
1 7 .7 %
IndiGo
1 5 .7 %
Go Air
5 .9 %
Paramount
0 .3 %
Jet Airways
1 8 .2 %
Spicejet
1 3 .2 %
JetLite
8 .0 %
Financial Snapshot ( INR Crs)
Kingfisher
2 1 .0 %
KFA: Q1 Update
Overall EBITDA profit of Rs 127 Cr (An improvement of Rs 198 Cr over Q1 FY 10)
•
Domestic operations EBITDA profit at Rs 177 Cr in Q1 ’11 (An improvement of Rs 101 Cr)
−
Domestic EBITDA margin improved from 6% to 13%
−
Total RASK of domestic operations improved by over 26% to Rs 4.63 over Q1 FY 10
Load factor up 12 percentage points to 81%; ATV improved by 5% over same period last year
Ancillary revenue doubled in comparison to Q1 FY10; driven by growth in Xpress Cargo & FFP alliances
−
•
Ex-Fuel CASK reduced by 10% over FY10 (Rs 2.65 vs. Rs 2.95) on the back of several cost control initiatives
International operations EBITDA Loss at Rs 51 Cr (An improvement of Rs 96 Cr)
−
New International routes launched in calibrated manner
Presence expanded on existing markets of LHR, HKG, BKK and DXB in order to strengthen position
−
Initial performance in line with expectation - EBITDAR profit margin of 4% ( vs loss of 110% in Q1 ‘FY 10)
−
Revenue has increased 4 times with a doubling of capacity on international routes
Load factor up 16 percentage points to 76% ; Revenue per RPK improved by 46% over same period last year
21
KFA: Q1 Update
•
Total Operating Revenues of Rs. 1,640 Cr (+29% over Q1 FY 10)
−
Domestic Revenues of Rs. 1,324 Cr vs. Rs. 1,191 Cr in Q1 FY 10; 11% increase in revenue despite 14%
reduction in capacity (seats offered)
− International Revenues of Rs. 316 Cr vs. Rs. 81 Cr in Q1 FY 10; growth disproportionate to capacity increase
•
EBITDAR profit of Rs 367 Cr vs. Rs 226 Cr profit for Q1 FY 10
− Domestic EBITDAR of Rs. 354 Cr vs. Rs. 315 Cr in Q1 FY 10; improvement of Rs 39 Cr with improved
EBITDAR margin of 26% vs. 24% in Q1 FY 10
− International EBITDAR profit at Rs 13 Cr ; improvement of Rs. 102 Cr in comparison to Q1 FY10;
improvement seen on the back of strong acceptance of Kingfisher product and new route additions
•
EBITDA profit of Rs. 127 Cr vs. loss of Rs. 72 Cr in Q1 FY10
− Domestic EBITDA profit of Rs.177 Cr vs. profit of Rs 75 Cr in Q1 FY 10; despite excess costs of Rs. 35 Cr
incurred on account of aircraft on ground in the current quarter
− International EBITDA loss of Rs. 51 Cr vs loss of Rs 147 Cr in Q1 FY 10
22
Kingfisher Airlines : Key parameters
Load Factor Trend
Average Ticket Value Trend
Kingfisher Airlines: Initiatives
Cost-reduction initiatives
• Non Fuel cost Reduction of Rs. 530 Cr achieved in domestic
operations FY10
• Reduction in lease costs through redelivery of non-operational
aircraft and lease renewals at lower rentals
(~ Rs.
176 Cr reduction in FY10 over FY09)
• Reduction in personnel costs by replacement of expat pilots by
Indian pilots (~ Rs. 108 Cr reduction in FY10 over FY09)
• Achieved reduction in other operating costs through tighter
controllership (~ Rs. 246 Cr reduction in FY10 over FY09)
• Appointed Seabury as aviation consultant and identified further
improvement opportunities of Rs. 168 Cr
• Fuel monitoring system implemented to drive reduction in
fuel consumption
• Renegotiating vendor contracts in order to reduce
engineering & maintenance costs
• Planned reduction of S&D costs through restructuring of
GDS contracts and planned channel shift
• Significant further reduction possible on Fuel & Airport charges
based on improved cash flow
Capacity rationalization
• 20% reduction in domestic operations and 6% reduction in
international operations in FY10
• Shifting of capacity from Kingfisher Class to Kingfisher Red Kingfisher Red now accounts for around 65% of the capacity
offered on domestic routes
To join One World Alliance in 2011
• Would provide greater access to international network without
significant capital expenditure
• Appreciable increase in Domestic and International traffic
expected through this alliance
Kingfisher Airlines: Strategy Going Forward
•
•
•
Further revenue enhancement initiatives planned in FY11
− Membership with One World Alliance to drive passenger growth in domestic and international markets
− Launch of code share operations with British Airways
− Further leveraging international Points of sale to stimulate demand in key international markets
− Further growth of ‘Kingfisher Xpress’ service to tap under penetrated DTD air-cargo delivery market
Stringent cost reduction initiatives planned
− Reduction in S&D costs by undertaking a channel shift and other planned initiatives around the GDS systems
− Reductions in Engineering & Maintenance costs through new contracts in specific areas
− Further tighten controls across Overheads
Equity being infused through GDR issuance and infusion of promoter funds
− Conversion of Rs. 3,950 mio of unsecured loans & preference capital from UB Group into equity
− Planned Infusion of equity amounting to Rs. 3,500 mio in FY 2011
− KFA to raise around USD 200 mio by issue of GDRs in FY 2011
•
•
Citibank, Morgan Stanley, CLSA and UBS have been appointed as the bankers
•
Preliminary road shows have been conducted
SBI Caps has been mandated with the task of financial restructuring
− Process is expected to be completed in a 6 - 8 weeks time period
− Proposal: 9 year repayment of all loans with a 2 year moratorium on principal repayments
UBHL Overview
Overview
•
Single window to invest in the growing Indian consumer story
•
•
•
•
•
•
Owns controlling stakes in UB Groups’ market leading
companies: USL, UBL, KFA.
Each of the principal investments is dominant leader in its
space
Each investee company is in a fast growing segment catering
to current and emerging consumer trends
Apart from the above key investments, other group
investments into engineering, fertilizers are also through UBHL
Transparent shareholding structure and ultimate economic
benefit of holding in each of the investments flows to UBHL
Also holds stake in UB City and UB Global.
UB Global
•
Engaged in the export of spirits, beer, leather footwear,
apparel and processed foods
•
UB Global’s turnover for Q1 FY 2011 was about Rs 34 Crs
•
Prestigious clients such as GEOX, Esprit, Bugatti, Pavers
England, Asda, Colins, Gaastra and Next
26
UB CITY
• Is in the heart of Bangalore’s central business district
• UB City complex comprises of serviced apartments,
restaurants, food courts, pubs, health clubs, cafes and
multi-level parking facility
• UB City is the best mixed use development – City
scape awards
• Annual rental revenue – from commercial space Rs.
25 Crs and from retail space Rs 9 Crs
• Planning permit obtained for construction of additional
500,000 square feet by way of super premium
residential space in UB City. 55% accrues to UBHL
UBHL : Q1 Financials & Value of Investments
Financials
Value of Investments
Q1 FY2011
Q1 FY2010
Revenue
68
70
EBITDA
26
27
Shareholders’ Funds
1,624
1,510
in INR Crs
Net Debt
1,522
*Closing prices of July 20th, 2010
1,305
Assets
Equity
Stake of
UBHL
CMP
(Rs.)
Market
Cap *
(INR Crs.)
Value of
UBHL
investments
(INR Crs.)
USL
UBL
29.11%
12.6%
1,391.5
234.7
17,476
5,634
5,087
711
KFA
60.6%
49.4
1,314
796
MCF
UB
Engineering
McDowell
Holdings
Real Estate
Total
Less Net Debt
Net Asset
Value
24.5%
34.2
405
99
37.2%
194.2
331
123
36.2%
96.1
117
42
892
7,751
1,340
6,411
Diversified Business Interests
Mangalore
Chemicals &
Fertilizers Ltd.
•
•
•
Only manufacturer of chemical fertilizers in Karnataka
Produces a wide range of products that include urea, di-ammonium
phosphate, granulated fertilizers, micronutrients and soil conditioners
Q1 FY 2011
– Total Income Rs. 490 Crs (+22%)
– PAT Rs. 13 Crs (+67%)
UB Engineering Ltd.
•
•
Into EPC, O&M and Erection services for large industrial projects such as
power, refineries, steel, cement, etc
YTD FY 2010
– Total Income Rs. 527 Crs
– PAT Rs.31 Crs (+46%)
Royal Challengers
•
The Bangalore-based franchisee – one of eight – in the Indian Premier League
T20 cricket tournament – possibly the world’s largest commercially run sports
event
Vittal Mallya
Scientific Research
Foundation
•
Is a non-profit organization named after Dr.Vijay Mallya’s father, Mr. Vittal
Mallya
Is into research in areas of biotechnology and organic chemistry
28
•
Thank You
29
United Spirits: Raw Material Cost
United Spirits : Glass Cost Movement
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